Coca-Cola announces $1 billion investment in Nigeria

Tinubu commended Coca-Cola for its long-standing partnership with Nigeria, highlighting the company’s contributions to job creation, which currently employs over 3,000 people in nine production plants in the country.

Abuja, Nigeria – President Bola Tinubu has reaffirmed his administration’s commitment to building a strong financial system and fostering a conducive business environment aimed at attracting foreign direct investment.

The president made the commitment on Thursday during a meeting in Abuja with the global management of Coca-Cola, where the beverage giant announced plans to invest $1 billion in Nigeria over the next five years.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, made the announcement on his microblog account X.

Leading the Coca-Cola delegation was the company’s Chairman and Chief Financial Officer, Mr. John Murphy, alongside the Chairman of the Nigerian Bottling Company, Ambassador Segun Apata.

Tinubu commended Coca-Cola for its long-standing partnership with Nigeria, highlighting the company’s contributions to job creation, which currently employs over 3,000 people in nine production plants in the country.

“We are business friendly and as I said during my inauguration, we must create an environment where businesses can easily come in and out of the country. We are building a financial system where you can invest, reinvest and repatriate all your dividends. I strongly believe in that,” Tinubu said.

The President stressed the importance of partnerships with the private sector, noting that sustained investment is essential to his administration’s ongoing reforms aimed at improving the business environment. He assured Coca-Cola of the government’s continued cooperation to increase investment and address key environmental challenges, including climate change.

“The size of this country is huge in Africa, and Nigeria’s consumption capacity is increasing day by day,” Tinubu said, commending the company’s commitment to skills development and community initiatives as part of its corporate social responsibility programmes.

In his presentation, Mr. Murphy outlined Coca-Cola’s vast operations in Nigeria, which generate N320 billion annually from 300,000 customers and contribute nearly N90 billion to government revenue. He expressed pride in the company’s sustainable growth and its impact on the daily lives of Nigerians.

Beyond financial contributions, Murphy reiterated Coca-Cola’s commitment to sustainability, particularly in water and packaging.

Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, added that the company’s confidence in the Nigerian government’s policies, including assurances on dividend repatriation, was a key factor in its decision to invest an additional $1 billion.

“Since 2013, we have invested $1.5 billion in Nigeria in capacity development, supply chain transformation and training. With a predictable and enabling environment, we plan to invest an additional $1 billion over the next five years. Nigeria’s potential is enormous and we are committed to working with the government to realise it,” concluded Mr. Bogdanovic.