ABUJA, Sept 19 – Coca-Cola has announced plans to invest $1 billion in its Nigeria operations over the next five years, the Nigerian presidency revealed after a meeting between President Bola Tinubu and senior executives from the company on Thursday.
Thank you for reading this post, don't forget to subscribe!This move aligns with Tinubu’s push to attract foreign investment to strengthen Nigeria’s economy.
John Murphy, President and CFO of Coca-Cola, along with Zoran Bogdanovic, CEO of Coca-Cola HBC, and other top officials, discussed the company’s ongoing commitment to Nigeria.
Since 2013, Coca-Cola has invested $1.5 billion to expand production, improve supply chains, and train employees in Nigeria. With this new $1 billion investment, the company aims to continue its growth in the country.
The investment is particularly significant as Tinubu’s government aims to create a more business-friendly environment, despite the recent exit of multinationals like Procter & Gamble, GSK Plc, and Bayer AG due to foreign exchange challenges.
Tinubu assured the executives that his administration is working on reforms to allow businesses to invest, re-invest, and repatriate dividends without hindrance.
Nigeria, with over 200 million people, remains a key market for global brands, but persistent forex issues and policy inconsistencies continue to affect investor confidence.
Coca-Cola HBC, one of Coca-Cola’s bottlers, remains optimistic, forecasting profit growth this year despite challenges related to currency devaluation.
