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Coca-Cola set to invest $1bn in Nigeria in 5yrs

Coca-Cola, the biggest non-alcoholic beverage company in the world, has renewed its commitment to investing about $1bn over the next five years in Nigeria to scale its operations by creating more business and economic opportunities.

Alfred Olajide, managing director of Coca-Cola Nigeria Limited disclosed this at a press briefing to mark its 70th anniversary as a business in Nigeria.

Olajide stated that the company in the last five years invested $665m to support the sustainable and inclusive growth of the economy and provide shared opportunities for citizens.

“As we prepare for more decades of excellence and enriching moments, I believe that there are opportunities for us to learn more, listen more, and continue to tailor our beverage solutions, to provide our consumers the brands they love at the different phases of their lives, done sustainably for a better-shared future,” Olajide said.

He further stated that Coca-Cola has focused on growing Nigeria and the African continent, its people, and places through sustainable and inclusive planning that puts Nigerians first.

“The company would continue to support the economic empowerment of citizens who need it most to truly uplift future generations from the downstream and upstream of its supply chain,” he added.

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“In terms of our operations and sustainability, our company has embedded the necessary environmental, social, and governance (ESG) goals”.

Mathieu Seguin, managing director of NBC, while commenting on the company’s 70th-anniversary milestone stated that “As we continue to grow, we have been very deliberate about investing heavily to make a positive impact in the lives of people in communities where we work and operate.”

“We believe that our business is only as sustainable as the communities in which we do business. This is why we have mainstreamed sustainability into every aspect of our business,” he said.

Seguin, who also presented the Socio-Economic Impact Report for 2015-2019, further stated that the Coca-Cola system has supported the creation of 58,000 jobs along its value chain.

“For perspective, in the last ten years alone, the Coke System has invested more than N9bn in lifting the living standards of communities where we do business in Nigeria, through locally relevant initiatives.

“Some of the areas we have had the most impact have been in education and youth development, women empowerment, water, environmental sustainability, sports and the promotion of commerce and entrepreneurship and this also happens to fall in line with NESG’s current economic objectives,” Segun added.

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