Coca-Cola eyes expansion in Nigeria through investment

…The $1 billion investment will support job creation across the value chain

Coca-Cola Nigeria Limited and its authorised bottler, Nigeria Bottling Company (NBC), have announced plans to expand its investments in Nigeria.

The firm said in a statement that it plans to accelerate its investments in Nigeria to reach $ 1 billion over the next five years with a predictable and enabling environment in place.

“The investment highlights our system’s efforts to drive scalable initiatives while also preserving the value of local relevance. Coca-Cola has been an integral part of the African continent for over 96 years and today’s investment in Nigeria reiterates our optimism about the continent,” John Murphy, president and chief financial officer of The Coca-Cola Company said.

The announcement was made at the State House in Nigeria, where a Coca-Cola System delegation was hosted by President Bola Tinubu with attendance of the Coca-Cola System leadership team in Nigeria and also international Coca-Cola System representatives.

The representatives at the Coca-Cola System delegation are John Murphy, president and chief financial officer of The Coca-Cola Company; Zoran Bogdanovic, chief executive officer, Coca-Cola Hellenic Bottling Company; Henrique Braun, EVP and president, International Development of The Coca-Cola Company; Luisa Ortega, president of Coca-Cola’s Africa operating unit; and Naya Kalogeraki, chief operating officer of Coca-Cola Hellenic Bottling Company.

Read also: Why Coca-Cola suspended five-year $1bn investment pledge in 2021

Bogdanovic, chief executive officer, Coca-Cola Hellenic Bottling Company said The Coca-Cola System has been part of Nigerian communities for over 70 years and believes in the strength and continued potential of the market. “We are excited to announce this investment, which demonstrates our dedication to fostering economic growth and creating job opportunities in the country.

“Our investment goes beyond business growth; it’s about contributing to the well-being of the communities we call home. We foresee significant social and economic advancements, which is why we continue to invest in our business operations and community programs in Nigeria,” he stated.

Ortega, president of Coca-Cola’s Africa operating unit emphasised the importance of collaboration to create a stable operating environment.

“By working in partnership with the government and other stakeholders, we can drive sustainable development and economic empowerment. Our collective efforts can create a lasting positive impact on the communities we serve,” she said.

Bola Tinubu, president of the Federal Republic of Nigeria commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.

“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses. We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,” Tinubu said.