Coca Cola pledges $1 bn investment in 5 years
President Bola Ahmed Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly climate that will attract more foreign direct investments. The president made the commitment on Thursday in Abuja, as the Coca-Cola Company announced plans to accelerate its investments in Nigeria to $1 billion over the next five years. […]
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President Bola Ahmed Tinubu has reiterated his administration’s commitment to creating a robust financial system and a business-friendly climate that will attract more foreign direct investments.
The president made the commitment on Thursday in Abuja, as the Coca-Cola Company announced plans to accelerate its investments in Nigeria to $1 billion over the next five years.
The announcement was made at a meeting between the president and the global leadership team of Coca-Cola Company, led by Mr John Murphy, its president and chief financial officer, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.
President Tinubu 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.
He said, “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,’’ he said.
President Tinubu told the delegation that private sector partnerships, which sustain investments, are central to his government’s far-reaching reforms to improve the business environment and pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.
Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted that the company generates N320 billion annually through nearly 300,000 customers and contributes almost N90 billion in revenue to the Nigerian government.
Mr. Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company’s confidence in Nigerian government policies had encouraged it to make the $1 billion investment pledge.