Coca-cola commits $1b investment to Nigeria
By Seun Johnson
In a move to expand its business and reinforce its long-term commitment to Nigeria, Coca-Cola Hellenic Bottling Company (HBC) has announced a $1 billion investment in the country over the next five years.
This was disclosed by the company’s Chief Executive Officer, Zoran Bogdanovic, during a courtesy visit to President Bola Ahmed Tinubu at the Presidential Villa on Thursday.
According to a statement signed by Bayo Onanuga, Special Adviser to the President on Media and Strategy, Coca-Cola generates an annual profit of 300 billion naira in Nigeria and contributes 90 billion naira to the government.
The statement also revealed that since 2013, the company has invested about $1.5 billion in its Nigerian operations, focusing on capacity expansion, supply distribution, and logistics.
Quoting the CEO, Onanuga stated, “That assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training, and development.
“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years. We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realize this potential.”
In his response, President Tinubu, who thanked Coca-Cola for its enduring partnership with Nigeria, noted that the company has created over 3,000 jobs across its nine production plants.
The President emphasized that partnerships with the private sector, which foster sustained investments, are central to his administration’s comprehensive reforms aimed at improving the business environment. He also assured that his government would continue to collaborate with Coca-Cola to boost investments and address environmental challenges, including climate change.
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