THE Coca-Cola System in Nigeria, comprising Coca-Cola Nigeria Limited and Nigerian Bottling Company (NBC), has announced plans to expand its investment in the country to $1bn over the next five years. The move marks a significant increase in Coca-Cola’s financial commitment to Nigeria, where it has already invested $1.5bn in the last decade.
The announcement was made during a meeting at Nigeria’s State House, where the Coca-Cola delegation was received by President Bola Ahmed Tinubu. The $1bn investment aims to drive economic growth, create jobs, and support the country’s value chain, including suppliers, distributors, retailers, and recyclers.
Long-term commitment to Nigeria
This investment highlights Coca-Cola’s confidence in Nigeria’s economic future and its long-standing commitment to the country, where it has operated for 73 years. Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, reaffirmed this commitment, stating, ‘The Coca-Cola System has been part of Nigerian communities for over 70 years. We believe in the strength and potential of this market and are excited to further contribute to its growth.’
John Murphy, President and CFO of The Coca-Cola Company, added that the new investment will build on the company’s efforts to implement scalable initiatives while maintaining local relevance. ‘Coca-Cola has been an integral part of Africa for over 96 years. Today’s investment in Nigeria reiterates our optimism about the continent,’ Murphy said.
Focus on economic growth and sustainability
In addition to business growth, Coca-Cola is committed to fostering socio-economic development in Nigeria. The company’s plans include sustainability initiatives aimed at empowering young people, improving access to clean water, and strengthening plastic waste collection infrastructure.
Bogdanovic emphasised Coca-Cola’s broader goal to benefit the communities it operates in: ‘Our investment goes beyond business. We foresee significant social and economic advancements, which is why we continue to invest in both our operations and community programmes.’
Supporting collaboration and development
Coca-Cola’s Africa Operating Unit President, Luisa Ortega, stressed the importance of partnerships in achieving sustainable development. ‘By working closely with the government and other stakeholders, we can drive long-term positive change for the communities we serve,’ Ortega said.
President Bola Tinubu praised Coca-Cola’s longstanding partnership with Nigeria, noting that the company employs over 3,000 people across nine production facilities in the country. He also reaffirmed his commitment to creating a business-friendly environment that encourages investment and economic development.
‘We are business-friendly, and as I said at my inauguration, we must create an environment where businesses can thrive. I firmly believe in creating a financial system where investments can grow and dividends can be easily repatriated,’ President Tinubu said.
Driving jobs and economic impact
Coca-Cola’s presence in Nigeria has already made a significant impact on the country’s economy. According to a recent economic study by Steward Redqueen, for every job created by Coca-Cola in Nigeria, an additional 31 jobs are supported across the country. This multiplier effect underscores the importance of the company’s role in the nation’s development.
As Coca-Cola scales up its investment over the next five years, it is expected to further boost job creation and enhance the country’s value chain, while continuing to contribute to Nigeria’s socio-economic development.
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