Tinubu commended Coca-Cola for its longstanding partnership with Nigeria, highlighting the company’s contributions to job creation, which currently employs over 3,000 people across nine production facilities in the country.
Abuja, Nigeria – President Bola Tinubu has reaffirmed his administration’s dedication to establishing a robust financial system and fostering a business-friendly environment aimed at attracting foreign direct investment.
The President made this commitment on Thursday during a meeting in Abuja with the global leadership of Coca-Cola, where the beverage giant announced plans to invest $1 billion in Nigeria over the next five years.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, made the announcement on his X microblog account.
Leading Coca-Cola’s delegation was the company’s president and chief financial officer, Mr. John Murphy, alongside the Chairman of the Nigerian Bottling Company, Ambassador Segun Apata.
Tinubu commended Coca-Cola for its longstanding partnership with Nigeria, highlighting the company’s contributions to job creation, which currently employs over 3,000 people across nine production facilities in the country.
“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, reinvest, and repatriate all your dividends. I have a firm belief in that,” Tinubu remarked.
The President emphasized the importance of private sector partnerships, noting that sustained investments are crucial to his administration’s ongoing reforms aimed at improving the business environment. He assured Coca-Cola of the government’s continued cooperation in expanding investments and addressing key environmental challenges, including climate change.
“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” Tinubu said, praising the company’s commitment to skill development and community initiatives under its corporate social responsibility programs.
In his presentation, Mr. Murphy outlined Coca-Cola’s extensive operations in Nigeria, which generate N320 billion annually through 300,000 customers and contribute nearly N90 billion in revenue to the government. He expressed pride in the company’s longstanding growth and its impact on the daily lives of Nigerians.
Beyond financial contributions, Murphy reiterated Coca-Cola’s commitment to sustainability, particularly in water and packaging.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, added that the company’s confidence in Nigeria’s government policies, including assurances on the repatriation of dividends, was a key factor in its decision to invest an additional $1 billion.
“Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, supply chain transformation, and training. With a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years. Nigeria’s potential is tremendous, and we are committed to working with the government to realize it,” Bogdanovic concluded.
Join our Channel...