President Bola Tinubu has reaffirmed his administration’s dedication to establishing a robust financial system and fostering a business-friendly economy that encourages foreign direct investments (FDIs). This commitment was emphasized on Thursday in Abuja as Coca-Cola Company revealed plans to increase its investments in Nigeria to $1 billion over the next five years.
The announcement was made during a meeting between President Tinubu and Coca-Cola’s global leadership team, led by Mr. John Murphy, the company’s President and Chief Financial Officer, and Ambassador Segun Apata, Chairman of the Nigerian Bottling Company.
President Tinubu applauded Coca-Cola for its longstanding partnership with Nigeria, which has created over 3,000 jobs across nine production facilities in the country.
“We are business-friendly, and as I stated during my inauguration, we are committed to creating an environment that allows businesses to thrive easily. We are building a financial system where businesses can invest, re-invest, and repatriate their profits freely. I firmly believe in this approach,” President Tinubu said.
He further emphasized that private-sector partnerships are essential to the government’s reforms aimed at improving the business climate. Tinubu assured the delegation that his administration will continue to collaborate with Coca-Cola to expand investments and tackle environmental challenges, including climate change.
“The size of this country is enormous, and the consumption capacity of Nigeria is growing every day,” President Tinubu added, commending Coca-Cola’s efforts in scaling up skill development and community programs as part of its corporate social responsibility.
During the meeting, John Murphy provided an overview of Coca-Cola’s business in Nigeria, noting that the company generates N320 billion annually through nearly 300,000 customers and contributes N90 billion in revenue to the Nigerian government.
“We are very proud of the growth of our business in Nigeria and its impact on the daily lives of many Nigerians. Beyond financial contributions, we are committed to supporting communities, with a special focus on sustainability and water management in recent years,” Murphy said.
Mr. Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, echoed this sentiment, attributing the company’s confidence in Nigerian government policies as a major factor in its decision to invest further.
“Mr. President, in your inaugural speech, we were encouraged by your invitation to foreign investors and the assurance that foreign businesses can freely repatriate dividends. This has given us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in expanding capacity, transforming our supply chain, and enhancing skills development. Now, with a predictable and enabling environment, we plan to invest an additional $1 billion over the next five years,” Bogdanovic announced.
He concluded by expressing Coca-Cola’s optimism in Nigeria’s potential, pledging the company’s commitment to working with the government to unlock this potential.
