Coca-Cola has made a significant commitment to Nigeria’s economy, pledging to invest $1 billion over the next five years.
This announcement was made during a meeting between President Bola Tinubu and Coca-Cola’s global leadership team, led by President and Chief Financial Officer John Murphy and Nigerian Bottling Company Chairman Ambassador Segun Apata.
Coca-Cola’s impact in Nigeria is substantial, generating N320 billion annually from nearly 300,000 customers. The company also contributes almost N90 billion to the Nigerian government annually. Moreover, it employs over 3,000 people across nine production facilities, demonstrating its commitment to job creation.
Since 2013, Coca-Cola has spent $1.5 billion in capacity expansion, supply chain infrastructure, training, and development. This additional investment will further solidify its presence in Nigeria.
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President Tinubu commended Coca-Cola’s long-standing partnership with Nigeria and reassured investors of his administration’s focus on creating a conducive business environment.
He emphasized his commitment to building a robust financial system, encouraging local and foreign investment, and streamlining business operations.
Coca-Cola Hellenic Bottling Company CEO Zoran Bogdanovic, attributed the investment pledge to the company’s confidence in the government’s policies, specifically citing President Tinubu’s inaugural address.
According to him, Nigeria has a predictable and enabling environment in place. He added that Nigeria’s economic potential is tremendous and the company is committed to working with the government to realize this potential.
Notably, this investment comes despite a recent dispute with the Federal Competition and Consumer Protection Commission (FCCPC) over misleading trade descriptions and unfair marketing tactics.
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The FCCPC stated that Coca-Cola Nigeria Ltd and NBC deceived customers by claiming that the ‘Original Taste, Less Sugar’ variant had the same formulation as the ‘Original Taste’ variant.
