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Coca-Cola Hellenic Bottling Company has announced plans to invest an additional USD 1 billion in Nigeria over the next five years further to capture growth opportunities in the country’s beverage market. Special Adviser to the President on Information and Strategy, Bayo Onanuga stated this after a meeting between President Bola Tinubu and senior executives of Coca-Cola.
In the meeting, they discussed robust plans to capture growth in Nigeria through investments in innovation, expansion of the distribution network, placement of cold drink equipment, and augmentation of manufacturing capacity.
Speaking to President Tinubu, Zoran Bogdanovic, CEO of Coca-Cola HBC – one of Coca-Cola’s many bottlers worldwide expressed optimism in Nigeria’s economy, saying that Coca-Cola had invested USD 1.5 billion in Nigeria since 2013 to expand its production capacity, improve its supply chain, and invest in training and development. With a predictable and enabling environment in place, Coca-Cola plans to invest an additional USD 1 billion over the next five years.
In the signed statement, President Tinubu praised Coca-Cola for its enduring partnership with Nigeria and for creating over 3,000 jobs across its nine production facilities. He stated that his administration’s extensive reforms were aimed at improving the country’s business landscape and that private-sector partnerships were crucial to the success of this development. President Tinubu also assured senior executives that his government would continue collaborating with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.
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The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily, President Tinubu added, commending Coca-Cola for its commitment to scaling up skill development and community initiatives as part of its corporate social responsibility efforts. The investment announced by Coca-Cola is expected to catalyse economic growth and create new opportunities for local communities. With a population of more than 200 million, Nigeria is seen as a potential market for many global brands, but forex woes, red tape, and policy inconsistency may discourage some investors.
