By Ayomide Otitoju
Coca-Cola Hellenic Bottling Company has announced plans to invest $1 billion in Nigeria over the next five years, as part of its ongoing expansion efforts in the country. The announcement was made during a meeting between President Bola Tinubu and the company’s global leadership team, led by President and Chief Financial Officer John Murphy, alongside Nigerian Bottling Company Chairman, Ambassador Segun Apata.
The investment pledge, confirmed in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, highlights Coca-Cola’s confidence in Nigeria’s economic potential and the government’s policies. Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, cited the stability and pro-business environment under the Tinubu administration as key factors behind the company’s decision.
“Since 2013, we have invested $1.5 billion in Nigeria to expand our capacity, modernize supply chain infrastructure, and train local talent,” Bogdanovic said. “With a predictable and enabling environment, we are now pleased to commit an additional $1 billion over the next five years. We see tremendous potential in Nigeria and are dedicated to working with the government to unlock this potential.”
In response, President Tinubu emphasized the importance of private sector collaboration in driving his administration’s reforms aimed at enhancing the business climate. “Private sector partnerships are crucial to the success of our reforms, which are designed to create a more business-friendly environment,” Tinubu stated.
He reassured Coca-Cola of the government’s commitment to creating a favorable environment for businesses, including addressing environmental concerns such as climate change. Tinubu commended Coca-Cola for its dedication to skill development and community-focused initiatives, noting the company’s significant contributions to the Nigerian economy, including the creation of over 3,000 jobs across its nine production facilities.
“We are business-friendly, and as I said during my inauguration, we must establish an environment where businesses can easily invest, reinvest, and repatriate their dividends,” the President added.
John Murphy, representing Coca-Cola, underscored the company’s longstanding relationship with Nigeria, highlighting its annual revenue of approximately N320 billion and its contribution of nearly N90 billion to government revenue. He also emphasized Coca-Cola’s commitment to community support and sustainability, particularly in areas such as water management and environmentally friendly packaging.
In a post on his official X handle (formerly Twitter), Onanuga addressed public scepticism regarding the investment pledge, acknowledging that a similar promise made in 2021 was not realized due to the challenging business environment. However, he noted that the $1 billion pledge has now been renewed, driven by the stability offered by the Tinubu administration’s economic reforms.
Coca-Cola’s new investment signals confidence in Nigeria’s evolving economic landscape, with the company poised to deepen its engagement with local communities and the broader economy.
