Coca-Cola to Expand Nigerian Operations with $1 billion
Coca-Cola to Expand Nigerian Operations with $1 billion
The Coca-Cola Company has pledged an additional $1 billion investment in Nigeria over the next five years following a meeting with President Bola Tinubu.
This capital aims to expand production capacity and supply chains, reinforcing the company’s 75-year commitment to the country.
The U.S. Embassy praised the move, noting that “US–Nigeria bilateral trade has been a powerful engine for economic growth, job creation and generational partnerships.” They highlighted that Coca-Cola has already invested $1.5 billion over the last decade, and this new funding will “boost production, strengthen supply chains and enhance workforce training across the nation.”**
John Murphy, Coca-Cola’s CFO, expressed optimism about the region’s future, stating the investment “highlights our system’s efforts to drive scalable initiatives while also preserving the value of local relevance.”
He added that “Coca-Cola has been an integral part of the African continent for over 96 years and today’s investment in Nigeria reiterates our optimism about the continent.”
Zoran Bogdanovic, CEO of Coca-Cola HBC, credited the government’s economic policies for the decision, telling the President, “That assurance gives us the confidence to continue our investments.” He confirmed that “with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years,” emphasizing that they are “committed to working with the government to realise this potential” and “contributing to the well-being of the communities we call home.”
President Tinubu welcomed the news, reiterating his goal to maintain a business-friendly climate where investors can “invest, re-invest, and repatriate all your dividends.” He remarked that “the size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” promising a system of “easy-in and easy-out for businesses” to support such massive private sector growth.
