Coca-Cola looks to inject $1bn into Nigerian economy over 5 years

Business a.m.

Coca-Cola Nigeria Limited and its authorised bottler, Nigeria Bottling Company (NBC), collectively known as the Coca-Cola System in Nigeria, have declared their intention to ramp up investments in the country over the next five years. The System plans to increase investments in Nigeria to the tune of $1 billion, provided that a stable and supportive business environment remains in place.

According to the company, the planned investment builds on its sustained dedication to Nigeria and its communities.

Nigerian Bottling Company, also known as Coca-Cola Hellenic Bottling Company, has been a major contributor to the Nigerian economy, investing a total of $1.5 billion over the past ten years. With this new commitment, the Coca-Cola System plans to increase its rate of investment in Nigeria, doubling its previous level of investment over the next five years.

The Coca-Cola System’s commitment to Nigeria is considered a reflection of its belief in the country’s potential for economic growth and development. The System’s $1 billion investment is projected to provide a significant boost to various value chain segments, including suppliers, distributors, retailers, and recyclers.

The Coca-Cola System’s announcement was made during a meeting with President Bola Ahmed Tinubu at the State House in Abuja. The high-profile delegation from Coca-Cola included John Murphy, president and chief financial officer of the Coca-Cola Company; Zoran Bogdanovic, chief executive officer of Coca-Cola Hellenic Bottling Company; Henrique Braun, EVP and president, international development of The Coca-Cola Company; Luisa Ortega, president of Coca-Cola’s Africa operating unit; and Naya Kalogeraki, chief operating officer of Coca-Cola Hellenic Bottling Company.

Following the meeting with President Tinubu,John Murphy indicated that the investment highlights the system’s efforts to drive scalable initiatives while also preserving the value of local relevance.  The Coca-Cola president/CFO noted that the company has been an integral part of the African continent for over 96 years and the recent investment in Nigeria reiterates its optimism about the continent. 

On his part, Zoran Bogdanovic remarked that the Coca-Cola System has been part of Nigerian communities for over 70 years and believes in the strength and continued potential of the market. 

The CEO of Coca-Cola Hellenic Bottling Company stated: “We are excited to announce this investment, which demonstrates our dedication to fostering economic growth and creating job opportunities in the country. 

“Our investment goes beyond business growth; it’s about contributing to the well-being of the communities we call home. We foresee significant social and economic advancements, which is why we continue to invest in our business operations and community programs in Nigeria.”  

Luisa Ortega, president of Coca-Cola’s Africa operating unit, emphasised the importance of collaboration to create a stable operating environment. 

“By working in partnership with the government and other stakeholders, we can drive sustainable development and economic empowerment. Our collective efforts can create a lasting positive impact on the communities we serve,” Ortega stated.

President Tinubu, in response to Coca-Cola’s  announcement of increased investment in Nigeria, commended the company for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.