Coca-Cola to Invest $1bn in Nigeria Amid Government Reforms
Coca-Cola Hellenic Bottling Company has pledged to invest $1bn in Nigeria over the next five years, underscoring the country’s potential as a growing market for global investors. The announcement came during a meeting between Nigeria’s President Bola Tinubu and senior Coca-Cola executives, including John Murphy, the company’s president and chief financial officer, and Zoran Bogdanovic, Chief Executive Officer of Coca-Cola Hellenic.
In a statement released by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the $1bn commitment was framed as part of Coca-Cola’s broader strategy to expand its footprint in Nigeria. Bogdanovic highlighted the company’s confidence in Nigeria’s economic trajectory, bolstered by government reforms aimed at stabilising the business environment.
“Since 2013, we have invested $1.5bn in Nigeria for capacity expansion, supply chain transformation, and workforce development,” Bogdanovic noted. “With a predictable and enabling environment, we are pleased to announce that we plan to invest an additional $1bn over the next five years. We believe in Nigeria’s tremendous potential and are committed to working with the government to realise this potential.”
President Tinubu welcomed the announcement, positioning private sector partnerships like Coca-Cola’s as central to his government’s agenda for economic reform. “Private sector partnerships, which sustain investments, are crucial to my government’s reforms to enhance the business climate,” Tinubusaid, reaffirming his administration’s focus on creating an investor-friendly environment.
Tinubu emphasised the size and growing consumer capacity of Nigeria, praising Coca-Cola for its long-standing commitment to the country, where it operates nine production facilities and employs over 3,000 people. The President assured Coca-Cola of his government’s continued collaboration, particularly on environmental and sustainability initiatives, including climate change mitigation efforts.
In his remarks, Murphy, representing Coca-Cola, noted the company’s substantial contributions to the Nigerian economy, generating around N320bn annually through its 300,000 customers and contributing nearly N90bn in government revenue. He praised the long-term growth of Coca-Cola’s Nigerian operations and their positive impact on local communities.
“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians,” Murphy said, adding that the company is deeply committed to sustainability, with ongoing efforts in areas such as water conservation and environmentally friendly packaging.
The $1bn investment pledge comes after a previous commitment made in 2021, which was delayed due to Nigeria’s challenging business climate at the time. Onanuga, in a social media post, addressed scepticism surrounding the new announcement, attributing the renewed confidence to the stabilisation plans laid out by the Tinubu administration.
“The $1bn pledge has been renewed based on the stable environment promised through the Tinubu government’s economic stabilisation plan,” Onanuga stated, underscoring the government’s focus on ensuring an environment conducive to sustained foreign investment.
As Coca-Cola prepares to deepen its presence in Nigeria, the investment signals renewed confidence in the country’s economic potential, buoyed by ongoing reforms aimed at fostering business growth and stability.
