Coca Cola Company Set To Invest $1bn In Nigeria Economy
Over the next five years, The Coca-Cola Company expects to invest $1 billion in the Nigerian economy. During a meeting with President Bola Tinubu on Thursday in Abuja.
The company’s president and chief financial officer, Mr. John Murphy, revealed that Coca-Cola’s business in Nigeria earns N320 billion in revenue for the company annually through over 300,000 customers.
He mentioned that the Nigerian government received revenue from this to the tune of over N90 billion. “We are very proud of the growth of the business over a long period of time and its impact on the daily lives of many Nigerians,” Murphy remarked.
“We are dedicated to helping the communities, and in the past few years, we’ve placed a special emphasis on a number of sustainability-related areas, including water packaging,” he stated.
“We go beyond the financial impacts as well.” “We’re building a strong financial system, business-friendly economy, President Tinubu says as Coca-cola announces $1 billion investment in Nigeria,” read a statement released on Thursday by Bayo Onanuga.
In response, President Tinubu reportedly reaffirmed his administration’s commitment to building a strong financial system and a business-friendly environment that will draw in more foreign direct investments.
Tinubu praised Coca-Cola for encouraging investment possibilities that have created over 3,000 jobs and for its long-standing connection with Nigeria.
The Coca-Cola Hellenic Bottling Company CEO, Mr. Zoran Bogdanovic, had earlier in the statement stated that the company was motivated to pledge the $1 billion investment because it trusted the policies of the Nigerian government.
“Mr. President, we were delighted to hear in your inaugural address that you are inviting foreign investors to make investments and that you are guaranteeing that foreign companies can repatriate profits and dividends. “We may spend further with confidence thanks to that assurance.
We have made $1.5 billion in investments in Nigeria since 2013 for training and development, infrastructure reform, and capacity expansion.
“I am happy to announce that we intend to invest an extra $1 billion over the next five years, provided that a stable and supportive climate is in place.’
References and Citation
saharareporters.com – Coca-Cola Company Boss Meets President Tinubu In Abuja, Pledges $1billion Investments In Five Years
guardian.ng – Nigeria Building strong business friendly environment
newtelegraphng.com – Coca-Cola Announces $1bn Investment In Nigeria
thecable.ng – CoCa-Cola announces plan to invest $1bn in Nigeria
