President Bola Tinubu has reaffirmed his administration’s dedication to establishing a robust financial system and a business-friendly environment to attract foreign direct investment (FDI). This pledge came during a meeting in Abuja with executives from the Coca-Cola Company, which announced plans to invest $1 billion in Nigeria over the next five years.
Coca-Cola's CFO John Murphy announced the company's long-standing partnership with Nigeria, which has created over 3,000 jobs across nine production facilities. President Tinubu commended Coca-Cola for its significant contributions to local employment and economic development.
“We are committed to fostering a business-friendly climate,” Tinubu stated. “As I emphasized during my inauguration, we must facilitate an environment where businesses can enter and exit easily. We are building a financial system that allows for investment, reinvestment, and the repatriation of dividends.”
The President underscored the importance of private-sector partnerships in driving sustainable investment and economic growth. He assured the Coca-Cola team of the government's continued support in addressing environmental issues, including climate change, which he acknowledged as critical for sustainable development.
Murphy, providing an overview of Coca-Cola’s operations in Nigeria, revealed that the company generates approximately N320 billion annually from nearly 300,000 customers and contributes around N90 billion to the Nigerian government in revenue. He emphasized the company’s commitment to community support and sustainability initiatives, including water resource management.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, expressed confidence in the Nigerian market, attributing the company's $1 billion investment pledge to the encouraging policy environment under Tinubu's administration. “Since 2013, we have invested $1.5 billion in Nigeria, focusing on capacity expansion and supply chain improvements,” Bogdanovic said. “We believe in Nigeria’s immense potential and are dedicated to collaborating with the government to realize this.”
This significant investment is seen as a positive signal for the Nigerian government’s efforts to attract foreign investors, particularly following a trend of notable exits from the market in recent years. However, it comes amid scrutiny from the Federal Competition and Consumer Protection Commission (FCCPC), which has accused Coca-Cola of misleading marketing practices regarding its product formulations. The FCCPC has indicated that further regulatory actions and penalties may follow.
