President Bola Tinubu reaffirmed his administration’s commitment to creating a robust financial system and fostering a business-friendly economy aimed at attracting foreign direct investments.
Tinubu made this declaration on Thursday in Abuja, during a meeting with Coca-Cola’s global leadership team, where the company announced plans to invest $1 billion in Nigeria over the next five years.
During the meeting, Coca-Cola President and CFO, John Murphy, along with the Chairman of the Nigerian Bottling Company, Ambassador Segun Apata, outlined the company’s ongoing and future investments in Nigeria.
Tinubu praised Coca-Cola for its long-standing partnership with the country, which has resulted in the employment of over 3,000 people across nine production facilities.
“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses”.
“We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that”, Tibubu said.
Tinubu emphasized the importance of private sector partnerships in sustaining investments, assuring Coca-Cola of the government’s continued collaboration in addressing key issues such as environmental sustainability and climate change.
“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” Tinubu added, highlighting the company’s role in skill development and community initiatives.
Coca-Cola’s President, John Murphy, provided an overview of the company’s significant economic footprint in Nigeria, generating N320 billion annually through nearly 300,000 customers and contributing almost N90 billion in revenue to the Nigerian government. He also stressed Coca-Cola’s commitment to community support and sustainability initiatives.
“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians. Beyond the financial impacts, we are also very committed to supporting the communities,” Murphy said.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, reiterated the company’s confidence in the Nigerian government’s policies, which has prompted the pledge of the $1 billion investment.
“Mr President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits. That assurance gives us the confidence to continue our investments,” Bogdanovic stated.
He further revealed that since 2013, Coca-Cola has invested $1.5 billion in Nigeria, focusing on capacity expansion, transformation of the supply chain, and training and development. “We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realize this potential,” he added.
