Coca-Cola Commits $1 Billion Investment in Nigeria Over Next Five Years

Coca-Cola Commits $1 Billion Investment in Nigeria Over Next Five Years

Coca-Cola Hellenic Bottling Company has announced a significant investment of $1 billion in Nigeria over the next five years. This move aims to expand its business operations in the country.

The announcement was made by CEO Mr. Zoran Bogdanovic during a visit to President Tinubu, highlighting the company’s long-term commitment to Nigeria.

In a statement from Bayo Onanuga, Special Adviser to the President on Information and Strategy, Coca-Cola revealed that it generates approximately N300 billion in annual revenue from Nigeria and contributes N90 billion back to the government.

Since 2013, Coca-Cola has invested about $1.5 billion in Nigeria, focusing on capacity expansion, supply distribution, and logistics. Mr. Bogdanovic stated,

“This assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training, and development.”

He added,

“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years. We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realize this potential.”

President Tinubu praised Coca-Cola for its ongoing partnership with Nigeria and its role in creating over 3,000 jobs across its nine production facilities.

He emphasised that private-sector partnerships are crucial for driving sustained investments and supporting his administration’s reforms to enhance the business environment.

Tinubu assured that the government would continue collaborating with Coca-Cola to boost investments and address environmental challenges, including climate change.

Recent Regulatory Issues

Coca-Cola’s investment comes as a boost to Nigeria’s efforts to attract foreign investors, despite recent challenges. Earlier this year, the Federal Competition and Consumer Protection Commission (FCCPC) accused Coca-Cola of misleading trade descriptions and unfair marketing tactics.

The FCCPC claimed that Coca-Cola Nigeria Ltd and NBC misled the public by suggesting that the ‘Original Taste, Less Sugar’ variant had the same formulation as the ‘Original Taste’ variant.

The matter of abuse of dominance and potential penalties under the FCCPA and Administrative Penalties Regulation 2020 (APR) is still under review.