By Cross Udo, Abuja
President Bola Tinubu has welcomed Coca-Cola Company’s announcement that it plans to accelerate its investments in Nigeria to $1bn over the next five years.
President Tinubu also reiterated his administration’s commitment to creating a robust financial system and a business-friendly economy that will attract more foreign direct investments.
The President committed yesterday in Abuja at a meeting with Coca-Cola Company’s global leadership team, led by Mr John Murphy, its President and chief financial officer, and the Chairman of Nigerian Bottling Company, Ambassador Segun Apata.
He commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.
*Says govt is building business-friendly economy
Tinubu in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, was quoted as saying, “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.”
Tinubu told the delegation that private sector partnerships, which sustain investments, are central to his government’s far-reaching reforms to improve the business environment.
He pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.
“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” President Tinubu added while commending the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.
Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted that the company generates N320bn annually through nearly 300,000 customers and contributes almost N90bn in revenue to the Nigerian government.
“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 committed to supporting the communities. Over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging, and others,” he said.
Mr Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company’s confidence in Nigerian government policies had encouraged it to make the $1bn investment pledge.
“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. Since 2013, we have invested $1.5bn in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training, and development.
“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1bn over the next five years. We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,” he said.
