President Bola Tinubu has reaffirmed his administration’s commitment to fostering a robust financial system and business-friendly environment to attract foreign direct investments.
He made this declaration during a meeting with the global leadership of Coca-Cola Company in Abuja on Thursday, where the beverage giant announced its plan to inject $1 billion into the Nigerian economy over the next five years.
Leading the Coca-Cola delegation were John Murphy, President and Chief Financial Officer of Coca-Cola, and Ambassador Segun Apata, Chairman of the Nigerian Bottling Company.
The meeting highlighted Coca-Cola’s long-standing presence in Nigeria, where it employs over 3,000 people across nine production facilities.
President Tinubu praised Coca-Cola for its commitment to Nigeria, underscoring the importance of private-sector partnerships in driving his government’s reforms aimed at improving the business environment.
He emphasized Nigeria’s vast market potential, stating, “The consumption capacity of Nigeria is expanding daily,” and reiterated his administration’s goal to create a financial ecosystem where businesses can thrive.
“We are business-friendly,” Tinubu said, referencing his inaugural promise to make it easy for businesses to invest, reinvest, and repatriate their earnings.
He also assured Coca-Cola of government support in expanding investments while addressing pressing environmental issues like climate change.
While speaking, Murphy noted that Coca-Cola generates N320 billion annually from its nearly 300,000 customers in Nigeria, contributing about N90 billion in tax revenues to the Nigerian government.
He expressed pride in the company’s growth in Nigeria, noting the positive impact on local communities through Coca-Cola’s sustainability initiatives, including water conservation and eco-friendly packaging.
Meanwhile, Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, pointed to the Nigerian government’s investor-friendly policies as the key reason behind the company’s additional $1 billion investment pledge.
He praised President Tinubu’s assurances that foreign businesses could repatriate dividends, a crucial factor in boosting investor confidence.
Coca-Cola has already invested $1.5 billion in Nigeria since 2013, focusing on expanding capacity and improving supply chain infrastructure.
“We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,” Bogdanovic concluded, expressing the company’s confidence in the trajectory of the Nigerian economy under Tinubu’s leadership.
