Coca-Cola plans to inject $1 billion into its Nigerian operations over the next five years, according to the Nigerian presidency. This announcement followed a meeting between President Bola Tinubu and top Coca-Cola executives on Thursday.
During the meeting, Tinubu discussed investment opportunities with John Murphy, President and CFO of Coca-Cola, Zoran Bogdanovic, CEO of Coca-Cola HBC, and other senior officials. Coca-Cola, which has already invested $1.5 billion in Nigeria since 2013, aims to enhance production, supply chains, and workforce development in the country.
Bogdanovic expressed optimism about Nigeria’s business climate, stating, “With a stable and supportive environment, we plan to commit an additional $1 billion over the next five years.”
This announcement comes amidst an exodus of several multinationals like Procter & Gamble and GSK from Nigeria due to foreign exchange shortages. President Tinubu, who took office in May 2023, emphasized his government’s focus on creating a conducive environment for businesses to thrive.
Nigeria, home to over 200 million people, remains a key market for global brands. However, issues such as foreign exchange challenges and regulatory complexities continue to hinder foreign investment.
