NIGERIA – Coca-Cola Hellenic Bottling Company (HBC) has unveiled plans to invest US$1 billion in Nigeria over the next five years as part of its ongoing expansion efforts in the country.
The announcement was made during a meeting between Nigerian President Bola Tinubu and the global leadership team of Coca-Cola, led by John Murphy, president and chief financial officer, along with Nigerian Bottling Company Chairman, Ambassador Segun Apata.
Zoran Bogdanovic, the Chief Executive Officer of Coca-Cola HBC, highlighted the company’s confidence in the Nigerian government’s policies as a key driver behind the investment pledge.
“With a predictable and enabling environment in place, we plan to invest an additional US$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,” Bogdanovic said.
Over the last decade, Coca-Cola HBC has invested US$1.5 billion in Nigeria through its local arm, Nigerian Bottling Company.
With this new investment plan, the company aims to more than double its investment rate, strengthening its position in the Nigerian market.
President Tinubu emphasized the importance of private sector partnerships in advancing his government’s reforms to improve Nigeria’s business climate.
“Private sector partnerships, which sustain investments, are central to my government’s far-reaching reforms to enhance the business climate,” he said, while also assuring continued collaboration with Coca-Cola to address critical issues such as environmental sustainability and climate change.
Tinubu commended Coca-Cola’s commitment to expanding investments in Nigeria and lauded its efforts to enhance skill development and community initiatives through its corporate social responsibility (CSR) programs.
He also noted Nigeria’s growing consumption capacity, stating, “The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily.”
John Murphy, president and CFO of Coca-Cola, added that the company generates approximately N320 billion annually through nearly 300,000 customers and contributes nearly N90 billion in revenue to the Nigerian government.
Coca-Cola İçecek expands in Kazakhstan
In addition to its investments in Nigeria, Coca-Cola has expanded its footprint in other regions.
In Kazakhstan, Coca-Cola İçecek (CCI) recently inaugurated a third production plant in Shymkent with a capacity of 283 million liters annually, creating 150 jobs.
Earlier this year, the Coca-Cola system in Kenya announced plans to invest up to US$175 million over the next five years, depending on anticipated growth targets.
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