President Bola Tinubu reaffirmed his administration’s commitment to establishing a robust financial system and creating a business-friendly environment to attract foreign direct investments.
He made this pledge during a meeting with Coca-Cola Company’s global leadership team at the State House in Abuja on Thursday, September 19.
The delegation, led by Coca-Cola’s President and Chief Financial Officer, Mr. John Murphy, and Nigerian Bottling Company Chairman, Ambassador Segun Apata, announced the company’s plan to invest $1 billion in Nigeria over the next five years.
President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria, noting the company’s contributions to the economy, which include employing over 3,000 people across nine production facilities. He highlighted his administration’s focus on building a financial system that allows businesses to invest, re-invest, and repatriate dividends.
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“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,” President Tinubu said, according to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.
The President also emphasized the importance of private-sector partnerships in driving the government’s reforms aimed at improving the business environment. He pledged continued collaboration with Coca-Cola to expand investments in Nigeria and tackle environmental challenges, including climate change.
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“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” Tinubu added, commending Coca-Cola for its skill development and community initiatives.
Mr. John Murphy, presenting an overview of Coca-Cola’s business in Nigeria, revealed that the company generates N320 billion annually from nearly 300,000 customers and contributes almost N90 billion in revenue to the Nigerian government. He expressed pride in the company’s growth and its impact on Nigerians’ daily lives, noting the company’s commitment to sustainability and community support.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, attributed the $1 billion investment pledge to the Nigerian government’s favorable policies. He stated that since 2013, Coca-Cola has invested $1.5 billion in capacity expansion, supply chain transformation, and employee development.
“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,” Bogdanovic said.
This meeting underscores the government’s ongoing efforts to boost foreign investment while positioning Nigeria as a hub for business growth and development.
