Coca-Cola has unveiled plans to invest $1 billion in Nigeria over the next five years, a move set to revitalize the country’s economic landscape.
This substantial commitment was made during a meeting between Coca-Cola’s global leadership and President Bola Tinubu at the State House.
According to a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, “The investment strategy, contingent upon a stable business environment, aims to expand Coca-Cola’s presence in Nigeria.”
John Murphy, President and Chief Financial Officer, emphasized Coca-Cola’s long-standing relationship with Africa, stating, “Coca-Cola has been integral to Africa for 96 years, and today’s investment reaffirms our optimism.”
This new investment builds on the Coca-Cola System’s $1.5 billion investment in Nigeria over the past decade. The latest announcement effectively doubles the company’s investment rate for the next five years.
Coca-Cola’s presence in Nigeria already has a significant economic impact.
A Steward Redqueen study found that every job created directly by the Coca-Cola System supports an additional 31 jobs nationwide.
With over 2,800 employees across eight Nigerian production plants, President Tinubu welcomed the investment, praising Coca-Cola’s partnership and job creation.
Luisa Ortega, President of Coca-Cola’s Africa Operating Unit, stressed collaboration, saying, “By working with the government and stakeholders, we can drive sustainable development and economic empowerment, creating a lasting positive impact”.
Beyond economic growth, Coca-Cola’s Nigerian investment includes social and environmental initiatives focusing on youth empowerment, clean water supply, and improved waste collection infrastructure.
