Coca-Cola in Nigeria on track to provide economic boost in major investment
23 Sep 2024 --- The Coca-Cola System in Nigeria, comprised of Coca-Cola Nigeria Limited and its authorized bottler, Nigeria Bottling Company (NBC) is expanding its investments in the country. Over the next five years, the system plans to more than double its rate of investment in Nigeria and reach US$1 billion.
The investment builds on the system’s long-standing involvement in Nigerian communities. Over the last decade, Coca-Cola Hellenic Bottling Company, known locally as NBC, has invested US$1.5 billion in Nigeria.
The Coca-Cola System continues to invest in the socio-economic development of Nigeria as it scales up different sustainability interventions by investing more in empowering young people, the provision of clean potable water supply, and the support for a stronger plastics waste collection infrastructure in different parts of the country.
Economic future
This investment underscores the Coca-Cola System’s continued confidence in the Nigerian market and its promising future economic prospects. The investment is expected to support value chain areas, such as suppliers, distributors, retailers and recyclers.
The recent announcement was made at the State House in Nigeria, where President Bola Ahmed Tinubu hosted a Coca-Cola System delegation.
The recent announcement was made at the State House in Nigeria, where President Bola Ahmed Tinubu hosted a Coca-Cola System delegation.In addition to the Coca-Cola System leadership team in Nigeria, the delegation was comprised of international Coca-Cola System representatives, including John Murphy, president and chief financial officer of The Coca-Cola Company; Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company; Luisa Ortega, president of Coca-Cola’s Africa Operating Unit.
Following the meeting, Murphy indicated that “the investment highlights our system’s efforts to drive scalable initiatives while also preserving the value of local relevance. Coca-Cola has been an integral part of the African continent for over 96 years and today’s investment in Nigeria reiterates our optimism about the continent.”
Bogdanovic comments: “The Coca-Cola System has been part of Nigerian communities for over 70 years and believes in the strength and continued potential of the market. We are excited to announce this investment, which demonstrates our dedication to fostering economic growth and creating job opportunities in the country.”
“Our investment goes beyond business growth; it’s about contributing to the well-being of the communities we call home. We foresee significant social and economic advancements, which is why we continue to invest in our business operations and community programs in Nigeria,” Bogdanovic says.
Driving sustainability with collaboration
Meanwhile, Ortega emphasizes the importance of collaboration to create a stable operating environment, stating that partnering with the government and other stakeholders, can drive sustainable development and economic empowerment.
President Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3,000 people across nine production facilities.
“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.”
The Coca-Cola System has been an integral part of the Nigerian economy for 73 years and employs over 2,800 people across eight production plants. A recent economic impact study conducted by Steward Redqueen found that for every job created by the Coca-Cola System, an additional 31 jobs are supported across the country.
