In a move that signals growing international confidence in Nigeria's economic direction, President Bola Tinubu reaffirmed his administration’s dedication to building a robust financial system and a business-friendly environment. Speaking on Thursday during a high-profile meeting with Coca-Cola's global leadership in Abuja, President Tinubu announced that Nigeria’s economy is positioned to welcome more foreign investments.
The meeting, which included Coca-Cola President and CFO John Murphy and the Chairman of Nigerian Bottling Company Ambassador Segun Apata, featured the beverage giant’s announcement of a $1 billion investment in Nigeria over the next five years. This comes on the heels of Coca-Cola’s longstanding partnership with Nigeria, which has already created over 3,000 jobs across nine production facilities in the country.
“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses,” President Tinubu said. “We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that.”
Coca-Cola’s investment aligns with Tinubu’s ambitious reforms aimed at strengthening private sector partnerships and enhancing Nigeria’s investment climate. The President also lauded the company's community initiatives, particularly in skill development and environmental sustainability, noting that Nigeria’s consumption capacity continues to grow.
Coca-Cola's CEO of Hellenic Bottling Company, Zoran Bogdanovic, credited the $1 billion commitment to the confidence inspired by the government's policies. “Mr President, your inaugural address and the assurance of a predictable environment for investors have given us the confidence to continue our investments in Nigeria,” Bogdanovic said.
Since 2013, Coca-Cola has invested $1.5 billion in Nigeria, focusing on supply chain transformation, capacity expansion, and employee training. The additional $1 billion investment reaffirms the company’s commitment to Nigeria’s potential for economic growth.
President Tinubu assured Coca-Cola and other potential investors that the Nigerian government remains steadfast in its partnership to further expand investments and tackle environmental challenges, including climate change.
With this latest development, Nigeria’s standing as a key destination for foreign direct investment continues to rise, demonstrating the effectiveness of President Tinubu’s financial reforms.
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