KEY POINTS

• President Tinubu emphasized strengthening Nigeria’s financial sector to draw in both local and foreign investments.
• Coca-Cola executives praised Nigeria’s favorable policies and confirmed a $1 billion investment over five years.
• Tinubu affirmed government-private sector collaboration to tackle environmental challenges and boost economic growth.

President Bola Tinubu has assured Nigerians that his administration will be giving Nigeria’s financial sector first priority in order to draw in both domestic and foreign capital. 

Following a meeting between the President and the global leadership team of the Coca-Cola Company, led by Mr. John Murphy, its President and Chief Financial Officer, and the Chairman of the Nigerian Bottling Company, Ambassador Segun Apata, on Thursday. 

According to a report by Punch, Tinubu reaffirmed that his administration is ready to build a strong financial system and a business-friendly economy that will draw in more foreign direct investments. 

He stated this in a statement released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

Coca-Cola praised for investment and job creation in Nigeria

He praised Coca-Cola for fostering investment possibilities that have created jobs for over 3,000 people at nine production plants and for its long-standing connection with Nigeria. 

“Nigeria has a business-friendly atmosphere, and as I mentioned during my inauguration, we need to make it simple for companies to come and go. We are constructing a financial system that will enable you to invest, reinvest, and receive your dividends back home. I firmly believe it to be true,” he declared.

Speaking further, Tinubu told the delegation that the foundation of his government’s extensive changes to enhance the business environment is the private sector partnerships that support investments.

 He also promised that in order to increase investments in Nigeria and solve environmental challenges, including climate change, the government would keep working with Coca-Cola.

President Tinubu continued, “The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” and praised the business for stepping up its CSR efforts in the community and skill development. 

Murphy gave a summary of Coca-Cola’s operations in Nigeria, stating that the firm brings in approximately N90 billion in income for the Nigerian government each year and generates N320 billion through approximately 300,000 customers. 

“We are really pleased with the company’s long-term growth and the positive effects it has had on many Nigerians’ daily lives.

“In addition to the financial benefits, we are devoted to helping communities, and in recent years, we have placed a particular emphasis on a number of sustainability-related areas, including water packaging,” he stated. 

Coca-Cola commits to investing $1 billion in Nigeria

Prior to this, Mr. Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling firm, gave an explanation of why the firm decided to commit $1 billion in investment: it was confident in the policies of the Nigerian government.

 “Mr. President, we were thrilled to hear in your inauguration speech that you were inviting foreign investors to make investments and that you would guarantee that foreign companies could repatriate profits and dividends.”

“I am happy to announce that we intend to invest an extra $1 billion over the next five years, provided that a stable and supportive climate is in place” He declared.

 “We are dedicated to collaborating with the government to realize Nigeria’s enormous potential” He concluded.