Coca-Cola Hellenic Bottling Company has revealed plans to invest $1 billion in Nigeria to expand its business over five years.
The company’s CEO, Mr. Zoran Bogdanovic, disclosed this during his visit to President Tinubu, where he highlighted the company’s long-term commitment to Nigeria.
In a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Coca-Cola noted that it generates about N300 billion in revenue per annum in Nigeria and returns N90 billion to the government.
The company also said it has spent around $1.5 billion on its Nigerian business since 2013 on capacity expansion, supply distribution and logistics.
According to Mr. Zoran Bogdanovic, “This assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.”
“I am pleased to announce that, provided a predictable and enabling environment is created, we plan to invest an additional $1 billion over the next five years. We believe Nigeria’s potential is enormous and we are committed to working with the government to harness it.”
President Tinubu praised Coca-Cola for its long-standing partnership with Nigeria and for creating more than 3,000 jobs across its nine production facilities.
In his address to the delegation, he stressed that partnerships with the private sector, which drive sustained investment, are central to his administration’s comprehensive reforms aimed at improving the business environment. He also assured that the government will continue to work with Coca-Cola to boost investment and address environmental challenges, including climate change.
Coca Cola’s recent dispute with the FCCPC
The company’s investment will serve to give confidence to the federal government in its efforts to attract foreign investors despite significant corporate exits in recent years. However, earlier this year the Federal Competition and Consumer Protection Commission (FCCPC) had accused Coca-Cola of using misleading commercial descriptions and unfair marketing tactics.
- The FCCPC stated that Coca-Cola Nigeria Ltd and NBC misled the public by claiming that the “Original Flavour, Less Sugar” variant had the same formula as the “Original Flavour” variant.
- The Commission further noted that the issue of abuse of dominance, along with the corresponding penalties under the FCCPA and the Administrative Penalties Regulations of 2020 (APR), has been reserved for future regulatory action, and that penalties will be imposed in due course.
