Coca-Cola Hellenic Bottling Company and its Nigerian partner in 2021 announced a $1 billion investment pledge to Nigeria. However, this commitment was not fulfilled due to several adverse factors.
Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, explained that the challenging business environment at the time, coupled with high excise taxes, made it difficult for the company to proceed with its investment plans.
Onanuga stated, "Yes, the company made a similar promise three years ago. But it couldn’t fulfill it because of the challenging business environment prevailing in Nigeria then. As the company’s spokesperson said, while the company made the commitment in 2021, it was also hit by excise taxes."
Despite these setbacks, Coca-Cola has shown a renewed confidence in Nigeria's economic policies under President Tinubu's administration. On September 19, 2024, the company pledged another $1 billion investment over the next five years. This new commitment is based on the stable environment promised through the Tinubu government’s economic stabilization plan.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, highlighted the company's long-term investment in Nigeria, stating, "Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training, and development."
President Bola Tinubu commended Coca-Cola for its continued partnership and contribution to the Nigerian economy, emphasizing the administration's dedication to creating a robust financial system and a business-friendly environment.
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