President Bola Tinubu has reaffirmed his administration’s dedication to establishing a strong financial system and fostering a business-friendly environment aimed at attracting increased foreign direct investments.
On Thursday in Abuja, the President expressed this commitment as the Coca-Cola Company revealed its intention to increase investments in Nigeria to $1 billion over the next five years. This information was shared by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, in a statement released on Tuesday. The announcement occurred during a meeting between the President and the global leadership team of Coca-Cola, which included Mr. John Murphy, the company’s president and chief financial officer, along with Ambassador Segun Apata, the Chairman of Nigerian Bottling Company.
Tinubu praised Coca-Cola for its enduring partnership with Nigeria and for fostering investment opportunities that have created jobs for more than 3,000 individuals across nine production facilities.
“We are business-friendly, and as I said at my inauguration, 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. I have a firm belief in that,” he said.
Tinubu informed the delegation that private sector partnerships, which are essential for sustaining investments, are at the core of his government’s comprehensive reforms aimed at enhancing the business environment. He assured them that the government would maintain its collaboration with Coca-Cola to boost investments in Nigeria and tackle environmental challenges, including climate change.
“The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,”President Tinubu further praised the company for enhancing its skill development and community initiatives as part of its corporate social responsibility efforts.
Providing an overview of Coca-Cola’s operations in Nigeria, Murphy highlighted that the company generates N320 billion each year through nearly 300,000 customers and contributes nearly N90 billion in revenue to the Nigerian government.
“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians.
”Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging and others, ” he said.
Mr. Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, stated that the company’s trust in the Nigerian government’s policies had inspired its commitment to the $1 billion investment pledge.
