Coca-Cola has announced plans to invest $1 billion in its Nigeria operations over the next five years, following a meeting between President Bola Tinubu and senior executives from the company. This meeting included John Murphy, Coca-Cola’s president and CFO, and Zoran Bogdanovic, CEO of Coca-Cola HBC, among others, as Tinubu aims to attract foreign investment to bolster the economy.
Since 2013, Coca-Cola has already invested $1.5 billion in Nigeria to enhance production capacity, supply chain efficiency, and workforce training. The announcement comes amid concerns over foreign exchange shortages, which have led several multinational companies, such as Procter & Gamble and GSK, to reevaluate their presence in the country.
Tinubu, who has been in office since May, emphasized his government’s commitment to creating a business-friendly environment. Despite Nigeria’s large population of over 200 million, challenges such as forex issues and inconsistent policies have hindered investment. Meanwhile, Coca-Cola HBC reported rising profits driven by strong demand for its beverages, even amid price increases due to high operational costs.
SOURCE: https://dew360.net
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