President Bola Tinubu has reaffirmed his administration’s commitment to building a robust financial system and fostering a business-friendly economy to attract increased foreign investment.
According to his Special Adviser on Information and Strategy, Bayo Onanuga the President made this declaration in Abuja on Thursday, as Coca-Cola announced plans to invest $1 billion in Nigeria over the next five years.
The announcement came during a meeting with the global leadership team of Coca-Cola, led by President and Chief Financial Officer John Murphy, alongside Ambassador Segun Apata, Chairman of the Nigerian Bottling Company. President Tinubu praised Coca-Cola for its long-standing partnership with Nigeria, which has provided jobs for over 3,000 Nigerians 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,” President Tinubu stated. “We are building a financial system where you can invest, re-invest, and repatriate your dividends. I firmly believe in that.”
The President emphasized the importance of private sector partnerships in his government’s reforms to enhance the business environment. He also pledged ongoing collaboration with Coca-Cola to expand its investments and address key issues such as climate change and sustainability.
Coca-Cola’s Murphy provided an overview of the company’s business in Nigeria, highlighting that it generates N320 billion annually from nearly 300,000 customers and contributes N90 billion to government revenue. He underscored Coca-Cola’s commitment to sustainability initiatives, including water and packaging efforts, in addition to its financial contributions.
Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, attributed the company’s $1 billion investment pledge to its confidence in Nigerian government policies. “Mr. President, in your inaugural address, we were pleased to hear your invitation for foreign investors and your assurance that businesses can repatriate dividends,” Bogdanovic said. “This gives us the confidence to continue investing. Since 2013, we’ve invested $1.5 billion, and we now plan to invest an additional $1 billion over the next five years.”
President Tinubu concluded by commending Coca-Cola’s skill development and community initiatives, noting Nigeria’s growing consumption capacity and the vast potential for continued growth.
