Coca-Cola Hellenic Bottling Company has announced plans to invest $1 billion in expanding its business in Nigeria over the next five years. The company's CEO, Zoran Bogdanovic, made this known during a recent visit to President Bola Ahmed Tinubu.
A statement released by the President's Special Adviser on Information and Strategy, Bayo Onanuga, highlighted that Coca-Cola generates approximately N300 billion in annual revenue from Nigeria, contributing N90 billion in taxes to the government.
Bogdanovic emphasized the company's confidence in Nigeria's economic potential, stating, "Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, supply chain transformation, and workforce development. We are pleased to announce our plans to invest an additional $1 billion over the next five years, given the favorable and stable environment."
The CEO expressed Coca-Cola's commitment to collaborating with the government to unlock Nigeria's immense potential.
This announcement comes just two months after the Federal Competition and Consumer Protection Commission (FCCPC) accused Coca-Cola of misleading trade practices, raising concerns about the company's operations in the country.
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