Coca-Cola announces $1 billion investment in Nigeria

Coca-Cola will invest $1 billion (pound 890 million) in Nigeria over the next five years, the group announced in a statement, as the West African country faces a serious economic crisis."Over the next five years, with a predictable and enabling environment in place, (Coca-Cola) plans to accelerate its investments in Nigeria to reach $1 billion," the American giant said in a statement released Thursday.The project was announced during a meeting between Nigerian President Bola Ahmed Tinubu and Coca-Cola's global management, the president's media adviser, Bayo Onanuga, said on Thursday.It is a respite for Nigeria, which has sought to attract foreign direct investment to strengthen its economy and increase dollar liquidity."We are building a financial system in which you can invest, reinvest and repatriate all your dividends," assured the Nigerian president.The most populous country in Africa, Nigeria is going through a serious economic crisis, following reforms put in place by President Bola Ahmed Ti nubu, who came to power in May 2023.The latter ended fuel subsidies and foreign exchange controls, leading to a tripling of petrol prices and a rise in the cost of living as the naira fell against the dollar.Several multinationals have ceased operations in the country, citing a difficult business environment and lack of access to foreign currency.'We anticipate significant social and economic progress, which is why we continue to invest in our business operations and community programs in Nigeria,' said Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, one of many Coca-Cola bottlers around the world.The Coca-Cola company in the country, the Nigerian Bottling Company, was registered in 1951.In 2019, it bought local beverage maker Chi Limited, after acquiring a 40% stake in the company for $240 million in 2016.Source: Burkina Information Agency