Coca-Cola to Invest $1 Billion in Nigeria Over Five Years

Coca-Cola has announced plans to inject $1 billion into its Nigeria operations over the next five years. This investment aims to enhance production capacity and improve the supply chain. The move follows similar investments totalling $1.5 billion since 2013, despite recent market challenges including forex shortages.

Coca-Cola is set to invest an additional $1 billion in its operations in Nigeria over the next five years, according to an announcement made during a meeting between President Bola Tinubu and senior executives of the company.

The meeting featured key figures such as John Murphy, President and CFO of Coca-Cola, and Zoran Bogdanovic, CEO of Coca-Cola HBC, one of the company's major bottlers. Since 2013, Coca-Cola has already invested $1.5 billion in Nigeria to expand production and improve the supply chain.

The new investment aims to create a more predictable and enabling business environment. This comes at a time when several multinationals have exited Nigeria due to forex shortages. Tinubu emphasized his administration's commitment to creating a conducive environment for business investments.

(With inputs from agencies.)