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Coca-Cola to Invest US$1bn in Nigeria Over the Next Five Years

Coca-Cola has renewed its commitment to investing about US$1bn over the next five years in Nigeria to scale its operations by creating more business and economic opportunities.

 The Managing Director of Coca-Cola Nigeria Limited, Mr. Alfred Olajide, disclosed this at a press briefing to mark its 70th anniversary as a business in Nigeria.

 According to Olajide, the company in the last five years invested US$665m to support the sustainable and inclusive growth of the economy and provide shared opportunities for citizens.

Speaking further, he said, “As we prepare for more decades of excellence and enriching moments, I believe that there are opportunities for us to learn more, listen more, and continue to tailor our beverage solutions, to provide our consumers the brands they love at the different phases of their lives, done sustainably for a better-shared future”.

 He said Coca-Cola has focused on growing Nigeria and the African continent, its people, and places through sustainable and inclusive planning that puts Nigerians first.  

 Mr. Olajide said the company would continue to support the economic empowerment of citizens who need it most to truly uplift future generations from the downstream and upstream of its supply chain.

 In sustainability, the MD of Coca-Cola Nigeria noted that the environmental, social, and governance (ESG) goals are embedded in how the company operates.  

Commenting on the 70th-anniversary milestone, Managing Director of NBC, Mathieu Seguin, said, “As we continued to grow, we have been very deliberate about investing heavily to make a positive impact in the lives of people in communities where we work and operate. We believe that our business is only as sustainable as the communities in which we do business. This is why we have mainstreamed sustainability into every aspect of our business.

 Mr. Seguin, who also presented the Socio-Economic Impact Report for 2015-2019, said the Coca-Cola system has supported the creation of 58,000 jobs along its value chain.

 “For perspective, in the last ten years alone, the Coke System has invested more than N9bn in lifting the living standards of communities where we do business in Nigeria, through locally relevant initiatives. Some of the areas we have had the most impact have been in education and youth development, women empowerment, water, environmental sustainability, sports and the promotion of commerce and entrepreneurship”. Seguin added.

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