*President Bola Ahmed Tinubu restates his administration鈥檚 commitment to building a strong financial system and business-friendly Nigerian economy to attract further Foreign Direct Investments to the West African country

Isola Moses | 绿帽献妻

President Bola Ahmed Tinubu has restated his administration鈥檚 commitment to building a strong financial system and business-friendly Nigerian economy that will attract more Foreign Direct Investments (FDIs) to the country.

Tinubu noted this while speaking Thursday, September 19, 2024, in Abuja, FCT, as the Coca-Cola Company announced plans to accelerate its investments to $1 billion over the next five years in Nigeria.

A group photograph of President Tinubu with the global leadership team of the Coca-Cola Company and top government officials聽

Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, disclosed this development in a statement Thursday, said the company made the announcement at a meeting between President Tinubu and the global leadership team of Coca-Cola Company, led by Mr. John Murphy, Global Chief Executive Officer (CEO), and Ambassador Segun Apata, Chairman of Nigerian Bottling Company.

The Nigerian leader used the occasion of the visit to commend the Coca-Cola Company on its long-standing partnership with Nigeria, and for promoting investment opportunities that have employed over 3,000 people across nine production facilities in the West African country.

We鈥檙e committed to Ease of Doing Business in Nigeria: Tinubu

The President also stated: 鈥淲e are business-friendly; and as I said at my inauguration (on May 29, 2023), we must create an environment of easy-in and easy-out for businesses.

鈥淲e are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that.鈥�

The Presidential aide noted Tinubu told the company鈥檚 delegation that private sector partnerships, which sustain investments, are central to his government鈥檚 far-reaching reforms to improve the business environment.

He further pledged that the Nigerian Government would continue to partner with Coca-Cola to expand investments and address environmental issues, including climate change, in the country.

President Tinubu also applauded the Coca-Cola Company for scaling up its skill development and community initiatives as part of its Corporate Social Responsibility (CSR) in Nigeria.

鈥淭he size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,鈥� said he.

鈥楴igeria鈥檚 potential is tremendous,鈥� says Coca-Cola CEO

Presenting an overview of Coca-Cola鈥檚 business in Nigeria, Murphy disclosed that the company generates N320 billion annually through nearly 300,000 customers and contributes almost N90 billion in revenue to the Nigerian Government.

The President of Coca-Cola Company asserted: 鈥淲e are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians.

鈥淏eyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we鈥檝e had a special focus on several areas in the world of sustainability, water packaging and others.鈥�

Mr. Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company鈥檚 confidence in the Nigerian Government鈥檚 policies has encouraged it to make the $1 billion investment pledge in the country鈥檚 economy.

Bogdanovic stated: 鈥淢r. President, in your inaugural address, we were very pleased to hear of your invitation to foreign investors to invest, and your assurance that foreign businesses can repatriate dividends and profits.

鈥淭hat assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.鈥�

He also averred: 鈥淚 am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest additional $1 billion over the next five years.

鈥淲e believe Nigeria鈥檚 potential is tremendous, and we are committed to working with the government to realise this potential.鈥�

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