REWIND: In 2021, Coca-Cola made similar pledge of $1bn investment to Nigeria

September 20, 2024 11:26 am, on September 19, announced plans to invest $1 billion in Nigeria over the next five years.

Reacting to the development, President Bola Tinubu commended the beverage maker for its long-standing partnership with Nigeria and employing over 3,000 people across nine production facilities. Bogdanovic also said since 2013, “we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development”.This development is not the first time Coca-Cola has made such investment commitments.Vice-President Yemi Osinbajo lauded the company for the gesture, describing it as a testament to the possibilities in the Nigerian economy.

“Understanding the Coca-Cola’s $1 billion investment Naysayers and doubters scorned the $1 billion fresh investment pledge in Nigeria made by the company’s global leadership to President Bola Tinubu today in Abuja, saying the company made a similar promise in 2021,” Onanuga wrote.“Yes, the company made a similar promise three years ago. But it couldn’t fulfill it because of the challenging business environment prevailing in Nigeria then.

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