President Bola Tinubu has restated his administration’s commitment to building a strong financial system and a business-friendly economy to attract more foreign direct investment.
The President made the vow on Thursday in Abuja, as the Coca-Cola Company revealed intentions to increase its investment in Nigeria to $1 billion over the next five years.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated this in a statement issued on Thursday.
He stated that the news was made during a meeting between the President and the global leadership team of Coca-Cola Company, led by Mr. John Murphy, its president and chief financial officer, and Ambassador Segun Apata, Chairman of Nigerian Bottling Company.
Tinubu praised Coca-Cola for its long-standing cooperation with Nigeria and for pushing investment possibilities that have resulted in over 3000 jobs across nine production plants.
”We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses.
”We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that,” he said.
Tinubu told the delegation that private sector partnerships, which sustain investments, are central to his government’s far-reaching reforms to improve the business environment.
He pledged that the government would continue partnering with Coca-Cola to expand investments in Nigeria and address environmental issues, including climate change.
”The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,” President Tinubu added while commending the company for scaling up its skill development and community initiatives as part of its corporate social responsibility.
Presenting an overview of Coca-Cola’s business in Nigeria, Murphy noted that the company generates N320 billion annually through nearly 300,000 customers and contributes almost N90 billion in revenue to the Nigerian government.
”We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians.
”Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we’ve had a special focus on several areas in the world of sustainability, water packaging and others, ” he said.
Mr Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, explained that the company’s confidence in Nigerian government policies had encouraged it to make the $1 billion investment pledge.
”Mr President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits.
”That 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.
”I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years.
”We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,” he said.
