Coca-Cola Invests $1 Billion In Nigeria

Coca-Cola has announced that it will inject $1 billion in the next five years in Nigeria during the launch of its 70th anniversary in Lagos on Thursday.

The Managing Director, Coca-Cola Nigeria, Alfred Olajide, said that the company has invested $1 billion in the past 10 years and will do the same again for the next 5 years.

“We have invested $1 billion in the last 10 years and will invest another $1 billion (N560 billion) in the next 5 years. We have spent N88 billion in local sourcing (as of 2019) and paid the sum of N223 billion as tax payment in 5 years. We also paid N154 billion as salaries and taxes in five years,”

“Nigeria is a very important key for Coca-Cola worldwide. More than 30% of our population are youth and that is key to us. In terms of positioning, Nigeria is top in the radar.”

Olajide said the company is focused on growing Nigeria and the African continent and will continue to carry out its outsourcing locally.

“We will continue being committed to the nation and the communities too. 90% of our outsourcing is done locally. We are focused on growing Nigeria and the African continent, its people, and places around us, through sustainable and inclusive planning that puts Nigerians first,”

“We will continue to enable economic empowerment for the people who need it most – downstream and upstream of our supply chain to truly uplift future generations.”

Managing Director, Nigerian Bottling Company (NBC), Mathieu Seguin said that the company is very deliberate about investing heavily to make a positive impact in the lives of people in the communities where it operates.

“We believe that our business is only as sustainable as the communities in which we do business, and this is why we have mainstreamed sustainability into every aspect of our business,”

“For perspective, in the last 10 years alone, the Coke System has invested more than 9 billion nairas 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 said.