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The Coca-Cola System plans to invest $1 billion in Nigeria over five years, following $1.5 billion invested in the preceding decade.
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The system generated an estimated $1 billion in value-added economic activity in 2024 and supported more than 160,000 livelihoods across its value chain.
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President Bola Tinubu says future investments should deepen local sourcing, create jobs, transfer skills and expand Nigeria’s domestic productive capacity.
September 15, (THEWILL) – The Coca-Cola System is planning to invest $1 billion in Nigeria over five years as the company expands its production capacity and deepens its local supply chain.
President Bola Ahmed Tinubu welcomed the proposed investment on Monday at the 75th anniversary celebration of Nigerian Bottling Company Limited (NBC) in Abuja, describing the commitment as a vote of confidence in Nigeria’s economy and long-term prospects.
The President, who was represented by the Secretary to the Government of the Federation, George Akume, said the government was working to create a more predictable and competitive environment for investors.
Tinubu noted that the Coca-Cola System had invested about $1.5 billion in Nigeria in the preceding decade before announcing the potential additional $1 billion investment in 2024.
He said the government was interested not only in the volume of capital entering the economy but also in the jobs, skills, local sourcing and productive capacity generated by such investments.
“For this administration, that is what investment must mean. We are interested not only in the amount of capital that comes into Nigeria, but in what that capital does here,” he said.
Investment expands economic footprint
Tinubu said the Coca-Cola System generated an estimated $1 billion in value-added economic activity in Nigeria in 2024 and supported more than 160,000 livelihoods across its value chain.
The system also purchased approximately $601 million worth of goods and services from Nigerian suppliers during the year, highlighting the wider economic activity generated beyond the company’s direct manufacturing operations.
According to the President, the figures demonstrate how manufacturing investment can create opportunities for suppliers, transporters, engineers, technicians, distributors, retailers, farmers and financial institutions.
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He cited NBC’s expansion of production capacity, including new production lines at Asejire in Oyo State and Challawa in Kano State, as examples of investments that can strengthen Nigeria’s productive base.
Tinubu urged manufacturers to deepen local content and develop Nigerian businesses into reliable suppliers capable of meeting the requirements of major industrial companies.
Government promises better business environment
The President identified reliable electricity and infrastructure, consistent regulations, efficient ports and logistics, access to foreign exchange and a tax system that supports productive enterprise as critical to attracting and retaining investment.
He said these factors influence decisions by companies on whether to expand factories, establish new production lines and create jobs.
Tinubu said his administration’s economic reforms were aimed at reducing dependence on imports, expanding domestic manufacturing and increasing local value addition.
“We want to produce more, manufacture more, add more value locally and create more opportunities for Nigerians,” he said.
He also called for greater investment in technical training, particularly to equip young Nigerians with the skills required to operate and maintain modern industrial equipment.
The President commended NBC’s Supply Chain Academy, established in 1996, which he said had trained more than 1,400 young people, alongside the company’s programmes supporting women and host communities.
He said the government could not transform the economy alone and urged the private sector to invest, innovate and create jobs.
Tinubu encouraged companies willing to manufacture locally, develop Nigerian talent and strengthen domestic supply chains to take a long-term view of the Nigerian market.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
