The Coca‑Cola System in Nigeria Provides Economic Boost Through Major Investment
The US $1 billion investment will support job creation across the value chain
Lagos, Nigeria, 19 September 2024 – The Coca‑Cola System in Nigeria, comprised of Coca‑Cola Nigeria Limited and its authorized bottler, Nigeria Bottling Company (NBC), announced plans to expand its investments in Nigeria. Over the next five years, with a predictable and enabling environment in place, the System plans to accelerate its investments in Nigeria to reach US$ 1 billion. The investment builds on the System’s long-standing involvement in Nigerian communities. Over the last 10 years, Coca‑Cola Hellenic Bottling Company, known locally as Nigerian Bottling Company, has invested $1.5 billion in Nigeria. With today’s announcement, the Coca‑Cola System plans to more than double its rate of investment over the next 5 years.
This investment underscores the Coca‑Cola System's continued confidence in the Nigerian market and its promising future economic prospects. The investment is expected to support various value chain areas, including suppliers, distributors, retailers, and recyclers.
The announcement was made at the State House in Nigeria, where a Coca‑Cola System delegation was hosted by President Bola Ahmed Tinubu. In addition to the Coca‑Cola System leadership team in Nigeria, the delegation was comprised of international Coca‑Cola System representatives: John Murphy, President and Chief Financial Officer of The Coca‑Cola Company; Zoran Bogdanovic, Chief Executive Officer of Coca‑Cola Hellenic Bottling Company; Henrique Braun, EVP and President, International Development of The Coca‑Cola Company; Luisa Ortega, President of Coca‑Cola's Africa Operating Unit; and Naya Kalogeraki, Chief Operating Officer of Coca‑Cola Hellenic Bottling Company.
Following the meeting, Murphy indicated that “the investment highlights our system's efforts to drive scalable initiatives while also preserving the value of local relevance. Coca‑Cola has been an integral part of the African continent for over 96 years and today’s investment in Nigeria reiterates our optimism about the continent.”
Bogdanovic commented, "The Coca‑Cola System has been part of Nigerian communities for over 70 years and believes in the strength and continued potential of the market. We are excited to announce this investment, which demonstrates our dedication to fostering economic growth and creating job opportunities in the country.”
“Our investment goes beyond business growth; it’s about contributing to the well-being of the communities we call home. We foresee significant social and economic advancements, which is why we continue to invest in our business operations and community programs in Nigeria," concluded Bogdanovic.
Ortega emphasized the importance of collaboration to create a stable operating environment. "By working in partnership with the government and other stakeholders, we can drive sustainable development and economic empowerment. Our collective efforts can create a lasting positive impact on the communities we serve.”
President Tinubu commended Coca‑Cola for its long-standing partnership with Nigeria and for promoting investment opportunities that have employed over 3000 people across nine production facilities.
''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.
Coca‑Cola has a rich legacy of refreshing Africa and making a difference across the continent for over 96 years. In Nigeria, for 73 years, the Coca‑Cola System has been an integral part of the local economy, employing over 2,800 people across 8 production plants. A recent economic impact study, conducted by Steward Redqueen, found that for every job created by the Coca‑Cola System, an additional 31 jobs are supported across the country. The Coca‑Cola System continues to invest in the socio-economic development of Nigeria as it scales up different sustainability interventions by investing more in empowering young people, provision of clean potable water supply, and the support for a stronger plastics waste collection infrastructure in different parts of the country.
ENDS
ISSUED BY:
Oluwasoromidayo George, Director, Corporate Affairs and Sustainability, Coca‑Cola Hellenic Bottling Company, Tel: +234 (802) 2238659, Email: oluwasoromidayo.george@cchellenic.com
Nwamaka Onyemelukwe, Senior Director, Public Affairs, Communication & Sustainability, Nigeria, Coca‑Cola Nigeria Limited, Tel: +234 (817) 8000340, Email: nonyemelukwe@coca-cola.com
About The Coca‑Cola Company
The Coca‑Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca‑Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.
About Coca‑Cola Hellenic Bottling Company
Coca‑Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca‑Cola Company. We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 740 million consumers across a broad geographic footprint of 29 countries. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca‑Cola, Coca‑Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, CaffèVergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, The Macallan, Jack Daniel’s and Grey Goose.
We foster an open and inclusive work environment amongst our more than 30,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top sustainability performers in ESG benchmarks such as the Dow Jones Sustainability Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG. Coca‑Cola HBC has a premium listing on the London Stock Exchange (LSE: CCH) and is listed on the Athens Exchange (ATHEX: EEE). For more information, please visit https://www.coca-colahellenic.com.
About Coca‑Cola Hellenic Bottling Company in Nigeria
In Nigeria our rich history traces back to 1951, when a Greek-Cypriot entrepreneur, A.G. Leventis, established the Nigerian Bottling Company (NBC). Since then, our business has evolved to become an essential global partner of The Coca‑Cola Company. Expanding our horizons, we acquired the Coca‑Cola bottling franchise (the Hellenic Bottling Company) in Greece, in 1981, then following a merger in 2001, the company was renamed to become Coca‑Cola HBC. For more information, please visit: https://ng.coca-colahellenic.com/en