Coca-Cola pledges $1 billion to Nigeria over five years, citing President Tinubu’s economic reforms aimed at fostering a business-friendly environment.
[dropcap]C[/dropcap]oca-Cola has announced a $1 billion investment in Nigeria over the next five years, a decision influenced by President Bola Tinubu’s Economic Growth and Recovery Plan (EGRP).
Also read: O’Tega Ogra rebukes Deji Adeyanju over Defamation Is Not a Crime claim
The company’s renewed commitment follows earlier setbacks due to the imposition of excise taxes and the post-COVID global economic downturn, which had led to the retraction of a similar pledge.
O’Tega Ogra, the President’s Senior Special Assistant on Digital/New Media, addressed criticisms from Arise News presenter Rufai Oseni, defending the deal and highlighting the positive impact of Tinubu’s fiscal reforms.
According to Ogra, Coca-Cola’s decision to reinvest in Nigeria reflects the company’s confidence in the current administration’s policies aimed at creating a favourable business environment.
Quoting Tinubu, Ogra stated: “We are business-friendly… 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.”
Ogra stressed that the government’s reforms are attracting significant attention from global investors.
In addition to Coca-Cola’s investment, Ogra pointed to the oil and gas sector, where Total, previously speculated to be leaving Nigeria, has partnered with the Nigerian National Petroleum Company Limited (NNPCL) on a $550 million Ubeta Field Development Gas Project.
The Final Investment Decision (FID) for this project was signed in June 2024, further underscoring Nigeria’s appeal to foreign investors.
To Ogra, the world is taking note of the country’s favourable economic climate under Tinubu’s leadership and Nigeria’s openness to doing business.
Read full state below.
ON THE RECENTLY ANNOUNCED COCA COLA $1BILLION PLEDGE OVER THE NEXT FIVE YEARS FOR NIGERIA
Dear Rufai,
I vividly remember conducting extensive research on the foods and beverages industry just before exiting the private sector last year. It came to my attention then that the pledge was retracted, with many attributing it to the imposition of excise taxes on the company shortly thereafter as well as the impact of Post-COVID downturn locally and globally. Nevertheless, it is undeniable that they have poured more than 1.5 billion USD into Nigeria over the last decade.
Listening to the company global President today, he basically said they were returning this investment to Nigeria as a result of the Tinubu-Shettima administration’s Economic Growth & Recovery Plan (EGRP) and the potential of the government’s fiscal reforms.
My principal & our President, President Bola Tinubu, reiterated this resolve today when he said, “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.”Nigeria is more than open to business, and the world is taking positive note of it already!
P.S: In the Oil & Gas sector, Total, who were claimed to be heading out, are now partnering with NNPCL on a new $550million non-associated gas development – the Ubeta Field Development Gas Project for which the Final Investment Decision was signed at the end of June
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Source: Read more at channelstv.com
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
