Why Coca-cola suspended its 5-year $1 billion investment pledge to Nigeria in 2021 – Presidency  

The Nigerian presidency has clarified the reasons behind Coca-Cola’s initial withdrawal of its $1 billion investment pledge, made in 2021, citing the “challenging business environment” at the time.

According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, the decision to halt the investment was influenced by excise taxes that affected the company’s operations.

However, with the economic stabilization plan under President Bola Tinubu, Coca-Cola has renewed its $1 billion investment commitment, based on promises of a more stable and predictable environment.

The company, alongside its local partner Nigeria Bottling Company, has already invested $1.5 billion in Nigeria over the past decade, focusing on capacity expansion and logistics.

This renewed investment pledge comes as a confidence boost to the federal government’s efforts to attract foreign investment, following the exit of several multinationals in recent years due to forex crises and other business challenges.

Coca-Cola’s CEO, Zoran Bogdanovic, reiterated the company’s long-term commitment to Nigeria and its belief in the country’s vast potential.