Tinubu Commits To Strengthening Financial System As Coca-Cola Plans $1B Investment In Nigeria

President Bola Tinubu reaffirmed his administration's dedication to building a strong financial system and a business-friendly economy to attract more foreign investment after Coca-Cola announced Thursday its plan to invest $1 billion in its Nigeria operations in the next five years.

Special Adviser to the president on Information and Strategy Bayo Onanuga took to X (formerly known as Twitter) and issued a statement on the same day, revealing that Tinubu commended Coca-Cola for its long-standing partnership with Nigeria.

He also mentioned that Tinubu praised the company for promoting investment opportunities, which gave employment to over 3,000 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," Tinubu said. "We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that."

The company made the investment plan announcement during a meeting, held between the president and the global leadership team of Coca-Cola Company, led by John Murphy, its president and chief financial officer and the Chairman of Nigerian Bottling Company Ambassador Segun Apata.

President Tinubu told the delegation that partnerships with the private sector, which supported investments, were key to his administration's extensive reforms, aimed at improving the business environment.

He promised that the government would keep working with Coca-Cola to increase investments in Nigeria and tackle environmental issues like climate change.

"The size of this country is enormous in Africa, and the consumption capacity of Nigeria is expanding daily,'' President Tinubu added.

Meanwhile, Murphy pointed out that the company's operations in Nigeria generate N320 billion annually via nearly 300,000 customers and contribute almost N90 billion in revenue to the Nigerian government.

He noted that it was a proud moment for the company, as it can create not only long-term business growth but also create a positive impact on the daily lives of many Nigerians.

"Beyond the financial impacts, we are also very committed to supporting the communities, and over the last number of years, we've had a special focus on several areas in the world of sustainability, water packaging and others," he added.

The announcement came just one day after Vice President Kashim Shettima said he believed that Nigeria could become the top global hub for economic opportunities in the halal investment sector, which was expected to be worth $7.7 trillion by 2025.