President Bola Ahmed Tinubu has welcomed the Coca-Cola System’s announcement in 2024 of a potential $1 billion investment in Nigeria over five years, describing the commitment as a vote of confidence in the Nigerian economy.
Tinubu spoke in Abuja at the 75th anniversary flagship event of the Nigerian Bottling Company Limited (NBC), held at the Bola Ahmed Tinubu International Conference Centre.
The President, who was represented by the Secretary to the Government of the Federation, Senator George Akume, said the proposed investment followed about $1.5 billion invested by the Coca-Cola System in Nigeria over the preceding decade.
He assured local and international investors that Nigeria remained open for business, adding that his administration was working to create a more predictable, competitive and investment-friendly environment.
According to the President, the Coca-Cola System generated an estimated $1 billion in value-added economic activity in Nigeria in 2024, supported more than 160,000 livelihoods across its value chain and procured approximately $601 million worth of goods and services from Nigerian suppliers.
“Our message to investors, both Nigerian and international, is clear: Nigeria is open for business, and we are working to make the business environment more predictable, more competitive and more supportive of investment,” Tinubu said.
Tinubu acknowledged the practical challenges facing businesses in the country, saying the Federal Government was addressing them through economic reforms under the Renewed Hope Agenda.
He identified reliable electricity and infrastructure, consistent regulations, efficient ports and logistics, access to foreign exchange and a tax system that encourages productive enterprise as key requirements for a stronger investment climate.
The President said the administration embarked on its economic reforms to build a more productive and competitive economy, reduce excessive dependence on imports, expand domestic manufacturing and create more opportunities for Nigerians.
“We are making difficult changes because we want a more productive and competitive Nigerian economy. We do not want to remain overly dependent on imported goods while our own productive capacity remains underdeveloped,” he said.
“We want to produce more, manufacture more, add more value locally and create more opportunities for Nigerians.”
Tinubu said the government was concerned not only with the volume of capital invested in the country but also with its impact on employment, skills development, local sourcing, technology transfer and domestic productive capacity.
“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 stated.
The President said Nigeria should not be viewed simply as a large consumer market for international companies but as a destination where businesses could establish production operations, develop local talent and supply chains, and expand into African and global markets.
He cited continued investments by the Nigerian Bottling Company in production capacity, including new production lines at Asejire in Oyo State and Challawa in Kano State, as examples of investments capable of strengthening Nigeria’s productive base.
Tinubu challenged businesses and policymakers to increase local content, develop Nigerian companies into reliable suppliers to major manufacturers and progressively replace imports with competitively produced Nigerian goods.
He pledged that the Federal Government would continue to improve policies, infrastructure and the regulatory environment needed to support investment and domestic production.
“The government has a role to play. We will continue to work on the policies, infrastructure and regulatory environment required to support investment and domestic production. But the government cannot do this alone,” he said.
“The private sector must also play its part. Businesses invest. Businesses innovate. Businesses take risks. Businesses create jobs. Our responsibility in government is to create an environment in which those things can happen.”
Tinubu also stressed the importance of human capital development, noting that the ultimate value of investment was reflected in the opportunities it created for people.
He commended the Nigerian Bottling Company for its Supply Chain Academy, established in 1996, which has trained more than 1,400 young people.
The President also acknowledged the company’s women’s empowerment initiatives and community interventions, particularly its programmes focused on water and hygiene.
He reaffirmed the Federal Government’s readiness to welcome investors prepared to make long-term commitments to Nigeria, particularly companies willing to manufacture locally, develop Nigerian talent, deepen domestic supply chains and contribute positively to their host communities.
The President’s remarks came as the Nigerian Bottling Company marked 75 years of operations in Nigeria, with the occasion highlighting the role of long-term private-sector investment in manufacturing, employment and local economic development.
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