Tinubu Applauds Coca-Cola’s Planned $1b Investment

By Temitope Adebiyi, Correspondent

Nigeria is open for business, President Bola Ahmed Tinubu has assured local and international investors.

He emphasised that his government is actively improving the country to make it more competitive and friendly for investment.

President Tinubu praised the Coca-Cola System’s plan to invest $1 billion in Nigeria over five years. He called it a strong sign of trust in the nation’s economic future.

Speaking at the Bola Ahmed Tinubu International Conference Centre in Abuja on Monday, the President marked the 75th-anniversary flagship event of the Nigerian Bottling Company Limited (NBC).

He was represented by the Secretary to the Government of the Federation (SGF), Senator George Akume.

In a statement issued by the Special Adviser to the SGF on Media and Publicity, Yomi Odunuga, President Tinubu said the Federal Government recognised the practical challenges confronting businesses and was addressing them through reforms being implemented under the Renewed Hope Agenda.

“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”, he said. NigeriaNews Subscription

The President identified reliable power and infrastructure, clear and consistent regulations, efficient ports and logistics, access to foreign exchange and a tax system that encourages productive enterprise as critical requirements for attracting and retaining investments.

According to him, the availability of these conditions directly influences decisions by investors on whether to expand factories, establish new production lines and create additional jobs.

Tinubu explained that his administration embarked on difficult economic reforms to build a more productive and competitive economy, reduce dependence on imports, expand domestic manufacturing and create greater 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. We want to produce more, manufacture more, add more value locally and create more opportunities for Nigerians”, he said.

The President noted that the Coca-Cola System announced in 2024 a potential $1 billion investment in Nigeria over five years after investing $1.5 billion in the country during the preceding decade.

He said the administration was interested not only in the amount of capital flowing into Nigeria but also in 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. Does it create jobs? Does it strengthen Nigerian businesses? Does it develop skills? Does it increase local sourcing? Does it bring new technology and knowledge? Does it help us produce more in Nigeria?

“Those are the outcomes that matter”, Tinubu said.

He stressed that Nigeria should not be regarded merely as a large market for international companies to sell their products, but as a country where businesses could establish operations, develop local talent and supply chains and compete in African and global markets.

The President cited NBC’s continued expansion of production capacity, including new production lines at Asejire in Oyo State and Challawa in Kano State, as the type of investment required to strengthen Nigeria’s productive base.

He challenged businesses and policymakers to increase local content and develop Nigerian companies into dependable suppliers to major manufacturers.

Tinubu also called for greater investment in training young Nigerians to operate and maintain modern industrial equipment, while progressively replacing imports with competitively manufactured Nigerian products.

He pledged that the Federal Government would continue improving policies, infrastructure and the regulatory environment needed to encourage investment and domestic production, but stressed that the private sector also had a major role to play.

“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 government cannot do this alone.

“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”, he said.

Tinubu also placed emphasis on human capital development, saying investment ultimately derives its value from the opportunities it creates for people.

He commended NBC for its Supply Chain Academy, established in 1996, which has trained more than 1,400 young people, as well as the company’s empowerment programmes for women and interventions in communities, including water and hygiene initiatives.

According to the President, Nigeria’s large youthful population could become a major economic advantage if young people are equipped with the education, technical skills and opportunities required to participate meaningfully in the economy.

He said his administration wanted young Nigerians to have opportunities to become entrepreneurs, engineers, technicians, professionals, innovators and manufacturers, noting that human capital development, enterprise and job creation remained important pillars of the Renewed Hope Agenda.

Tinubu acknowledged the sacrifices Nigerians and businesses had made as a consequence of the administration’s reform programme, but insisted that longstanding structural problems in the economy must be confronted to build a stronger and more competitive country.

“I know that the reform process has not been easy. Nigerians have made sacrifices, and businesses have had to adjust to changing conditions. We are not blind to these realities. But we also know that some of the structural problems in our economy cannot simply be wished away. They have to be addressed”, he said.

The President reaffirmed the 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 to their host communities.

“We welcome investors who are prepared to take the long view. We welcome companies willing to produce in Nigeria, develop Nigerian talent, strengthen local supply chains, and contribute to the communities in which they operate. That is the kind of partnership we want between government and business”, he said.

Tinubu urged the wider business community to take advantage of opportunities across the country, saying Nigeria possesses the people, market, resources and entrepreneurial spirit required to become a major productive economy.

Earlier, the President congratulated the board, management, employees, distributors, suppliers and partners of NBC on its 75th anniversary, describing its transformation from a business established in Lagos in 1951 into a nationwide enterprise as evidence of the possibilities inherent in long-term investment in Nigeria.

He said 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 purchased approximately $601 million worth of goods and services from Nigerian suppliers.

Tinubu said the figures demonstrated the multiplier effect of productive investment, with manufacturing activities creating opportunities for suppliers, transporters, engineers, technicians, distributors, retailers, farmers, financial institutions and other businesses.

He urged NBC and the Coca-Cola System to sustain their investments in Nigeria, continue developing Nigerian talent, deepen local supply networks and explore new opportunities for creating value in the country.

The President expressed confidence that Nigeria could build an economy that produces and exports more, creates greater value domestically, develops globally competitive industries and equips young Nigerians for emerging technologies and jobs.

He said achieving the transformation would require consistent policies, investment, infrastructure and confidence in Nigeria’s capacity, assuring that his administration would remain committed to reforms necessary to achieve the objective.