The Nigerian Presidency has stated that Coca-Cola’s $1 billion investment will succeed under President Bola Tinubu’s administration, countering criticisms of a similar failed commitment in 2021.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, explained that the previous investment did not materialize due to a challenging business environment under former President Muhammadu Buhari.
In a statement released following the announcement of the new investment deal, Onanuga highlighted that the current administration has fostered a more favorable business climate. He noted that the previous commitment was thwarted by issues like excise taxes and instability, which deterred investment.
The statement emphasized, “Our investment pledges rely on a predictable and stable environment. The renewed $1 billion pledge reflects confidence in the Tinubu government’s economic stabilization plan.”
Onanuga also pointed out that Coca-Cola and its local partner, Nigeria Bottling Company, have already invested $1.5 billion in Nigeria over the past decade, reinforcing the potential for future growth in the country.
