Coca-Cola invests $1 billion in Nigeria in the last 10 years, to inject another $1 billion in 5 years
Coca Cola has invested over $1 billion in Nigeria in the last 10 years and plans to inject another $1 billion in the next five years.
This was disclosed by Coca Cola Nigeria during the launch of its 70th anniversary in Lagos on Thursday.
What Coca-Cola is saying about its investments
The Managing Director, Coca Cola Nigeria, Alfred Olajide, said, “We have invested $1 billion in the last 10 years and will invest another $1 billion (N560 billion) in the next 5 years. We have spent N88 billion in local sourcing (as at 2019) and paid the sum of N223 billion as tax payment in 5 years. We also paid N154 billion as salaries and taxes in five years.
“Nigeria is a very important key for Coca Cola worldwide. More than 30% of our population are youth and that is key to us. In terms of positioning, Nigeria is top in the radar.
“We will continue be committed to the nation and the communities too. 90% of our outsourcing are done locally. We are focused on growing Nigeria and the African continent, its people, and places around us, through sustainable and inclusive planning that puts Nigerians first.
“We will continue to enable economic empowerment for the people who need it most – downstream and upstream of our supply chain to truly uplift future generations.”
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Managing Director, Nigerian Bottling Company (NBC), Mathieu Seguin said, “As we continued to grow, we have been very deliberate about investing heavily to make a positive impact in the lives of people in communities where we work and operate. We believe that our business is only as sustainable as the communities in which we do business, and this is why we have mainstreamed sustainability into every aspect of our business.
“For perspective, in the last 10 years alone, the Coke System has invested more than 9 billion naira in lifting the living standards of communities where we do business in Nigeria, through locally relevant initiatives. Some of the areas we have had the most impact have been in education and youth development, women empowerment, water, environmental sustainability, sports and the promotion of commerce and entrepreneurship.”
What you should know
The Coca-Cola System also presented Socio-Economic Impact Report for 2015-2019, which summarises the impact of the system, the value it has contributed to the Nigerian economy and the investments it is making in communities.
In the last five years, the Coca-Cola system has also supported the creation of 58,000 jobs along its value chain.
“As we prepare for more decades of excellence and enriching moments, I believe that there are opportunities for us to learn more, listen more, and continue to tailor our beverage solutions, to provide our consumers the brands they love at the different phases of their lives, done sustainably for a better shared future,” Olajide added.
