• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Why Coca-cola Suspended its 5-year $1 Billion Investment Pledge to Nigeria

11 months ago
in Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
489
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Why Coca-cola Suspended its 5-year $1 Billion Investment Pledge to Nigeria in 2021

The Nigerian Presidency has clarified the reasons behind Coca-Cola’s withdrawal of its 5-year, $1 billion investment pledge to Nigeria, which was made in 2021.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this information in a statement on Thursday while responding to reports that Coca-Cola had previously made an investment pledge to Nigeria without fulfilling it.

According to Onanuga, the initial pledge by the global beverage company in 2021 was halted as a result of the “challenging business environment” prevailing in the country then.

Onanuga mentioned that after the company’s announcement in 2021, it was impacted by excise taxes, which caused it to suspend its plans to deliver on the promise.

“Naysayers and doubters scorned the $1 billion fresh investment pledge in Nigeria made by the company’s global leadership to President Bola Tinubu today in Abuja, saying the company made a similar promise in 2021. 

“Yes, the company made a similar promise three years ago. But it couldn’t fulfil it because of the challenging business environment prevailing in Nigeria then. As the company’s spokesperson said, while the company made the commitment in 2021, it was also hit by excise taxes. 

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

“Our investment pledges are always predicated on a predictable and stable environment. The $1 billion pledge has now been renewed based on the stable environment, which has been promised through the Tinubu government economic stabilisation plan,” Onanuga added.  

Meanwhile, the presidency also stated that the company, along with its local partner, Nigeria Bottling Company, has invested $1.5 billion in Nigeria over the past 10 years.

“The Coca-Cola Company and its local partner, Nigeria Bottling Company have already invested $1.5 billion in Nigeria over the space of 10 years,” Onanuga added.

Backstory 

Nairametrics previously reported that  Coca-Cola Hellenic Bottling Company has disclosed plans to invest $1 billion in Nigeria over the next five years to expand its business.

The Chief Executive Officer (CEO) of the company, Mr. Zoran Bogdanovic, disclosed this during his visit to President Tinubu, where he noted the company’s long-term commitment to Nigeria.

“I am very pleased to announce that, with a predictable and enabling environment in place, we plan to invest an additional $1 billion over the next five years. We believe Nigeria’s potential is tremendous, and we are committed to working with the government to realise this potential,” Bogdanovic said.  

Furthermore, the company noted that since 2013, it has spent around $1.5 billion on its Nigerian operations, focusing on capacity expansion, supply distribution, and logistics.

What you should know  

  • The company’s investment will come as a confidence booster to the federal government in its drive to attract foreign investors despite significant exits in the past few years.
  • Nigeria, with a population exceeding 200 million, is considered a promising market for many global brands, but challenges such as foreign exchange shortages, bureaucratic hurdles, and inconsistent policies have deterred some investors.
  • The investment announcement follows the departure of several multinationals, including Procter & Gamble, GSK Plc, and Bayer AG, which have either exited the country or turned to third parties to distribute their products due to the forex crisis.
  • However, President Tinubu, who assumed office in May last year, has expressed his administration’s commitment to fostering a business-friendly environment.

Source: nairametrics
Via: norvanreports
Tags: 5-year $1 Billion Investment Pledgecoca-colaWhy Coca-cola Suspended its 5-year $1 Billion Investment Pledge to Nigeria in 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.