(Bloomberg) -- Coca-Cola Co. plans to inject $1 billion investment in Nigeria over the next five years, motivated by ongoing reforms initiated by President Bola Tinubu’s government.
The Atlanta-based beverage maker’s investment will support businesses in the value chain including distributors, retailers and recyclers, it said in a statement. Coca-Cola, which bought a 40% stake in Nigerian juice and dairy company Chi Ltd. for $240 million in 2016, has invested $1.5 billion in Nigeria over the last decade, it said.
Tinubu hosted to Coca-Cola executives including President and Chief Financial Officer John Murphy on Thursday.
“We must create an environment of easy-in and easy-out for businesses. We are building a financial system where you can invest, re-invest and repatriate all your dividends,” Tinubu said then.
The investment will be welcome in Nigeria, where other US and Europe-based multinationals are exiting, citing a challenging environment. In recent months, Diageo Plc, Procter & Gamble Co. and GSK Plc have shuttered operations in the market of more than 200 million people.
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