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Coca-Cola Announces Plan To Invest $1bn In Nigeria

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Coca-Cola Hellenic Bottling Company says it will invest $1 billion in Nigeria over the next five years.

The investment commitment was made during a meeting with Coca-Cola’s global leadership team, including John Murphy, president and chief financial officer, and Segun Apata, chairman of Nigerian Bottling Company.

Reacting to the development in a statement on Thursday, President Bola Tinubu commended Coca-Cola for its long-standing partnership with Nigeria and for employing over 3,000 people across nine production facilities.

Tinubu said the investment highlights his administration’s commitment to creating a robust financial system and a business-friendly economy.

“We are business-friendly, and as I said at my inauguration, we must create an environment of easy-in and easy-out for businesses,” the statement reads.

“We are building a financial system where you can invest, re-invest, and repatriate all your dividends. I have a firm belief in that.”

Tinubu said private sector partnerships are crucial to his government’s reforms aimed at improving the business environment.

He pledged to continue to support Coca-Cola for expanding its investments in Nigeria and addressing environmental issues, including climate change.

Murphy, speaking on Coca-Cola’s impact in Nigeria, said the company generates ₦320 billion annually through nearly 300,000 customers and contributes almost ₦90 billion in revenue to the Nigerian government.

“We are very proud of the growth of the business over a long period and its impact on the daily lives of many Nigerians,” he said.

Zoran Bogdanovic, CEO of Coca-Cola Hellenic Bottling Company, attributed the company’s $1 billion investment pledge to its confidence in the Nigerian government’s policies.

“Mr President, in your inaugural address, we were very pleased to hear of your invitation for foreign investors to invest and your assurance that foreign businesses can repatriate dividends and profits,” the CEO said.

“That assurance gives us the confidence to continue our investments. Since 2013, we have invested $1.5 billion in Nigeria in capacity expansion, transformation of our supply chain infrastructure capabilities, training and development.

“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.”

Bogdanovic said Nigeria’s potential is tremendous, pledging the company’s commitment to work with the government to realise it.

In November 2021, the beverage manufacturer had pledged to inject $1 billion into Nigeria’s economy.

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Buhari Was Uncomfortable With Politics, But He Believed In Rule Of Law — Amina Mohammed

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Amina Mohammed, the deputy secretary-general of the United Nations, said the late former President Muhammadu Buhari was not at ease with politics, but he put those feelings aside in order to focus on leadership.

Buhari passed away on Sunday in London and was buried in Daura, Katsina state, on Tuesday. He served as Nigeria’s president from 2015 to 2023.

Speaking in an interview with Channels TV, Mohammed, who was minister of environment under Buhari from 2015 to 2016, paid tribute to her former principal.

She recalled that Buhari had encouraged her to accept the position of deputy secretary-general at the UN when the offer came.

We were sitting in a meeting in Marrakesh at a climate meeting, and Ban Ki-moon came over and said, ‘We think that the new secretary-general is going to ask you to come and be his deputy,’ and I said, ‘No, it’s not possible; I’ve come home, and I’m serving’, she said.

And then, I had a discussion with him (Buhari) to say that I really needed his support and if they came to ask him, he shouldn’t say yes. He said, ‘Of course not. We need all our people back here in the team to serve Nigeria; we need the best’.

So, I felt very confident and left Marrakesh for India, which was my next trip. And in India, I got a call from the current secretary-general to ask if I could be his deputy secretary-general.

So, I said with a lot of confidence, ‘I can’t. I can’t leave the service that I have, and I’m committed to President Muhamad Buhari.’

So, he said, “will you allow me to speak to him? I said, ‘Of course, you can speak to him’.

I have to tell you, I was very confident that my president would say no. So, I left India, I went home, and they said the president was looking for me.

I went and sat in front of him, and he talked to me for a long time about service, and I just thought, ‘My God, I know where he’s going’.

And at the end of it, after explaining why these things mattered in terms of representing the country. He said, ‘But of course, the decision is yours’. And in my head, I just thought, ‘My goodness me, of course, the decision is not mine’.

In our culture, when a man of that status, one that you look to as a father, speaks to you, know that he wants the best, and so the only thing you can say is ‘Yes, sir’.

Buhari was uncomfortable with politics

When asked about what Buhari’s leadership left behind for Nigerians, Mohammed said he believed in sacrifice and doing what was right for the country.

I think first and foremost is that this is an officer and a gentleman who went through from a military role to a democracy. He dropped his uniform, and he embraced democracy, she said.

I don’t think he was always comfortable with politics, but what he did was try and try and try again.

He believed in the rule of law, and he believed in a system that even if it was imperfect, he would keep trying until he got to where he needed to get to. And it was God’s will that he would be the president at the time he was.

Mohammed urged Nigerians to understand that, as Buhari did, national progress takes time and consistency.

The struggle of Nigeria is what I think he leaves—is that you don’t give up on this country; it’s the only one you have, and it is not perfect, but it’s up to us to do that nation building, she said.

And he was sometimes very excited and looked to see the potential and pushed us, but he was also at times disappointed in our responses in terms of what we were going to do and whether we were ready to go that last mile.

And I think that what we have to think about is that he gave it his all. Whenever he was asked to serve, he served, and we have to think about that.

To serve is not an easy thing to do. It is a sacrifice—enormous sacrifice to his wife, to his children, to his family, and to his lifestyle, because remember, he was also not a person who was always out there.

He was very much one that kept his own council and a very small gathering of trusted friends and family.

Mohammed said Buhari embodied conviction and consistency, and throughout her time working with him, he never strayed from his principles. She encouraged Nigerians to live by those same values.

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BIG STORY

President Tinubu Bows Before Buhari’s Remains As He’s Laid To Rest In Daura [PHOTOS]

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President Bola Tinubu on Tuesday paid his final respects to former President Muhammadu Buhari by bowing before his remains during the funeral held in Daura, Katsina state.

The ceremony drew dignitaries and thousands of mourners who came to honour the late president.

In one of the images from the event, Tinubu, dressed in blue, is seen bowing before Buhari’s body, which was placed on a stretcher and covered with the Nigerian flag.

Below are photos from Buhari’s funeral.

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BIG STORY

FG Addresses New US Visa Restrictions, Says UAE Yet To Communicate Revised Policy

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The federal government has said it is currently in talks with the relevant authorities in both the United States and the United Arab Emirates (UAE) to address recent changes in visa policies that impact Nigerian citizens.

On July 8, the US introduced a new visa regulation that limits the duration of most non-immigrant, non-diplomatic visas — including tourist, business, and student visas — for Nigerians to just three months.

Under the new rules, these visas are now restricted to single-entry, meaning applicants must apply for a new visa each time they wish to travel to the US.

In a statement released on Monday, Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, said the federal government is working through proper and diplomatic means to resolve the concerns raised.

“The United States Government has officially communicated that its decision was based on two principal factors: the current rate of visa overstays by Nigerian nationals and the need for reliable access to their records,” the statement reads.

“It further explained that the visa policy adjustment is part of its global visa reciprocity process, which is routinely reviewed and subject to change, including the number of permitted entries and validity durations.”

President Tinubu has also instructed all federal agencies to comply with international responsibilities and improve collaboration with foreign nations regarding identity verification and sharing of records.

“In response, President Bola Ahmed Tinubu has directed all federal agencies to ensure full compliance with Nigeria’s international obligations and to strengthen inter-governmental cooperation in authenticating the identities of individuals seeking consular services abroad,” the statement reads.

“The President calls on all Nigerians to respect the immigration regulations of their host countries and to uphold the integrity of the permits and privileges granted to them under the laws of those jurisdictions.”

The statement also mentioned that the federal government has not yet received any official correspondence from the UAE about alleged new travel restrictions for Nigerian citizens.

However, the president acknowledged that visa applications by Nigerians appear to be “progressing in a gradual and orderly manner”.

“Regarding the new conditions for issuing UAE transit visas to Nigerian nationals, the Federal Government notes that it has not received any formal communication from the UAE authorities regarding a revised visa policy,” the statement added.

“The President appreciates the continued cooperation of the Government of the United Arab Emirates, which has remained constructive and engaged with Nigerian authorities.

“Any genuine concerns raised are being addressed through the appropriate channels, in a spirit of mutual respect and collaboration.

“The President assures all Nigerians that his administration will continue to pursue the best possible outcomes for citizens abroad, ensuring that Nigerians can travel, work, and live with dignity and respect in any part of the world, in line with the Tinubu administration’s 4-D Foreign Policy agenda and its Diaspora plank.”

The federal government reaffirmed its commitment to strengthening bilateral relations with both the United States and the United Arab Emirates.

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