The Presidency has opened up on why the $1 billion Coca-Cola investment didn’t work under the administration former President Muhammadu Buhari.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, spoke after the same company pledged $1 billion investment under President Bola Tinubu.
Onanuga was reacting to criticisms that have greeted the new investment deal announced by the Presidency on Thursday.
In a statement titled ‘Explainer: Understanding the Coca-Cola’s $1 billion investment’, Onanuga said the administration of President Tinubu has created the required business environment.
It read, “Naysayers and doubters scorned the $1 billion fresh investment pledge in Nigeria made by the company’s global leadership to President Bola Tinubu today (Thursday) 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 fulfill 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.”
“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 stabilization plan,” he quoted the company’s spokesman.
Onanuga added, “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.”
