Coca-Cola, the world’s most valuable cola drink brand, has revealed that it will be investing as much as $600 million in its Nigerian business.
The investment will go into expanding its product line by introducing flavoured and condensed milk, iced tea and bottled water. It also plans to take full control of Chi Limited in the next 3 years, building on the 40 stake it acquired for $240 million last year.
Peter Njonjo, Coca-Cola’s President for West Africa Operations, told journalists that the company also plans to increase the proportion of raw materials sourced from the country to 75 percent by 2020. The investments are part of a larger strategy, by the Coca-Cola company to invest $20 billion in Africa, as well as expand its product range beyond soft drinks.
The investments, according to him, are part of a larger strategy by the Coca-Cola company to invest $20 billion in Africa, as well as expand its product range beyond soft drinks.
Coca-Cola currently has its signature Coke cola brand as well as Sprite, Fanta, Five Alive juices and Eva water sold in Nigeria.