The Special Adviser to the President on Information and Strategy, Bayo Onanuga, has reacted to the suspension of the $1 billion investment pledge made by the Coca-Cola Company in 2021.
The presidential spokesperson shared his thoughts in a statement on Thursday in response to reports that Coca-Cola had previously made an investment pledge to Nigeria without fulfilling it.
In his statement, Onanuga highlighted the challenging business environment in Nigeria as the reason for the suspension of Coca-Cola’s initial pledge in 2021.
He noted that after the announcement in 2021, the company faced excise taxes, which led to the suspension of its plans to deliver on that promise.
However, Onanuga explained that the $1 billion pledge has now been renewed due to a more stable environment.
He stated: “Naysayers and doubters scorned the $1 billion fresh investment pledge made by the company’s global leadership to President Bola Tinubu today in Abuja, claiming that 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 at that time. As the company’s spokesperson indicated, while the commitment was made in 2021, it was also affected by excise taxes.”
Onanuga continued: “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 promised through the Tinubu government’s economic stabilization plan.”
“The Coca-Cola Company and its local partner, Nigeria Bottling Company, have already invested $1.5 billion in Nigeria over the past 10 years,” Onanuga concluded.