The Manufacturers Association of Nigeria (MAN) has reacted to the recently announced $1 billion investment by the Coca-Cola Bottling Company.

Investor King reported that Coca-Cola announced plans to invest $1 billion in Nigeria on Thursday, September 19, 2024.

The Chief Executive Officer (CEO) of the company, Mr. Zoran Bogdanovic, disclosed this during his visit to President Tinubu, where he reaffirmed the company’s long-term commitment to Nigeria.

In his reaction, MAN Director General, Mr. Segun Ajayi-Kadir, stated that the investment must have been predicated on the full implementation of the Accelerated Advancement and Stabilisation Plan (ASAP).

Mr. Ajayi-Kadir made this known on Saturday via a statement made available to journalists in Lagos State.

The MAN boss urged the Tinubu-led government to maintain momentum and fully implement the plan for the billion-dollar investment, noting that the pledge was a positive signal and a vote of confidence in the Tinubu administration’s policies.

According to Ajayi-Kadir: “The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth. As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan.”

“The Coca-Cola System’s $1 billion commitment must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained.”

“While we acknowledge the government’s commitment to the plan, further decisive and well-coordinated actions are needed to ensure this kind of investment—and many more like it—translate into broader economic gains under President Tinubu’s government.”

Furthermore, Ajayi-Kadir advised that diligent, focused, and unrelenting implementation is essential to achieving the desired results of the investment.

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.

Governor Dapo Abiodun of Ogun State has announced the establishment of a $5 million battery recycling company in the state.

The governor, who shared the exciting news via a statement on Wednesday, described the battery plant as “the first of its kind in Africa.”

According to Abiodun, British High Commissioner Richard Montgomery confirmed the new development during a visit to his office in Abeokuta, the Ogun State capital.

The governor mentioned that the new battery recycling plant will bring cutting-edge technology and new job opportunities to the state. He noted that the plant will recycle e-waste, convert battery cells back into chemical form, and export the minerals for new battery production.

His words: “We are pleased to announce the establishment of a $5 million British battery recycling company in @OGSG_Official, marking the first of its kind in Africa. This development was confirmed by @UKinNigeria High Commissioner Mr. Richard Montgomery during a visit to my office at Oke-Mosan, Abeokuta.”

“This initiative, in collaboration with Ogun Invest and the Bureau of Lands, will bring cutting-edge technology and new job opportunities to our state, positioning Ogun as a leader in battery recycling across Africa. The plant will recycle e-waste, converting battery cells back into chemical form and exporting the minerals for new battery production,” Abiodun said.

“The United Kingdom has expressed further interest in investing in Ogun, particularly in energy, technology, agriculture, and education,” Abiodun noted, emphasizing that discussions are ongoing to expand these partnerships, including technical assistance for the mass transit system in the state.

According to him, “Discussions are ongoing to expand these partnerships, and we are excited about the possibilities ahead. British International Investment has already supported cashew processing in the state, and we welcome their technical assistance for our mass transit system.”