The President claims Coca-Cola intends to invest $1 billion in its operations in Nigeria

Coca-Cola wants to put $1 billion into its business in Nigeria over the next five years, the country’s presidency said after a meeting on Thursday between President Bola Tinubu and top executives from the soft drink company.

Tonyubu met with John Murphy, president and chief financial officer of Coca-Cola (KO.N), Zoran Bogdanovic, CEO of Coca-Cola HBC (CCH.L), one of Coca-Cola’s many bottlers around the world, and other company officials as he tries to get people to invest in the economy.

The Nigerian president said in a statement that Bogdanovic told Tinubu that Coca-Cola had spent $1.5 billion in Nigeria since 2013 to increase production, improve the supply chain, and fund 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.

The investment news comes after Tinubu’s government forced multinational companies like Procter & Gamble, GSK Plc, and Bayer AG to leave the country or hire outsiders to sell their goods because of a lack of foreign currency.

Tinubu, who has been in charge since May of last year, said that his government wanted to make it easy for businesses to do business.

“We are building a financial system that will let you invest, re-invest, and get your dividends back home.” “That’s something I really believe,” he said.

With more than 200 million people, Nigeria is seen as a possible market for many global brands. However, problems with foreign exchange, red tape, and inconsistent policies keep some companies from going there.

Coca-Cola HBC, a bottler, said in April that its operating profit would go up this year. This was because of high demand for its coffee, energy drinks, and sparkling drinks, even though prices had to go up to keep up with rising costs and falling currencies in places like Egypt and Nigeria.