Coca-Cola Looking to Expand Business in Nigeria Says CEO
The global chief executive officer of Coca-Cola, James Quincey, says his company is looking to expand its business in Nigeria and other African countries as these countries have been identified as its future growth drivers.
During a recent visit to Nigeria with his extended leadership team, Quincey said Africa presents a vast opportunity in driving the beverage company’s growth strategy over the next decade.
“Having operated in Africa for over 90 years as a local business in every country, we believe Africa is a region that will increasingly influence the growth trajectory of our global businesses in just a few years,” he said.
“Together with our bottling partners, we continue to reinforce our stake on the continent by accelerating investments that strengthen and scale our capabilities and expand into new businesses to drive our total beverage company aspiration.
“It is clear that Africa is indeed a region that will increasingly influence the growth trajectory of global businesses and we have taken some bold measures to strengthen the Coca-Cola system in Africa for long term growth, enhancing our capacity to continue to win in the continent’s increasingly competitive landscape.
“We have an enduring belief that our business is only as sustainable as the communities in which we operate, that means for our business to grow sustainably, our communities must grow also.”
Outlining the company’s growth plans in Africa, Quincey said Coca-Cola will continuously invest to boost capacity ahead of demand, consolidating the bottling system to build scale and invest in new businesses to accelerate growth and expand its beverage offering.
He also said the company is committed to building a talent engine in Africa, creating shared opportunities to enhance the prosperity of communities across the continent.
During his visit, Quincey held meetings with Aliko Dangote, Africa’s richest man; Tony Elumelu, chairman of Heirs Holdings; Doyin Salami, chairman of Nigeria’s Economic Advisory Council; and executives from Discovery Group, MTN, Unilever and the Johannesburg Stock Exchange.