The Empower Africa Business Platform is Now Live !!!
The announcement was made following a meeting between Nigerian President Bola Tinubu and senior executives of the soft drink giant.
The investment pledge comes as a boost to Nigeria’s economy, which has faced challenges attracting foreign investment due to factors such as forex shortages and bureaucratic hurdles.
John Murphy, President and Chief Financial Officer of Coca-Cola, and Zoran Bogdanovic, CEO of Coca-Cola HBC, met with President Tinubu to discuss the company’s expansion plans.
Bogdanovic highlighted Coca-Cola’s previous investments in Nigeria, totaling $1.5 billion since 2013, which have focused on expanding production capacity, improving the supply chain, and investing in training and development.
The additional $1 billion investment will further strengthen Coca-Cola’s presence in Nigeria, a market with a population of over 200 million.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

Luxembourg-based climate insurance innovator Ibisa has secured $3 million in funding to accelerate its expansion in Africa and Asia.

Cape Town-based venture capital firm HAVAÍC has completed the second closing of its African Innovation Fund 3, raising $25 million towards its $50 million target.

Paytic, a technology company helping banks and financial service providers streamline its payment operations, has secured $4 million in a seed extension round.