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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.
Wingu Africa, a prominent data center operator in East Africa, has secured $60 million in funding from Rand Merchant Bank (RMB) to accelerate its expansion across the region.
Smartprof, a Moroccan Edtech startup that has developed an online platform for connecting students with tutors, has received a new funding boost to accelerate its growth.
Maisha Meds, a leading digital health organization in Africa, has received US$5.25 million in scale-up stage 3 funding from the United States Agency for International Development (USAID) Development Innovation Ventures (DIV).