Coca-Cola to invest $600m in Nigeria to boost sales and extend its product range
Lagos — Coca-Cola’s Nigerian operation will invest $600m by 2020 to boost sales, in line with a global strategy to extend the product range beyond its soft drinks. The unit of the Atlanta-based beverage maker plans to expand its offering of drinks to include flavoured and condensed milk, iced tea and bottled water to meet demand in Africa’s most populous country, Peter Njonjo, the president of the West Africa operation, said in an interview in Lagos. "Our objective is to provide whatever beverages you need across your life stages." The money is part of a pledge by Coca-Cola to invest $17bn in Africa by 2020. Global CEO James Quincey has said the company needs to grow beyond its biggest brand and has called for the company to become a "total beverage company", being less reliant on carbonated soft drinks. Last year, Coca-Cola bought a 40% stake in Nigerian juice and dairy company Chi Ltd for $240m and said at the time it intended to take total control within three years. Coca-Cola ha...
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