Coca Cola to Invest $150m in Nigeria, by Francis Ugwoke

Sunday, June 12, 2005

The centerpiece of the integrated agricultural project will be a farm at Agenebode, Edo state which will grow citrus and pineapple. This is expected to be a big boost for agriculture in Nigeria as well as enhancing rural development. The investment will also be used to set up a Non Carbonated product centre(NCP) that will produce a wide range of juice concentrates and products using raw materials from the Agenebode farms.

The senior adviser Mr Carl Ware recalled that Coca-Cola was the first company to announce a direct investment of $50million in the country at the inception of the new democratic process in 1999. “That investment resulted in the ultra modern bottling plant in Benin. That Benin complex has been further expanded into Nigeria’s first high technology juice producing factory producing the 5 ALIVE brand of juices. Indeed, that initial investment has resulted in cumulative investments of over $300 million as at today.
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Source: This Day (Lagos)