Coca-Cola Nigeria Will Spend $600 Million on New Products
- Diversifies portfolio to cater to a broader customer base
- Raises prices, sources locally to offset production-cost hike
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Coca-Cola Co.’s Nigerian operation will invest $600 million 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 flavored 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 at his office in Lagos, Nigeria’s commercial hub. “Our objective is to provide whatever beverages you need across your life stages,” he said.