Coca-Cola HBC AG, the parent company for The Coca-Cola Company in sub-Saharan Africa and Europe said its volumes in Nigeria saw some significant growth in the third quarter of 2018. The company in its latest trading update noted that emerging markets volumes increased by 4.1%, with good contributions from all markets including Nigeria and Russia.
According to the report, in Nigeria volume grew by mid single digits, with double-digit volume growth in Water and Juice, offset partly by modest declines in Sparkling.
“The Nigerian consumer continues to be under pressure in a weak economic
environment. Under these circumstances, the flexibility we have to adjust the brand, price and pack architecture allows us to address affordability needs and adapt to strong competitive pressure. This quarter, we saw a very rapid acceleration in Coke Zero volume, which has a more affordable price point than Coke Regular in Nigeria, and we also saw growth from our 35cl PET ‘solo’ bottle.”
Recently, the soft drink giant says it is moving ahead with plans to take over Nigeria’s leading juice company, Chi Limited and aims to complete the deal early next year. According to the company, the planned move to extend its portfolio to juice production is aimed at boosting its revenue base.
Recall that in 2016, Coca-Cola Company and Tropical General Investments Group (TGI Group) – the holding company of Chi Limited – had announced a binding agreement which will see Coca-Cola Company acquire an initial minority equity shareholding in Chi Limited with plans to increase ownership to 100 per cent within three years, subject to regulatory approvals.
The Coca-Cola Company is headquartered in Atlanta, Georgia, but incorporated in Wilmington, Delaware is an American multinational beverage corporation, manufacturer, retailer, and marketer of non-alcoholic beverage concentrates and syrups.