The president of Coca-Cola West Africa Peter Njonjo, says the company is looking to complete the acquisition of Chi Limited by the end of 2019 first quarter.
In January 2016, Coca-Cola acquired a 40% stake in the company and had, at the time, expressed interest in increasing the ownership within three years.
Njonjo told Reuters on Wednesday: “We are still on track to complete the acquisition (of Chi Ltd) by the end of the first quarter of 2019.”
The Coca-Cola West Africa President said the company was looking at accessing the lower end of the market hence the introduction of the 30-centilitre bottle of Coke Zero to be sold for N60 compared with the standard 50CL bottle for N80.
Njonjo said the company’s drive to diversify its product range could also give it more flexibility
His words: “We realise that in certain pack formats you can only go down so low. But once you start looking at pouches and still products, like juice and drinking yoghurts, that allows you to start accessing much lower price points,” he continued.
“Affordability will start becoming a bigger issue in this market than it was in the past. As a company, that is what we need to factor in as we are thinking about the future of our business in Nigeria.”