The soft drink giant, Coca-Cola has completed its acquisition of Chi Ltd. in Nigeria, three years after buying 40% stake in the juice and snack producer.
The company said it is focusing on smaller bottles and cans to woo cash-strapped consumers in Nigeria, Africa's most populous nation.
Peter Njonjo, president of the West Africa business unit of Coca-Cola, in a statement on Thursday, said the acquisition signals Coca-Cola’s optimism about Africa’s consumer opportunity and a commitment to its long-term investment and growth plan on the continent, where it has been present for more than 90 years.
“Coca-Cola is continuing to evolve as a total beverage company, and Chi’s diverse range of beverages perfectly complements our existing portfolio, enabling us to accelerate expansion into new categories and grow our business in Africa," Njonjo said.
Chi Limited is Nigeria's largest juice make
Chi is Nigeria’s largest juice maker, known for its Chivita and Hollandia juice, dairy and yoghurt drinks. The company, founded in Lagos, Nigeria, in 1980.
With this acquisition, Coca-Cola now has full ownership of the company.
In September 2018, the West Africa head of Coca-Cola also hinted that the company is looking for ways to serve hot-coffee drinking to the Nigerian culture.