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Coca Cola sets up mega factory in Ethiopia, biggest in Africa

Published

3 years ago

June 3, 2022

World’s biggest beverage manufacturers, Coca Cola, has inaugurated a new mega factory in the Sebta City of Ethiopia, which is reported to be the largest of such factories in Africa.

The $100 million factory which was inaugurated on Wednesday, is located 25 km from the capital, Addis Ababa, and is equipped with state of the art machinery and is expected to create 30,000 job opportunities for the youths of the country.

“Coca-Cola is 60-years-old in this country and plays an irreplaceable role as a factory in Ethiopia. Today, the establishment of this factory in this city is a testament to the development activities in Ethiopia,” the country’s Minister of Industry, Melaku Alebel, said at the inauguration of the factory.

The factory which has a daily production potential of 70,000 racks of 24 bottles, according to Bruno Pietracci, President of Africa for the Coca-Cola company, will bring the group’s total manufacturing capacity in the country to 100 million cases per year and will make the country a stronghold of the group’s presence on the continent.

“We have a project to better water usage across 41 countries in Africa; we benefit more than 6, 000 families today. The second area that I want to touch on is package recycling.

“We have the ambition that by 2030, we’ll take back every single bottle that we put into the market,” said Pietracci.

Coca-Cola has operated for more than 60 years in Ethiopia and now has a total of four factories in the country while on the African continent, the group has factories carrying out its bottling activities in 13 countries and employs nearly 16,000 people.

Related Topics:Coca Cola Ethiopia Factory Featured

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”