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  • Local manufacturing key to growth of consumer goods sector –FoodCo CEO

     Japo_Japo updated 1 month ago 1 Member · 1 Post
  • Japo_Japo

    Member
    September 19, 2021 at 10:36 am

    Local manufacturers have been charged to partner with the consumer retail sector to boost supply shortfalls caused by the current slump in the global economy and COVID-19 fuelled market disruptions.

    Ade Sun-Basorun, CEO of omni-channel retailer, FoodCo Nigeria Limited, made the call on the heels of recent data from the National Bureau of Statistics (NBS) which showed that the manufacturing sector recorded a real GDP growth of 3.49percent in the second quarter of the year compared to an 8.78percent decline recorded within the same period last year. Noting that the figures showed that the Nigerian market was picking up pace despite the disruptions to the economy, Sun-Basorun stated that a lot still needs to be done especially in meeting local demands for consumer goods both as a lifestyle essential and as an important driver of economic activity.He said: “The consumer goods sector, like others, is having its fair share of pandemic induced challenges including forex scarcity, rising inflation and import bottlenecks. These, combined with a shrinking disposable income, have made many foreign products which hitherto posed a fierce competition to local players, out of reach for many consumers.

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