Local manufacturing is key to growing the consumer goods sector – CEO of FoodCo – The Sun Nigeria

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Local Manufacturers have been tasked with partnering with the retail sector to increase supply shortages caused by the current crisis in the global economy and market disruptions fueled by COVID-19.

Ade Sun-Basorun, CEO of omnichannel retailer, FoodCo Nigeria Limited, called following recent data from the National Bureau of Statistics (NBS) which showed the manufacturing sector recorded real GDP growth of 3, 49% in the second quarter of the year compared to an 8.78 percent decline recorded during the same period last year. Noting that the figures showed that the Nigerian market was accelerating despite the turmoil in the economy, Sun-Basorun said there is still much to be done, especially to meet local demand for consumer goods both in as an essential way of life and as an important driver. of economic activity. He said: “The consumer goods sector, like others, has its fair share of challenges brought on by the pandemic, including currency shortages, rising inflation and import bottlenecks. These, combined with declining disposable income, have made many foreign products that previously competed with local players out of reach for many consumers.

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