While speaking on the topic – ‘Proffering solutions to the challenges of the FMCG/manufacturing sector of the Nigerian economy,’ at the April Members’ Evening of the Institute of Directors in Lagos, The Managing Director and CEO of Cadbury Nigeria Plc, Mr. Amir Shamsi urged the fast-moving consumer goods manufacturers in Nigeria to adapt to the economic condition of the country.
Below are a few tips he shared, that can come in handy for FMCG manufacturers:
- Shamsi stressed that manufacturers should not be frustrated at the different challenges they were facing, urging manufacturers to embrace innovation.
- The only way they can adapt to the present economic change and make something worthwhile out of it is by changing their mindset.
- He said, “The FMCG problems are the same in every other sector, although there may be few differences. However, we cannot change the external environment today, so, we need to change our mindset and adapt to win in Nigeria.”
- Shamsi noted that despite the current challenges FMCGs were facing in the country, more foreign companies wanted to come in and invest due to the huge population and demand for consumer products.
- Manufacturers should think differently and not concentrate on the external challenges as they could become an obstacle.
- He said, “Recession will happen. It is a fact of life; however, the principle of the environment remains the same. When things are bad, go and look at what you thought was good. If you want to sell a N5 product, don’t promise a rolls Royce.”
- Manufacturers should examine their value chain, from production to the final consumer, saying that consumers appreciate reasonably-priced products.
- Also speaking on the strategies of running a fast-consumed product start-up company, Shamsir said that one had to know very well the consumer; think big and think about cost.
Did you find this article informative? Kindly like, comment and share!