Cadbury Nigeria has lamented over the huge challenges faced by the company in sourcing US dollars for the importation of key raw and packaging materials as well as machinery and spare parts.
Oyeyimika Adeboye, the Managing Director, stated this in a statement which was issued by Frederick Mordi, Corporate Communications and Government Affairs Manager for Cadbury Nigeria.
This is just as the company said its ongoing repositioning strategy aimed at enhancing its competitiveness, is yielding results.
Adeboye said, “Our cost of doing business has increased significantly as our suppliers also faced similar issues in accessing foreign exchange,” she said.
“With rising inflation and higher cost of doing business, we have had to make price adjustments on a number of our products during 2021.
"This is more than we have ever had to do in many years, and a reflection of the difficult times we currently face.”
Despite the supply challenges, however, Adeboye said the Company witnessed a strong performance across all categories and brands.
She added, “We place a high value on our iconic brands, recognising that our consumers trust us to offer them quality and healthy snacking options.
"We also understand that our customers, who are our business partners, expect us to support them as we operate in the markets to deliver our products to our consumers.
"Our much-loved brands are the hard currency we trade with, and we continue to invest in them to sustain our growth.”
During the company’s 57th Annual General Meeting (AGM), which took place in Lagos Adedotun Sulaiman, Chairman, Cadbury Nigeria, “We have expanded our route-to-market capabilities, entered new segments in the candy category, and deployed new technology that will improve our business operations, as part of this strategy.”
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