Cadbury Nigeria decries forex, inflation concerns on business

THOUGH it was able to reposition strateg y to enhance its competitiveness, Cadbury Nigeria Plc has decri ed c hallenges in sourcing foreign exchange, while further coping with the effects of inflation on consumers’ purchasing power.

T o deal with dwindling incomes, the company said it had to deploy price adjustments on a number of its products.

Chairman, Cadbur y Nigeria, Adedotun Sulaiman, at the Company’s 57th yearly general meeting ( AGM), said the firm’s ongoing repositioning strateg y aimed at enhancing its competitiveness, is yielding results.

In a statement, which was issued by Corporate Communications and Government Affairs Manager for Cadbur y Nigeria, Dr. Frederick Mordi, Sulaiman said: “W e have expanded our route- to- mar

ket capabilities, entered new segments in the candy category, and deployed new technology that will improve our business operations, as part of this strategy.”

Managing Director, Cadbury

Nigeria, Mrs. Oyeyimika

Adebo ye, said the company faced huge challenges in sourcing US Dollars for importation of key ra w and packaging materials as well as machinery and spare parts.

“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 ha ve had to take 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.”

However, despite the supply challenges, Mrs. Adeboye said the company witnessed a strong performance across

all categories and brands.