Ade Sun-Basorun, FoodCo
A brand custodian and CEO of omni-channel retailer, FoodCo Nigeria Limited, Mr. Ade Sun-Basorun, has identified local manufacturers as imperative in the current efforts at enhancing consumer sector growth, in the country.
Basorun’s observation came on the heels of recent data from the National Bureau of Statistics (NBS), which shows that the nation’s manufacturing sector recorded a real GDP growth of 3.49% in the second quarter of the year, compared to an 8.78% decline recorded within the same period last year.
He added that such partnership with the consumer retail sector had become imperative to boost supply shortfalls caused by the current slump in the global economy and COVID19-induced market disruptions.
Noting that the figures show that the Nigerian market was picking up pace despite the disruptions to the economy, Sun-Basorun argued that a lot still needed to be done especially in meeting local demands for consumer goods both as a lifestyle essential and as an important driver of economic activity.
“The situation therefore presents a unique opportunity for local manufacturers and cottage industries to step up to the challenge of providing cost effective alternatives at the same or even better quality,” he stated.
Basorun added that though the NBS report showed that three segments – cement, food and beverages, and textiles, generated about 77% of the total output value in the manufacturing sector, there still remains some gap of untapped opportunities in other categories such as apparel, footwear, cosmetics, toiletries, wood and wood products, among others.
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