Cadbury laments difficulty in sourcing forex for raw materials importation

Cadbury laments difficulty in sourcing forex for raw materials importation

Cadbury Nigeria has said that it faces huge challenges in sourcing US dollars to import major raw and packaging materials, machinery and spare parts.

This was disclosed in a statement issued by the Corporate Communications and Government Affairs Manager of Cadbury, Dr. Frederick Mordi.

The company also said that its ongoing repositioning strategy aimed at enhancing its competitiveness is yielding results.

“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,” the statement quoted Cadbury Managing Director, Oyeyimika Adeboye, as saying. 

However, despite the supply challenges, Adeboye said the company witnessed a strong performance across all categories and brands.

“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,” she said. 

Also, the Chairman, Cadbury Nigeria, Adedotun Sulaiman, while speaking at the company’s 57th Annual General Meeting (AGM), which took place in Lagos, said, “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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