Cadbury Nigeria says its cost of doing business has increased significantly due to difficulties accessing foreign exchange (FX).
Oyeyimika Adeboye, managing director, Cadbury Nigeria, said this in a statement issued by Frederick Mordi, the company’s corporate communications and government affairs manager.
Adeboye said the development made the company adjust prices on some of its products.
“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 headwinds, 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,” Adeboye added.
FX Scarcity Affecting Our Cost Of Doing Business, Says Cadbury Nigeria
“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.”
While speaking at the company’s 57th annual general meeting (AGM), Adedotun Sulaiman, chairman of Cadbury Nigeria, 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”.