The Managing Director and Chief Executive Officer of Cadbury Nigeria Plc, has advised colleagues in the Fast Moving Consumer Goods sector (FMCGs) to adopt flexibility to survive in the current economic climate in Nigeria.

Speaking at the April ‘Members’ evening of the Institute of Directors in Lagos, he advised manufacturers to embrace innovation.

In his speech titled ‘Proffering Solutions to the Challenges of the FMCG/Manufacturing Sector of the Nigerian economy’, the MD emphasized that manufacturers should not be frustrated at the various challenges facing them. Instead, they should be flexible to adopt new ways of doing things in the current economic condition.

“The FMCG problems are the same in every other sector, although there may be few differences. However, we cannot change the external environment today, so, we need to change our mindset and adapt to win in Nigeria,” he said.

He added that despite the economic challenges many FMCGs face, there are still more foreign firms ready to invest in Nigeria due to her large population and demand for consumer goods.

Proffering solutions on how manufacturers can overcome the current economic challenges, Shamsi said that they should look beyond the external challenges which they have no control over.

“Recession will happen. It is a fact of life; however, the principle of the environment remains the same. When things are bad, go and look at what you thought was good. If you want to sell a N5 product, don’t promise a Rolls Royce,” he said.

He suggested that manufacturers should analyze their entire value chain – everything from production to the final consumer, saying that consumers value reasonably-priced products.

He added that FMCGs should know their customers well and take a big view of the market as well as consider cost.