At a recent annual general meeting in Abuja, the Chairman of a prominent food company in Nigeria addressed the issue of artificial scarcity and increased prices of food products. He attributed these challenges to the actions of certain distributors and producers driven by greed. The chairman also praised a government decision to grant duty waivers on food imports.
The company’s chairman highlighted that their products are competitively priced in the market, even amidst pressure from other companies. He shared a situation where the price of flour rose significantly, but their company maintained a lower price to encourage fair competition. However, some competitors halted production to create scarcity and raise prices, affecting the market dynamics.
In a strategic move towards enhancing food security, the company recently partnered with a renowned pasta equipment manufacturer to expand its pasta production facility. The Managing Director of the company expressed optimism about the planned expansion, emphasizing the company’s resilience and growth despite economic challenges.
Notably, the company has shown remarkable progress in shareholder participation and market capitalization over the years, reflecting its commitment to inclusive wealth creation and public involvement. The Managing Director highlighted the significant increase in shareholders and market capitalization since the company’s listing on the Nigerian Exchange, demonstrating substantial growth and potential for the future.