CFAO NIPEN, a subsidiary of the CFAO group in Nigeria, has sustained its leadership in Nigeria’s plastics industry in spite of the economic recession.
This was stated by Mr. Steve Faderin, Chairman of the Board of CFAO NIPEN, during the 41st Annual General Meeting of its stakeholders held in Lagos.
Noting the trending recession facing the business of manufacturing in the country generally, Mr. Faderin said that additionally, stiff competition from cheaper, substandard competitors created a pricing gap for NIPEN’s products.
He stated that in spite of this scenario, the ‘Premium Ball Pen and Crates categories maintained about the same sales volume as the previous year.”
His words, “In the Razor category, whilst we sustained our market leadership position, the overall market contracted due to the decline in disposable incomes and the unrelenting assault by counterfeiters. NIPEN will continue to apply its Kaizen programme of quality enhancement of its products and maintain adjustments of operational tactics to reduce exposure to foreign exchange fluctuations; the company would also look for further optimisation of operating expenses, preserving the capacity to produce and distribute and be in good position for expansion as soon as the economy stabilizes.”
During the interactive session at the annual general meeting, attendees called on the federal government to come to the aid of the manufacturing sector to avoid a total collapse of the economy.