Many businesses are finding it difficult to operate with profit due to the biting economic recession in the country, Mr Layi Oyatoki, Managing Director, Grand Cereals Nigeria Limited says.
Oyatoki made this known on Saturday night in Jos at the company’s 2017 Customer Awards.
The managing director said that businesses in Nigeria were struggling because of weak purchasing power, value of the Naira to other foreign currencies, scarcity of foreign exchange and galloping inflation.
“Prices of raw materials keep rising almost on daily basis. Companies like ours had to reflect a small part of the spike in raw material cost in our selling prices in order to remain in business.
“This explains why we had so many price reviews in recent years and we were compelled to take the unusual decisions to stay afloat.
“We understand that some of the unusual decisions did not go down well with you customers but we appeal for your understanding as it is not easy with us either,” he appealed.
He said that in spite of the numerous challenges that adversely affected businesses, Grand Cereals still maintained its quality.
According to him, the company would not deceive its customers and consumers by reducing quality to make profit.
Oyatoki said that the awards ceremony was to reward loyal customers who still stood by the company in spite of the challenges.
“I appreciate you for your unwavering loyalty, sense of purpose and utmost dedication to our brands over the years.
“Without you there can be no us and we are happy to have great people like you as our business partners,” he added.
The News Agency of Nigeria (NAN) reports that some of the customers that won the awards included All Seasons Poultry Gboko, Jinx Enterprises Lafia and God For Us Livestock Makurdi. (NAN)