Manufacturers must be creative in handling rising cost

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The Executive Director and Vice Chairman, Africa, Tropical General Investments Group, Farouk Gumel, has highlighted various strategies companies can adopt to lower production costs without compromising product quality.

While speaking on the need for quality products, he said. “They enhance brand affinity. When your product carries a story and positively impacts the job market, consumers naturally gravitate towards it.”

Regarding TGI’s approach, Gumel highlighted its collaboration with development agencies to optimise resources. He said, “We work closely with partners who provide grants and training, helping us improve while managing our production and distribution costs. While some cost increases are inevitable, careful control can significantly mitigate their impact.”

Gumel’s spoke on the delicate balance that African manufacturers must strike to navigate the challenges of inflation and consumer affordability. His experience and commitment to innovative cost management inspired the industry, showcasing the potential for growth while maintaining product quality and affordability, the statement said.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Source: News Formal (newsformal.com)

 

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