Nigeria's Charter Events Et Al boss on managing through tough times

As the call for greater patronage of goods and services made in Nigeria intensifies, CNBC Africa's Onyi Sunday caught up with local manufacturer and CEO of Charter Events Et Al Ltd, Anthea Peretu at the Nigeria Economic Summit. In the interview, Anthea Peretu shed light on the challenges faced by local manufacturers in the current economic climate. She discussed the impact of skyrocketing raw material costs, expensive packaging, and the general economic downturn on her business and the sales of locally produced brands. Peretu highlighted the significant role of transportation costs in determining product prices, citing examples from her own brand, Moima Expressu. The rising cost of fuel and the cascading effect on transportation expenses have led to higher product prices, making it challenging to compete in the market. While promoting made in Nigeria products, Peretu emphasized the need to change the mindset of Nigerians who perceive local goods as inferior to imported ones. Despite the quality and innovation present in Nigerian products, the bias towards foreign brands based on packaging and perception remains a hurdle. She called for a shift in perspective to appreciate the value and potential of locally made goods. Power supply, transportation costs, and raw material expenses emerged as the top challenges faced by Peretu as a local manufacturer. The high cost of electricity and the reliance on diesel to run machinery have added significant operational expenses. Additionally, the escalating transportation costs due to fuel price hikes have further strained the business. Peretu pointed out the need for sustained efforts to promote and support local manufacturing, urging consumers to recognize the quality and diversity of Nigerian products. Despite the obstacles, Peretu remains hopeful and determined to navigate through the tough times, underscoring the resilience of the local manufacturing sector in Nigeria.