Tolaram Group CEO speaks on COVID-19 impact on business

Tolaram Group, with business operations in Nigeria since the 1970s, has been navigating the challenging economic landscape brought on by the COVID-19 pandemic. The CEO of Tolaram Group West Africa, Pawan Sharma, recently joined CNBC Africa to shed light on the impact of the pandemic on their business segments and the strategies they have employed to weather the storm. Sharma highlighted the significant challenges faced by businesses in Nigeria, including rock bottom crude oil prices leading to currency devaluation, inflation, and supply chain disruptions. Despite these obstacles, Sharma emphasized the importance of maintaining essential food supply chains to ensure households have access to food during these trying times. Tolaram Group's commitment to employee safety and well-being was underscored by Sharma, who expressed gratitude to all frontline workers and employees for their dedication and resilience. Looking ahead, Sharma acknowledged that profitability might be impacted in the short term, but the focus remains on safeguarding jobs and supporting the community through sustained food supply and stringent safety measures. Despite the economic downturn, Sharma remains optimistic about future investments, particularly in free trade zones and the development of a deep-sea port in Lekki. With a vision of establishing the region as an industrial hub, Tolaram Group is committed to providing essential infrastructure and facilities to attract multinational companies and enhance logistical efficiencies. The ongoing investments in the industrial sector reflect the group's confidence in Nigeria's long-term growth prospects, despite the current challenges posed by the pandemic.