Manufacturers under the aegis of the Paint Manufacturers Association of Nigeria have said that the economic reality occasioned by the removal of fuel subsidies in the country calls for the adoption of survival strategies to keep businesses afloat.
The President of the association, Abimbolu Babatunde, stated this on Wednesday during the Annual General Meeting of the group.
He said the theme for the AGM was chosen because of the need for members of the association to explore ways and means to survive in the current economic challenges occasioned by the sudden removal of subsidy by the Federal Government.
According to him, the development has disrupted social and economic activities in the country, with many businesses facing increased costs across the board.
He remarked, “The need for paint manufacturers in the country to look inward and come up with strategies to sustain their business so as to remain afloat also influenced the choice of the theme.”
In his keynote address, the Chief Executive Officer of Tomflims Consulting, Leke Ogundimu, noted that the removal of fuel subsidy had brought challenges and opportunities.
He urged paint manufacturers to respond to the current economic challenge through critical and strategic initiatives that would help them thrive in a constantly evolving marketplace.
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