Connect with us
nairametrics

Coronavirus

How COVID-19 has changed Nigeria’s consumer goods & industrial markets –KPMG

In a bid to survive the supply chain  disruptions, Nigerian manufacturers were forced to improvise.

Published

on

EFG Hermes, Impact of COVID-19 pandemic on consumer packaged goods in Nigeria

The COVID-19 pandemic has changed quite a number of things in the ways Nigeria’s consumer goods and industrial markets operate. This was disclosed by a Partner and Head of Consumer & Industrial Markets at KPMG Nigeria, Obi Goodluck.

Speaking to CNBC Africa, Goodluck stressed that the pandemic and subsequent lockdown that happened throughout April, adversely impacted many manufacturers.

One of the biggest challenges has been the issue of supply chain management, he said. He also noted that a lot of the raw materials used in Nigeria are imported from China. Unfortunately, China has mostly been shut down due to the pandemic and as such, have been unable to meet demands.

In a bid to survive the supply chain  disruptions, Nigerian manufacturers were forced to improvise. Many of them resorted to sourcing raw materials locally or risk being shut down completely. Goodluck said:

“One of the biggest impacts of the COVID-19 pandemic and lockdowns across global economies is the issue if supply chain management by busineses and supply chain management especially. What has happened is that companies needed to come up more innovative ways if raw material sourcing.

GTBank 728 x 90
first bank

“Specifically from the Nigerian point of view, we will no longer reply on importation of raw materials. As it were, this pandemic started from China and over 80% of Nigeria’s raw material imports come from China and the Asian countries. With the lockdown even in China, that became an issue. As such, companies had to come up with alternative means if raw material sourcing. Those who already imported raw materials prior to the lockdown relied on their stock until they ran out…”

Goodluck then added that post COVID-19, manufacturing companies in Nigeria must make tough decisions on how to adequately resolve the issue of supply chain disruptions over-reliance on China. This is the only way to forestall future disruptions, he said.

Finally, he observed that even the ways companies distribute their goods to the final consumers have also been affected by the pandemic. To this end, companies will no longer reply on the traditional channels of moving their products to their consumers, he said.

You may watch the full interview here.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

WHO gives condition for approving Russia’s COVID-19 vaccine as the vaccine gets a name

Russia has named its first approved COVID-19 vaccine, Sputnik V for the foreign markets.

Published

on

Vaccine, COVID-19: Russia to roll out vaccine in September ahead of the West 

The World Health Organization (WHO) said that any form of approval of prequalification of the Russian vaccine will require rigorous review and assessment of all required safety and efficacy data.

This disclosure was made by the spokesman of the WHO, Tarik Jasarevic, during a United Nations briefing in Geneva about clinical trials.

He said that the UN health agency and the Russian health authorities are currently discussing the process for possible WHO prequalification for its newly approved COVID-19 vaccine.

Tarik Jasarevic, during the UN briefing in Geneva said, “We are in close contact with Russian health authorities and discussions are ongoing with respect to possible WHO prequalification of the vaccine, but again prequalification of any vaccine includes the rigorous review and assessment of all required safety and efficacy data.”

Meanwhile, in a related development, Russia has named its first approved COVID-19 vaccine Sputnik V and it is available for foreign markets. The name references the world’s first satellite, which marked a symbolic accomplishment for the USSR during the cold war and space race era. Now, the Russian Government basks in its success at becoming the first country to approve a vaccine for COVID-19.

GTBank 728 x 90
first bank

The head of Russia’s Direct Investment Fund (RDIF) pointed out that Russia had already received requests from more than 20 countries for 1 billion doses of its newly registered COVID-19 vaccine.

Nairametrics had earlier reported today the announcement of the registration of the first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments. The Russian President, Vladimir Putin, who made the disclosure during a televised government meeting, said that Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine after less than 2 months of human testing.

However, the speed at which Russia is moving to roll out the vaccine has prompted some western countries and international scientists to question whether the Russian government is putting national prestige ahead of solid science and safety.

Continue Reading

Coronavirus

Russia announces the registration of the first COVID-19 vaccine

Russian President made the announcement in a televised government meeting.

Published

on

COVID-19 vaccine, In Sochi, Vladimir Putin has proposed a “unique” economic assistance to Africa 

Russia has announced the registration of its first COVID-19 vaccine in what can be described as a step ahead of other vaccine development.

The Russian President, Vladimir Putin, who made the disclosure, called it effective protection against the deadly pathogen and revealed that one of his own daughters had already received it.

Putin in a televised government meeting said, “As far as I know, this morning the first vaccine against the novel coronavirus infection in the world was registered,”

READ MORE: Reasons why a record number of people are giving up their US citizenship

The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus pandemic that has killed nearly 750,000 people, infected more than 20 million and crippled major global economies.

GTBank 728 x 90
first bank

Pharmaceutical firms like AstraZeneca Plc and Moderna Inc. are still conducting final-stage trials of their vaccines in studies that are expected to soon yield results.

READ ALSO: WHO admits huge funding gap in pandemic fight, reveals amount needed for vaccine

Nairametrics had about 2 weeks ago reported that Russia had concluded plans to register a coronavirus vaccine between August 10 and August 12 in what would be regarded as the world’s first official approval of a vaccine against the coronavirus pandemic.

It also announced plans for a mass vaccination campaign against the coronavirus disease from October after disclosing that it had completed trials for the vaccine.

READ MORE: Chelsea Football Club owner sells gold mining stake for $1.4 billion

This vaccine which is being developed by Russia’s Gamaleya Institute in collaboration with the Russian Direct Investment Fund started phase 3 trials last week. The Russian Deputy Prime Minister, Tatyana Golikova, who was at the meeting, disclosed that medics could start receiving the vaccine by the end of the month.

app

Russia, which is reported to be the fourth most affected country globally, has recorded almost 900,000 COVID-19 cases with over 27,000 coronavirus-related deaths

Continue Reading

Coronavirus

COVID-19: FG asks Nigerians to prepare for societal changes as deaths near 1000

The minister said COVID-19 is still around and would be for a long time.

Published

on

COVID-19: India donates $50 million worth essential medicines to Nigeria, others, Second case of Covid-19 now tests negative

As Nigeria’s COVID-19 death toll nears 1000, the Federal Government has asked Nigerians to prepare for societal changes that will arise due to the reopening of the economy. This is in view of increased transportation, trade and human interaction, including the possible reopening of international air travelling.

Speaking during the joint national briefing of the Presidential Task Force (PTF) on COVID-19 on Monday in Abuja, the Minister of Health, Dr. Osagie Ehanire, said the situation requires efforts in order to perfectly balance the benefits of a reactivated economy with the need to keep citizens safe.

Ehanire said that Nigeria joined the rest of the world to commemorate World Mask Week since Friday, August 7, and emphasised the importance of wearing face masks to reduce the risk of COVID-19 spread in the absence of a vaccine.

READ MORE: Nigeria to begin gold production in 2021 with the Segilola Gold Project

“Our focus is still to reduce fatality to less than 1%, not only with preventive measures but also with a strategy that encourages citizens to report early for treatment and for hospitals to attend to all patients in distress; most importantly to be able to provide oxygen treatment,” the minister said.

GTBank 728 x 90
first bank

Quick facts: By midnight of Monday, August 10, Nigeria recorded 950 deaths from 46,867 confirmed cases, while 33,346 have been discharged after making full recovery.

According to data provided by the Minister during the briefing, 549 out of the 774 local government areas in the country have confirmed cases of the virus, with half of the cases concentrated in 20 local government areas. It is in view of this that Nigerians need to become more careful. As the minister said, COVID-19 is still around and would be for a long time.

READ MORE: COVID-19: World Bank approves $114 million response funds for Nigeria

“Until there is vaccine, the only options we have to protect ourselves, are still the non-pharmaceutical measures that are proven to be cheap and effective, such as the appropriate use of face masks, physical distancing and avoiding crowds. If we do not adhere, there could be regrets,” he warned.

Policy changes: In line with the new figures, the government is now turning its priorities to gadgets that provide oxygen to be in many facilities, including General Hospitals and larger Primary Health Centres (PHCs), as well as solar-powered aggregates, where available, Ehanire said.

He added that federal health institutions with oxygen plants should activate them as a matter of priority and ensure delivery to their Accident & Emergency (A&E) departments.

app

According to him, the other measure is the activation of an ambulance service that can easily and safely move patients to treatment centres. According to him, “This strategy worked well in Kano and all states should prepare to set up the system.”

He added that the National Council on Health (NCH), which is the highest policy-making body on matters relating to health in Nigeria, had approved the revised Guidelines for the Administration, Disbursement and Monitoring of the Basic Healthcare Provision Fund (BHCPF), also called the BHCPF Guidelines 2020.

This new document addresses anomalies in the 2018 operations manual and restarts the Basic Health Care Provision Fund and the process of disbursement of funds, which had been suspended at the start of the year.

Coronation ads

Download the Nairametrics News App

“The new BHCPF has much better country ownership structure, offers a much-improved benefit package and more robust fiduciary control for transparency and accountability. Development Partners are invited to support the new revitalization plan in whatever manner they desire,” he explained.

The National Council on Health (NCH) also approved the establishment of the National Emergency Medical Service and Ambulance System (NEMSAS).

GTBank 728 x 90
Continue Reading
Advertisement
Advertisement
first bank
Advertisement
Advertisement
Patricia
Advertisement
first bank
Advertisement
ccitraders
Advertisement
Heritage bank
Advertisement
beyondperception
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
Advertisement
financial calculator
Advertisement
Advertisement
deals book
Advertisement
app
Advertisement