According to him, the only way they can adapt to the present economic change and make something worthwhile out of it is by changing their mindset.
He said, “The FMCG problems are the same in every other sector, although there may be few differences. However, we cannot change the external environment today, so, we need to change our mindset and adapt to win in Nigeria.”
Shamsi noted that despite the current challenges FMCGs were facing in the country, more foreign companies wanted to come in and invest due to the huge population and demand for consumer products.
Speaking on how manufacturers could adapt to the present economic situation of the country, Shamsi said that they should think differently and not concentrate on the external challenges as they could become an obstacle.
He said, “Recession will happen. It is a fact of life; however, the principle of the environment remains the same. When things are bad, go and look at what you thought was good. If you want to sell a N5 product, don’t promise a rolls Royce.”
He suggested that manufacturers should examine their value chain, from production to the final consumer, saying that consumers appreciate reasonably-priced products.
Also speaking on the strategies of running a fast-consumed product start-up company, Shamsir said that one had to know very well the consumer; think big and think about cost.