Food giant Nestle's businesses in Nigeria and other African countries are ramping up sourcing of local raw materials like starch and turmeric, a move that may help reduce foreign exchange exposure that has been a headache for the sector
A Swiss national flag flies beside a flag of the canton of Bern in front of the logo of Nestle at a plant in Konolfingen, Switzerland September 28, 2020. REUTERS/Arnd Wiegmann/File PhotoNigeria last week allowed naira currency to drop as much as 36%LONDON, June 26 - Food giant Nestle's
In the wake of the COVID-19 pandemic and the supply chain problems it wrought across the world, consumer goods companies have stepped up efforts to bring production and raw material sourcing closer to their consumer markets. Nestle, which is replacing imported corn starch in Nigeria with cassava starch, told Reuters it has helped seven local suppliers to boost capacity to meet the company's supply needs.
"In the area of grains, we have successfully developed local farmers and processors ... this has been achieved through training in good agricultural practices, harvesting, warehousing and cleaning practices.
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