Importing vs. Local Sourcing: Adjusting Your Supply Chain for the Weak Naira

Waking up to see the Dollar rate jump can wipe out the profit from a sale you made yesterday. It is time to rethink the supply chain.

Strategies for Supply Chain Resilience

Local Substitution: Can a manufacturer in Aba, Kano, or Ogun State produce a component you currently import? The quality might need testing, but the cost stability is worth the effort.

Forward Buying: If you must import, and you have the liquidity, bulk buying when rates stabilize is better than buying piecemeal during volatility.

Diversify Suppliers: Never rely on one vendor. If your main supplier faces customs delays at Apapa port, you need a backup, even if they are slightly more expensive.