Small businesses and consumer goods firms are facing heavy disruption in their supply chain and operational costs due to inflation, currency risk, removal of fuel subsidies leading to a significant increase in energy costs, and scarcity of foreign exchange (FOREX).
In recent times, revenues and business forecasts are set to suffer short-term pressures, declines and low or no profits. Because the Nigerian economy is largely import-driven, the unstable foreign exchange rate continues to generate higher import bills for many of these companies.
Consequently, this results in a significant rise in the expenses associated with production and manufacturing in the country, and we have noticed the ongoing constraints on consumer spending and business continuity amidst the rising inflation.
Apart from the challenges above, power, restocking cost, and transportation are among other key factors contributing…
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