Nigeria’s manufacturers are adapting to survive the turbulence unleashed by last year’s naira devaluation, which left businesses scrambling to source raw materials amid dollar shortages. Companies like paint maker CAP and glass producer Beta Glass have slashed import dependence, with local material sourcing jumping to 57% industry-wide. CAP now procures 90% of its calcium carbonate domestically, saving 60% in costs, while Beta Glass innovated by having foreign suppliers invoice in naira. This supply chain revolution comes after 800 factories closed in 2023 and multinationals like Unilever and GSK retreated. Though challenges persist—from unreliable power to infrastructure gaps—manufacturers see promise in Tinubu’s reforms as the currency stabilizes. Their resilience offers a blueprint for operating in volatile emerging markets, proving necessity remains the mother of reinvention.
Financial Times
