In line with its commitment to build an efficient supply chain in African markets, Africa’s fastest growing logistics company, 8BM Freight System joined industry experts to discuss the industry’s challenges and solutions at a conference titled “Supply Chain Infrastructure in Nigeria: Challenges and the Way Forward.”
The insightful conference which had in attendance Hio Sola-Usidame, CEO of Oneport 365, Ayo Olunuga, former CEO of Warenet, Zanau Hassan, MD of Farmfields Agro-Allied Services, and Kamal Raji, Managing Director of AFEX. Tobi Badmus, CEO of 8BM Freight System welcomed the audience and thanked each speaker for their availability for the event; he also provided a brief overview of the importance of the discussion.
He discussed some of the issues confronting the supply chain industry. In his words, “I appreciate all attendees of this event and especially, the speakers for accepting the invitation. 8BM Freight System is delighted to be a part of the industry growth process. We have identified a gap in the industry, which necessitate our collaboration to dissect the challenges and proffer lasting solutions. I am also pleased that the speakers are thinking in this way, bridging the industry gap, and finding solutions to the industry’s current challenges. I believe with the contributions of today’s industry experts; we will be able to make reasonable decisions that will contribute to the growth of the sector.”
According to the speakers at the event, majority of cargos in Nigeria are transported by road, resulting in a high rate of challenges for the supply chain industry. They discussed some of the challenges, such as high transportation costs, insecurity, poor logistics management, insufficient experienced personnel, a poor road network, poor infrastructure, port congestion, and so on.
Tobi further proffered solutions to curb the challenges facing the industry. He said.
“Visibility, transparency, traceability, and a method to manage inflation are some of the solutions that I believe are necessary and that we can work towards to help the sector develop. I also believe that with blockchain and technology, all of this is possible, and 8BM is working to solve these issues.”
Sharing their extensive knowledge and experience in the industry, the speakers agreed that the best way these challenges can be tackled is by digitalizing the freight system. By making use of artificial intelligence and machine learning, it will help in optimization of the supply chain. Also, the Blockchain application is a promising technology to proffering lasting solutions to the challenges in the industry by reducing the challenges by 45%.
Nigeria is a business-driven economy, and commerce is impossible without a supply chain. As a result, the government has a role to play in relieving the country’s supply chain pressures.
In conclusion, as suggested by the speakers, the government can help by increasing port access, providing alternatives to road transportation (such as improving the rail system), putting institutions and policies in place to alleviate problems, and creating a calm environment for investors.
8BM Freight System is committed filling the industry gap by to using technology to improve the sector by streamlining logistical framework.