Improving Collaboration and Communication Strategies to Optimise Supply Chain in South Eastern Nigeria in Response to Currency Devaluation: A Holistic Approach

Aleke Jude Uchechukwu

Faculty of Economics and Management Kampala International University Uganda

Jude.aleke@kiu.ac.ug, https://orcid.org/0009-0009-6807-9484

ABSTRACT

The depreciation of currency presented substantial obstacles for firms operating in South Eastern Nigeria, affecting the price of acquiring goods and services, the dynamics of the supply chain, and the overall ability to compete. To overcome these issues, it was essential to improve the coordination and communication methods among all parties involved, since this was key to maximising the efficiency of supply chains. This study employed a holistic strategy to reduce risks, enhance resilience, and take advantage of opportunities in the face of currency changes. Recent research highlights the crucial importance of cooperation and communication in optimising supply chains, especially in locations that are susceptible to currency depreciation. Efficient cooperation among stakeholders was crucial for actively tackling difficulties that arose from currency depreciation. Clear and open communication promotes confidence, simplifies the exchange of information, and allows stakeholders to synchronise their expectations and priorities. Collaboration and communication played a particularly important role in South Eastern Nigeria, which was known for its varied socioeconomic and political factors. This article examined the difficulties and advantages linked to the depreciation of currency in South Eastern Nigeria. It suggests a complete method to improve cooperation and communication techniques for optimising the supply chain. This article offered practical advice for firms in the area to successfully and sustainably overcome problems posed by currency depreciation. These recommendations were based on insights from current research and real-world experiences.

Keywords: Currency depreciation, Teamwork, communication, Supply chain optimisation, South Eastern Nigeria.

CITE AS: Aleke Jude Uchechukwu. (2024). Improving Collaboration and Communication Strategies to Optimise Supply Chain in South Eastern Nigeria in Response to Currency Devaluation: A Holistic Approach. RESEARCH INVENTION JOURNAL OF RESEARCH IN EDUCATION 4(3):42-45. https://doi.org/10.59298/RIJRE/2024/434245