Efficient Financing, Banking, and Foreign Exchange Operations in Mitigating Refined Petroleum Shortages in Nigerian Downstream Petroleum Supply Industry
Keywords:
refined petroleum, shortages, foreign exchange, banking, financing, economic development, downstream supply, marketing, supply chain
Abstract
Every enterprise in Nigeria depends on refined petroleum product for either transportation, power, or heat source. The recurrent shortages or scarcity of petroleum products in Nigeria cripples business activities, which undermines the development of the economy. The purpose of this multiple case study was to identify the strategic role of finance, banks, and foreign exchange in mitigating petroleum shortages in the petroleum supply chain and to sustain business development in Nigeria. The study participants include ten senior leaders from two private-sector Nigerian downstream petroleum supply companies located in the Niger Delta region, who had successfully implemented strategies for petroleum supply. The resource based view theory served as the conceptual framework for the study. Data were collected through semi structured face-to-face interviews and review of operational and policy documents from the supply or marketing companies. Data were transcribed, analyzed, and validated through member checking and triangulation. The findings indicate that petroleum leaders must engage with efficient banks to obtain loans or letter of credit, liquidate letter of credit on time, obtain foreign exchange at best rates, and avoid documentation hitches and delays on international transactions. Findings may be used by petroleum business leaders and investors to create effective and efficient financial resource management strategies in the supply chain, leading to product availability, sustainability, poverty reduction, and economic development.
Downloads
- Article PDF
- TEI XML Kaleidoscope (download in zip)* (Beta by AI)
- Lens* NISO JATS XML (Beta by AI)
- HTML Kaleidoscope* (Beta by AI)
- DBK XML Kaleidoscope (download in zip)* (Beta by AI)
- LaTeX pdf Kaleidoscope* (Beta by AI)
- EPUB Kaleidoscope* (Beta by AI)
- MD Kaleidoscope* (Beta by AI)
- FO Kaleidoscope* (Beta by AI)
- BIB Kaleidoscope* (Beta by AI)
- LaTeX Kaleidoscope* (Beta by AI)
How to Cite
Published
2019-01-15
Issue
Section
License
Copyright (c) 2019 Authors and Global Journals Private Limited
This work is licensed under a Creative Commons Attribution 4.0 International License.