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Global Jou nal o Resea ch in Humani ies & Cul u al S udies
ISSN: 2583-2670 (Online)
Volume 05 | Issue 05 | Sep .-Oc . | 2025
Jou nal homepage: h ps://gj publica ion.com/gj hcs/
Resea ch A icle
P ocu emen And Supply Managemen P ac ice in Co po a e Nige ia: An In es iga ion in o
The Financial Se ice Indus y; Opay Lagos, CBN and NDIC Abuja
*Sa’ada u Muhammad
P ocu emen and Supply Chain Managemen , Kano S a e Poly echnic.
INTRODUCTION
O e he pas ou decades, p ocu emen has e ol ed om a cle ical unc ion in he 1960s, h ough being an ope a ional
ac i i y in he 1980s o he s a egic na u e in he 1990s (Gelde man and Van Weele, 2005; Spekman el al, 1994; K aljic,
1993). While se e al o ganisa ions ha e ans o med hei p ocu emen capabili ies in o compe i i e ad an age, o he s
a e s ill lagging behind. Today, p oac i e i ms a e expec ed o con ol hei p ocu emen ope a ions in an e o o build
compe i i e ad an age (Ca and Smel ze , 1997). In spi e o he ac ha p ocu emen has gained ecogni ion amongs
companies in he de eloped coun ies; he e e se is he case howe e in he de eloping coun ies (Msiinangi a, 2003).
Speci ically, A ican schola s ha e ocused mo e on in es iga ing public p ocu emen e o ms while li le e o s ha e
been made in he p i a e sec o (Abeille, 2003; Hunja, 2003; McC udden. 2004). In iew o he cu en global inancial
mel down, I is impe a i e o p i a e o ganisa ions in A ica o adop mo e s a egic app oaches o p ocu emen in o de
o acili a e comme cial gains.
The aim o his s udy is o explo e p ocu emen and supply p ac ices in he Nige ian co po a e o ganisa ions while
ocusing on he inancial se ices indus y. Nige ia is one o he ew A ican coun ies cu en ly enjoying a democ a ic
poli ical and economic sys em.
I has a p ospe ous economy and happens o be he mos populous coun y in A ica wi h a popula ion o o e 140
million people. Al hough p ocu emen unc ion exis s in mos Nige ian i ms, li le is known, howe e , abou hei
ope a ional pe spec i es. The e a e a numbe o easons why he Nige ian inancial se ices indus y is a good case o
in es iga e p ocu emen p ac ices. Fi s ly, i is incon es able ha he inancial sys em is he engine o g ow h in any
economy. OLdmdu.(2009) inancial se ices i ms ha e been acknowledged as one o he mos capi alised in he
Abs ac
In iew o he ising demand o e ec i e con ol o e spends on goods, se ices, con ac s, and acquisi ion
p ocesses, o igina ions need o adop s a egic p ocu emen p ac ices. This pape explo es p ocu emen and
supply chain managemen p ac ices in he Nige ian inancial se ices indus y. The s udy is based on a li e a u e
e iew and a ques ionnai e su ey among senio managemen employees om a ious inancial se ices i ms in
Nige ia. The esponden s we e andomly sampled om insu ance, banks, in es men i ms, mo gage i ms and
pension managemen companies in Nige ia. The indings show ha p ac ices ela ing o ma ke ing, inancial and
cus ome managemen a e gi en highe p io i y han p ocu emen and supply managemen ac i i ies. The esea ch
e eals ha p ocu emen and supply ac i i ies in he Nige ian inancial se ices indus y a e no s a egic bu
mos ly ansac ional. While he e a e well-known p ocu emen depa men s in he i ms indus y, p ocu emen
ela ed asks a e cu en ly handled bu non-p ocu emen p o essionals. Fu he mo e, he le el o supplie
de elopmen p ac ices in he inancial se ice indus y is de eloping bu no ad anced. The indings will suppo a
le e unde s anding o p ocu emen and supply managemen p ac ices om he inancial se ices pe spec i es.
This pape p o ides eliable baseline da a o u u e esea ch in o he s a egic ole o p ocu emen and supply
managemen in co po a e o ganisa ions in de eloping coun ies.
Keywo ds: P ocu emen , Supplie Managemen , Co po a e Nige ia, Financial Sec o .
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Nige ian s ock exchange ma ke (Okigbo. 1991). Thi dly, esea ch in o p ocu emen and supply managemen p ac ices in
Nige ia is limi ed. As such, he esul o his explo a o y s udy will aid a be e unde s anding o p ocu emen and supply
managemen p ac ises in he Nige ian inancial se ices indus y.
I is agains his backd op, ha he ollowing esea ch ques ions a e posed: wha a e he majo challenges con on ing
inancial se ices o ganiza ion on p ocu emen and supply chain? To wha ex en does inancial se ice adhe e o
p ocu emen p inciples? Wha a e he bes al e na i es o be e supply chain o inancial se ices o ganiza ion?
Objec i es o he S udy
The cen al objec i e o his wo k is o c i ically analyze p ocu emen and supply chain managemen p ac ices in he
Nige ian inancial se ices indus y. O he speci ic objec i es include:-
• To ind ou he majo challenges con on ing inancial se ices o ganiza ion on p ocu emen and supply chain.
• To de e mine he ex en o which inancial se ice adhe e o p ocu emen p inciples.
• To examine he bes al e na i es o be e supply chain o inancial se ices o ganiza ion
Li e a u e Re iew
The S a egic Role o P ocu emen
Acco ding o Van Weele (2000) p ocu emen e e s o all he ac i i ies in a i m ha in ol es ge ing a p oduc o se ice
om he supplie o he inal cus ome . Quayle & Quayle (2000 pg7) sees p ocu emen as p ocu emen . coin-ac ing and
logis ics: whe e logis ics is aken o be in en o y con ol, wa ehousing, anspo , quali y assu ance "and con ol": I is
impo an o no e ha he e m p ocu emen is o en used whe e go e nmen p ocu emen is in ol ed. Se e al
o ganisa ions in he pas ha e iewed p ocu emen as much mo e adminis a i e hen s a egic pa o he o aanisa ion
(Ca e & Na asimhan, 1996). Howe e , hey ailed o include he p ocu emen p o essionals as pa o he o ganisa ions
s a egic decision making eam (Ca el al, 2000). Simila ly, i has been no ed ha o ganisa ions ni e mo e impo ance o
issues ela ing o inancial managemen , was e educ ion ma ke ing, s a egy and leade ship a he han p ocu emen and
supplie de elopmen ac i i ies (Quayle, 2005).
The s a egic impo ance o he p ocu emen unc ion is well es ablished in he li e a u e. Makinen el al. (201 1)
conduc ed a s udy on pu chasing p ac ices in he Finnish banking indus y, esul s o his in es iga ion e ealed ha
banks can dec ease hei ansac ion cos s and enhance compe i i eness h ough he applica ion o coope a i e
p ocu emen Also, p ocu emen has a di ec e ec on he abili y o a i m o compe e h ough i s impac on quali y, cos ,
echnology and supplie esponsi eness (Mcl o e al. 1997). Aside he immedia e con ibu ion on p ice sa.ings. a
pe o ming p ocu emen unc ion can imp o e sha eholde s alue as well (Lincoln el al, 1998; Van Weele. 2002).
Al hough he e a e nume ous assu ances ha p ocu emen ac i i ies can in luence co po a e pe o mance li le o no
s udies ha e been conduc ed in his con ex in Nige ia.
An o e iew o P ocu emen and Supply P ac ices in he Nige ian Financial Se ices Indus y
Li le o no academic esea ch wo k has been ca ied ou on he p ocu emen and supply p ac ices in he inancial se!-
ices companies in Nige ia. This howe e does no mean ha hese companies do no ha e p ocu emen and supply
managemen unc ions. While he e a e limi ed e idences ega ding how p ocu emen and supply managemen is being
conduc ed by inancial se ices companies in Nige ia, hei willingness o implemen ing alue added p ocu emen
p ac ices canno be doub ed. Fo example, i is well-known ha se e al public and p i a e o ganisa ions migh need o
accele a e hei p ocu emen p ac ice in o de o wi hs and he cu en economic c isis (Ej jpea , Commission.2008).
Also, p ocu emen has e ol ed o e he yea s om a cle ical unc ion in o a sys ema ic unc ion (Ell am & Ca e . 1994:
Ca e & Na asimhan. 1996). E en so. i looks as i companies wi hin he Nige ian inancial sys em will be mo e amilia
wi h he e m ou sou cing endo managemen han p ac icing and supply. Acco ding o Adeleye (2002). inancial
se ices i ms in Nige ia ha e a long his o y o con ac ing se ices such as aining, secu i y se ices, ma ke ing and
in o ma ion echnology o ex e nal p o ide s.
This is no unexpec ed because many inancial se ice i ms ha e con ac ed hei non-co e unc ions o ex e nal endo s
h ough ou sou cing agenda. Fo example. Bank o Ame ica con ac s he human esou ce unc ion o ex e nal p o ide s
o endo s (Adeleye, 2002). Simila ly, Compu e Science Co po a ion in Swi ze land (CSC') g< li e-) ea con ac
wo h $44 million o p o ide IT se ices o Coop Bank o Swi ze land in 2001 (CSC. 2 '00). Ou sou cing is he ac o
con ac ing a ange o se ices om a hi d pa y (Pea lson, 2001; Bu le e al 2001). Acco ding o Mcl o (2003), he
numbe o companies ha ha e adop ed a s a egy which led o he ou sou cing o mo e ac i i ies o supplie s is ising.
Ne e heless, he decision o ou sou cing o p ocu emen se ices should be based on a p o essional p ocu emen
s a egy. Companies de elop hei p ocu emen s a egies om a ious pe spec i es which include p ice/cos ,
p oduc /quali y, and alue added poin o iew (Kuma e al., 200.x Van Weele, 2002). Thus, i is necessa y o
unde s and he dimensions om which he Nige ian inancial se ices o ganisa ions iew hei espec i e p ocu emen
unc ions.
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Supplie E alua ion
The p ocess in ol ed in supplie selec ion is leng hy, and i u ilises di e en s anda ds and c i e ia anging om di e en
ime, p icing s uc u e, se ice le el and p oduc quali y.
Supplie de elopmen
Supplie de elopmen has been an a ac i e concep o manage s and he academic communi y since he ea ly 90s (Felly,
Spekman, and Kamau , 1999; Dye and Singh 1998; Madhok and Tallman, 1998). This is ypi ied by he ac ha an
o ganisa ion can a imes decide o in es in hei supplie s o achie e ce ain bene i s. Supplie de elopmen
p og ammes can be deployed in a ious o ms. Buye s may sha e hei business in o ma ion wi h hei supplie s, p o ide
inancial assis ance and in ol e supplie s in new p oduc de elopmen (Zajac and Olsen. 2001). I equi es companies o
in es in hei supplie s in o de o accumula e subs an ial bene i s, and imp o e he pe o mance o capabili ies o hei
supplie s. In e es ingly, he deba e on supplie ela ionship managemen p ic ices is now admi ed by academics and
p ac i ione s. As a esul o his, manage s ha e ealised he need o mo e om he adi ional ad e sa ial ela ionship o
a mo e s a egic pa ne ship wi h hei p o ide s (Mo issey & Fi away. 2004; Veludo e a ., 2004). Thus, e ec i e
supplie de elopmen and supplie ela ionship managemen a e i al o achie ing compe i i e ad an age (Quayle 2002).
Ai co ding o Ell am (1995) i ms aced wi h p oblems o de icien supplie pe o mance and capabili ies usually in
plemen a wide ange o supplie de elopmen p ac ice, which could be deployed o upg ade he capabili ies o s i jplie s
pu po ed o be he weak link in he i m's supply chain. Also, i ms can achie e e iciency h ough isk sha ing wi hin
he supply chain (Hand ield el al. 2000). This has encou aged i ms o inc ease in es men in hei supplie 's skills and
compe ence so as o be able o achie e a wo ld class supply chain (Like & Wu. 2000).
Suppo ing supplie s ia aining and capaci y de elopmen p og ammes: Responden s examined ega ding
supplie de elopmen by p o ision o aining and capaci y suppo wha ex en do you ag ee ha companies should help
imp o e hei supplie s’ businesses. ia ^ capaci y de elopmen ?" The esul s show ha i y se en (57.1) pe cen and
eigh (8.1) pe ^ esponden s answe ed ha hey disag ee and s ongly disag ee espec i ely wi h his s a emen . u. as i
supplie s' aining and capaci y de elopmen is no a common p ac ice amongs he ep esen he o ganisa ions. Howe e ,
abou wen y i e (25.7) pe cen o he esponden showed ag eemen wi h s a emen , while abou en pe cen o he
esponden s emained neu al.
In o ma ion sha ing wi h supplie s: In o de o know hei iew on he p inciple o sha ing co po a e iden i y wi h
supplie s, esponden s we e asked he below ques ion: Do you ag ee ha o ganisa ions should be making hei sales and
o he inancial in o ma ion a ailable o hei supplie s? And he esul showed he e was a s ong in e es in sha ing
in o ma ion wi h supplie s, abou hi y wo (31.5) pe cen and j pe cen o he esponden s s ongly ag ee and ag ee o
cons an ly sha ing in o ma ion wi h hei supplie s espec i ely. In con as abou eigh een (18.5) pe cen and wen y (20)
pe cen s ongly disag ee and disag ee wi h he idea o sha ing business in o ma ion wi h supplie s. This implies ha he
sha ing in o ma ion wi h he supplie s is no an ex ao dina y ac wi hin Nige ian inancial se ice indus y. Howe e ,
he e no e idence o es ablish he le el a which in o ma ion is sha ed wi h supplie s.
Supplie s' in ol emen in p oduc /se ice de elopmen : esponden s we e asked o desc ibe hei pe spec i e
abou supplie engagemen in new p oduc /se ice de elopmen hus: To wha deg ee do- you suppo he in ol emen o
supplie s in new p oduc /se ice de elopmen p ocess? Ou o he se en y (70) esponden s, i y se en (57.1) pe cen o
hem said hey ag ee and s ongly ag ee al oge he owa ds in ol ing supplie s in p oduc /se ice de elopmen p ocess.
While (38.6) pe cen o he esponden s disag eed wi h his s a emen , none o hem s ongly disag eed. This implies ha
some inancial se ices companies .in Nige ia ha e in ol ed supplie s in de eloping new p oduc s/se ice a one s age o
he o he . Gene ally, inancial p oduc s a e in angible and aw ma e ials a e no equi ed om he supplie s in o de o
make hem (e.g. cu en accoun , sa ings accoun , loans). Based on his, he likelihood o engaging supplie s in his
con ex is ela i ely low.
P o ision o inancial suppo o supplie s: Acco ding o Zajac and Olsen, (1993), p oac i e o ganisa ions
occasionally assis hei s a egic supplie s wi h inancial suppo . We sough he iews o esponden s on he need o
de elop supplie h ough inancial suppo p og ammes aid issue and he esponse ecei ed is summa ised below: To
wha ex en do you ag ee wi h he hough ha companies should p o ide inancial suppo o hei supplie s when
necessa y? App oxima ely i een (15.5) pe cen o he esponden s s ongly ag eed. An almos equal numbe o he
esponden s we e undecided. While abou wen y eigh (27. 14) pe cen o he esponden s ag eed wi h his s a emen ,
hi y (30) pe cen o hem disag eed. I is amazing o see ha almos equal numbe o esponden s sha e opposing iews
wi h his s a emen .
Resea ch Me hodology
The aim o his s udy is o explo e p ocu emen and supply p ac ices in he Nige ian co po a e o ganisa ions while
ocusing on he inancial se ices indus y. Fi s ly, a li e a u e e iew was conduc ed o help in iden i ying es ablished
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heo ies, gene ic o ganiza ional pe spec i es o he p ocu emen unc ion, supply e alua ion and supplie de elopmen
p og ammes. Issues iden i ied in he li e a u e we e ph ased in o a iables and we e used as a ool o cap u e p ima y da a
h ough an empi ical su ey. This s udy adop ed he ques ionnai e me hod because i enables he au ho s o pa aph ase
he esea ch objec i es in o de ini e ques ions ha we e asked he su ey pa icipan s (Da is & Cosenza, 1993). This in
e ec , enables he ga he ing o esponses in an objec i e and s anda dised way (Cohen e al, 2000). The su ey
popula ion comp ises o senio managemen pe sonnel om he banks, insu ance, in es men , mo gage and pension
managemen companies in Nige ia. A e wa ds, ques ionnai es we e sen o he pa icipan s by email, and while hey
we e expec ed o espond wi hin h ee weeks, we made addi ional e o s o expedi e esponses.
Resea ch Design
Each sec ion o he ques ionnai e was used o collec di e en kinds o esponse. The i s sec ion explo es he pe cei ed
s a egic ole o p ocu emen in he esponden s companies. In his ins ance, esponden s we e asked o e i y he
ollowing: he p esence o a p ocu emen depa men , exis ence o a o mal p ocu emen s a egy, numbe s o
p ocu emen expe s and he pe cei ed alue o he p ocu emen unc ion wi hin hei companies. The pe cen ages o
esponden s' choice we e calcula ed and epo ed. The second sec ion o he ques ionnai e aided he collec ion o da a on
he ollowing issues:
i) Pe cei ed impo ance o he p ocu emen unc ion in he o ganisa ion.
ii) Supplie s' capabili y assessmen p io i ies.
The hi d sec ion o he ques ionnai e helped in examining esponden s' iews on supplie managemen p inciples ha a e
well known m he li e a u e. Consequen ly, da a om sec ion wo and sec ion h ee o he ques ionnai e w ecollec ed
and e alua e using closed ended ques ions wi h Liken Scale i ems. The pe cei ed le el o impo ance o each . e ns in he
second sec ion o he ques ionnai e we e compu ed and epo ed. The s a emen de eloped in sec ion wo o he
ques ionnai e we e modelled a e (Oua ly, 2006).
The le el o ag eemen o esponden s’ esponse o he s a emen s i emized in sec ion h ee o he ques ionnai e we e
compu ed and epo ed as well.
Sample Size and Sampling Technique
Sampling and Da a Collec ion
Using a andom sampling app oach, we choose a sample size o one hund ed and i y (150) ques ionnai es o his
su ey. This sample size is no conside ed o be accu a e bu eliable o he pu pose o s a is ical analysis (Saunde s el
a/., 2003). I has been no ed ha esea che s do no ha e access o a comple e s a is ical popula ion o in e es in mos
si ua ions (Chua, 2006). In he same way, we we e less encou aged o access-a la ge numbe o pa icipan s because o
he p oblem o ge ing hei coope a ion and he ime spen on expedi ing pa icipan s o comple e and e u n he
ques ionnai es. Ou o one hund ed and i y (150) ques ionnai es sen o pa icipan s, se en y six (76) ques ionnai es
we e e u ned. This ep esen s a esponse a e o i y poin six (50.6) pe cen . In o de o es ablish a easonable le el o
eliabili y, we u he sc eened he e u ned ques ionnai es o iden i y any pa icipan s Six (6) ou o e u ned
ques ionnai es we e no i o u he analysis due o mis akes made by esponden s in he p ocess o comple ing he
ques ionnai es.
Me hod o Da a Analysis
The au ho s hen applied he casewise dele ion p ocedu e by se ing aside all incomple e ques ionnai es om u he
analysis (Hai e a ., 1998). Hence, only se en y (70) ques ionnai es we e subjec o inal analysis. The SPSS so wa e
was used o analyze he da a and analyze esul s a e p esen ed below.
Da a P esen a ion and Analysis
Pa icipan s we e d awn om a ange o inancial se ice o ganisa ions in Nige ia.
The abo e esul s show ha abou six y h ee (63) pe cen o he esponden s we e pe sonnel om he banks compa ed
wi h wen y h ee (23) pe cen and ele en (11) pe cen who we e wo king in insu ance and pension companies
espec i ely. Responden s om in es men companies a e nea ly h ee (3) pe cen bu no esponse was ecei ed om
o he inancial se ices i ms.
These c i e ia a e nei he ixed no s anda dised o e alua e supplie s. Thei applica ions in he en i e selec ion p ocess
a y ac oss o ganisa ions. The e o e he selec ion p ocess has been desc ibed as a ypical ade-o ha allows a ce ain
supplie o o e poo quali y good a a educed cos while ano he supplie o e highe quali y i em a an unce ain
deli e ) ime (Bhu a & Huq 2002). I is he e o e a isk o minimise cos , and maximise quali y wi h he w ong supplie
(A a & OAa nlian, 2006). u he mo e. Bu ke el al.. (2006) asse ed ha he sou cing s a egy o a i m is cha ac e ised
by h ee key decisions, i s ly c i e ia o es ablishing a supplie base. Secondly, c i e ia o selec ing supplie s who will
ecei e an o de om he i m and hi dly he quan i y o goods o o de om each selec ed supplie .
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In o de o o e come supply chain dis up ions, excessi e down ime o p oduc ion and e en ually a loss in e enue, i ms
apply e ec i e e alua ion p ocess o selec hei supplie s (Cebi & Bay ak a , 2003; Bu ke el al, 2006). Supplie
e alua ion can be conduc ed based on p ice, quali y, deli e y, lexibili y, wa an ies, echnical capabili y inancial
posi ion, pe o mance his o y and se e al o he s ac o s (Cebi & Bay ak a , 2003; Demi as & Us im, 2006; Webe &
Fill am, 1993; Bhu a & Huq, 2002). A ecen publica ion on he supplie selec ion me hod o a Nige ian bank shows ha
"' he bank has consis en ly elied on e e als, and employee con ac s o iden i y and on-boa d local supplie s" (Business
Day 2011). This depic s an in o mal sou cing p ac ice which ends up in d i ing poo quali y goods and se ices in o he
inancial se ices supply chain. Ha ing ecognised his p oblem, e o s a e being made o imp o e endo managemen
p ac ices wi hin he inancial se ices indus y in Nige ia ia capaci y de elopmen ini ia i es. Fo ins ance, he Edcomm
G oup Banke 's Academy (BBA) ecen ly de eloped se s o cou ses o ain he s a o a ious inancial se ices
companies in Nige ia abou he impo ance o good endo selec ion (EBA, 2011).
Conclusion and Recommenda ions
This esea ch highligh s p ocu emen p ac ices in Nige ia, wi h e e ence o he inancial se ices indus y. The indings
show ha p ocu emen and supply ac i i ies a e no pe cei ed o be as impo an as issues ela ing o ma ke ing, inancial
and cus ome managemen . The eason o his could be aced o he ac ha o ganisa ions in de eloping coun ies a e
jus beginning o ealise he s a egic na u e o p ocu emen (Msimangi a 2003). Consequen ly, i could be p esumed ha
in he Nige ian inancial se ices indus y, p ocu emen has no a ained a s a egic ole; hough ou e iew o esponden
iews shows ha posi i e s eps a e now aken in his di ec ion. Fu he mo e, mos o he esponden s con i med he
exis ence o a depa men in cha ge o p ocu emen ac i i ies in hei i ms. This indica es some p og ess and awa eness
o e ec i e p ocu emen p ac ices wi hin hei i ms. Ne e heless, he e a e o he ac o s which show ha companies in
Nige ia inancial se ices indus y equi e agg essi e e o s o achie ing wo ld class p ocu emen s a us, his is
unde pinned by he way p ocu emen unc ions a e being ea ed. They a e ca ego ised as cos cen es a he han being
alue-added ac i i ies.
Mo eo e , he esponden s also sha ed some iews in suppo o supplie de elopmen p inciples. They would aihe aid
hei supplie s h ough ac i i ies such as engaging hem in pe o mance e iew, exchanging business in o ma ion wi h
hem and in ol ing hem in he de elopmen o new p oduc s, hen p o ide mone a y suppo and in es in aining
supplie s s a s. A synopsis o hei iews on supplie de elopmen could be e med as basic supplie de elopmen
p ac ices (Sanchez-Rod iguez e al 2005). This e lec s hei limi ed in ol emen and in es men o esou ces on he
supplie s. A g adual mo emen om he basic owa ds ad anced supplie de elopmen p ac ices is howe e , expec ed o
eme ge in he long un. This would u he d i e s a egic p ocu emen p ac ices wi hin he indus y; I is only hen ha
p ocu emen can be in eg a ed in o he o e all co-po a e s a egy (Amme . 1989).
In iew o he ising demand o e ec i e con ol o e spends on goods, se ices, con ac s, and acquisi ion p ocesses,
Nige ian inancial se ices o igina ions need o adop s a egic p ocu emen p ac ices. This can only be achie ed i
p ocu emen and supply unc ion is seen as a key componen o he i m's compe i i eness. Acco ding o T en (2004) an
e ec i e o ganisa ional design aids in he p o ision o he ounda ion upon which i ms can pu sue p og essi e supply
s a egies. I e o s a e made o acili a e s a egic app oaches o p ocu emen , he inancial se ices companies in
Nige ia can enjoy con inuous cos sa ings, e ec i e se ices and alue o money.
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