Analysing the Impact of Environmental Factors on the Paint and Chemical Industry in the Nigerian Market
Badmus, Abiodun Yinus; Adetona, Mustaiqim Abiola (2024)
2024
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2024060621891
https://urn.fi/URN:NBN:fi:amk-2024060621891
Tiivistelmä
The thesis aimed to analyze the impact of business environmental factors on firms' operations in Nigeria's paint and chemical sector. The purpose of the study was to assess recent developments, issues, strategies, and possibilities within the industry.
A qualitative analytical approach was employed for this study, where three senior employees of three selected paint and chemical firms in Nigeria were interviewed. Followed by the analysis of each of the responses of the participants using themes from the responses of the participants which were then used in answering the study questions.
The findings reveal that currently various strategies are being used by the companies in this sector including investment in R&D, optimization of their supply chain, diversification of their product lines as well as cooperating with governmental and regulatory bodies. Additionally, opportunities were highlighted to include product differentiation strategy, innovation through eco-friendly products, market diversification as well as embracing the use of digital technologies.
The study concludes that industrial resilience and growth depend heavily on its ability to adjust to changing environmental and economic conditions through improvements in supply chain diversification, innovation investment, improved cooperation, regulatory compliance, and digital transformation. This study presents a significant focus for industry stakeholders, policymakers in Nigeria, and researchers willing to build on the outcome of the study as it provides information on strategic decision-making and can be used as a guide to future research endeavors aimed at exploring the opportunities and tackling the difficulties facing the Nigeria paint and chemical sector.
A qualitative analytical approach was employed for this study, where three senior employees of three selected paint and chemical firms in Nigeria were interviewed. Followed by the analysis of each of the responses of the participants using themes from the responses of the participants which were then used in answering the study questions.
The findings reveal that currently various strategies are being used by the companies in this sector including investment in R&D, optimization of their supply chain, diversification of their product lines as well as cooperating with governmental and regulatory bodies. Additionally, opportunities were highlighted to include product differentiation strategy, innovation through eco-friendly products, market diversification as well as embracing the use of digital technologies.
The study concludes that industrial resilience and growth depend heavily on its ability to adjust to changing environmental and economic conditions through improvements in supply chain diversification, innovation investment, improved cooperation, regulatory compliance, and digital transformation. This study presents a significant focus for industry stakeholders, policymakers in Nigeria, and researchers willing to build on the outcome of the study as it provides information on strategic decision-making and can be used as a guide to future research endeavors aimed at exploring the opportunities and tackling the difficulties facing the Nigeria paint and chemical sector.