Navigating Supply Chain Risk in Africa: An Introduction with Wigmore Trading

Are you looking to do business in Africa? The continent is full of opportunities, but it also presents a unique set of challenges when it comes to supply chain management. From political instability to infrastructure issues, navigating supply chain risks can be daunting. That’s why we’re excited to partner with Wigmore Trading, an expert in African logistics and trade. In this blog post series, we’ll explore the complexities of managing supply chains in Africa and provide practical tips for mitigating risk along the way. So let’s dive in!

Introduction to Wigmore Trading

An important part of navigating supply chain risk in Africa is understanding the local trading environment. Wigmore Trading is a leading African trading company with over 30 years of experience in the region. We work with a network of trusted suppliers and buyers to facilitate trade and help our clients mitigate risk. In this blog article, we will provide an introduction to Wigmore Trading and explain how we can help your business navigate the risks of doing business in Africa.

Wigmore Trading is a family-owned business that was founded in 1985. We are headquartered in Mauritius and have offices in Kenya, Tanzania, Uganda, Rwanda, and South Africa. We are one of the largest trading companies in Africa with annual turnover exceeding US$1 billion.

We work with a large network of suppliers and buyers across Africa to facilitate trade and help our clients mitigate risk. We have a deep understanding of the local market conditions and can advise our clients on the best way to navigate the risks associated with doing business in Africa.

We offer a comprehensive range of services that includes sourcing, procurement, logistics, financing, and risk management. Our team of experts can assist you at every stage of your supply chain journey – from identifying potential suppliers to managing delivery schedules. We also have a dedicated team of financial specialists who can provide guidance on financing options and help you secure the best possible terms for your transactions.

If you are looking for a partner to help you navigate the complexities of doing business in Africa,

Types of Supply Chain Risk in Africa

There are many types of risks that can affect businesses operating in Africa, from political and economic instability to weather and infrastructure challenges. Here we outline some of the main types of risks faced by businesses in Africa and how Wigmore Trading can help mitigate them.

1. Political risk: This is the risk of changes in government policy or instability affecting business operations. For example, recent changes in visa regulations in Angola have caused delays for businesses trying to bring in foreign workers. Wigmore Trading has a team of local experts who keep abreast of political developments and can help you navigate any changes that may impact your business.

2. Economic risk: This is the risk of economic factors such as inflation, exchange rate fluctuations or interest rate changes affecting business operations. For example, high inflation rates in Nigeria can make it difficult to price products accurately. Wigmore Trading can help you hedge against economic risks by using forward contracts or other financial instruments.

3. Weather risk: This is the risk of extreme weather conditions affecting business operations, for example floods disrupting transportation routes. Wigmore Trading has a network of suppliers and transport partners across Africa who can provide alternative routes when bad weather hits.

4. Infrastructure risk: This is the risk of poor infrastructure such as roads, railways and ports hampering business operations. For example, the current state of railway infrastructure in Ghana makes it difficult to transport goods between Accra and Kumasi efficiently. Wigmore Trading works with

Strategies for Managing Supply Chain Risk in Africa

The supply chain industry in Africa is booming. However, with this growth comes increased risk. In order to navigate these risks, businesses need to be aware of the unique challenges faced when operating in Africa.

One of the biggest challenges is the lack of infrastructure. This can lead to delays in shipments and difficulty getting products to market. Another challenge is the political instability in many African countries. This can make it difficult to do business in certain areas and can lead to disruptions in the supply chain.

In order to manage these risks, businesses need to have a comprehensive risk management strategy in place. Here are some tips for managing supply chain risk in Africa:

– Establish clear communication channels between all parties involved in the supply chain. This will help to identify potential risks and mitigate them before they cause problems.

– Have a contingency plan in place for disruptions. This could include alternative routes or suppliers that can be used in case of delays or disruptions.

– Make use of technology to track shipments and monitor conditions along the supply chain. This information can be used to identify potential risks and take action to avoid them.

– Work with reputable partners who have experience operating in Africa. They will be able to provide valuable insights into managing risk in the region.

Solutions Offered by Wigmore Trading

Wigmore Trading has a number of solutions to help companies navigate supply chain risk in Africa. We have a team of experts with years of experience in the region who can help identify and assess risk, develop mitigation strategies, and monitor supplier performance. We also offer a comprehensive suite of tools and resources to help our clients manage their supply chains effectively.

Our solutions are tailored to each client’s specific needs and objectives, but some of the services we offer include:

Supply Chain Risk Assessment: We will work with you to identify and assess risks across your supply chain, including supplier risk, country risk, product risks, and logistics risks. We will also help you develop a plan to mitigate these risks.

Supplier Management: We can help you develop and implement strategies for managing your suppliers, including supplier selection, onboarding, monitoring, and performance management.

Logistics Management: We offer a range of logistics management services, from transportation management to warehousing and distribution. We can help you optimize your supply chain operations for cost, efficiency, and compliance.

Tools and Resources: In addition to our consulting services, we offer a variety of tools and resources to help our clients manage their supply chains effectively. These include our Supply Chain Risk Management Portal, which provides access to our proprietary risk assessment toolkit; our Supply Chain Academy, which offers online courses on topics such as risk management and logistics; and our Supplier Performance Management System, which helps companies track supplier performance

Case Studies of Successful Risk Management Projects

In order to effectively manage risk in Africa, it is important to have a clear understanding of the potential risks involved. This includes understanding the political and economic landscape, as well as the social and cultural factors that can impact supply chains. With this knowledge, businesses can put into place comprehensive risk management strategies that reduce the likelihood of disruptions and ensure continuity of operations.

Wigmore Trading has extensive experience managing risk in Africa and has successfully delivered several high-profile projects despite challenging conditions. One such project was the construction of a new warehouse in Nigeria, which was completed on time and within budget despite the volatile political climate. Wigmore Trading’s team worked closely with local stakeholders to ensure that the project met all safety and security requirements, while also minimising disruptions to the surrounding community.

Another successful project was the installation of a new power plant in Ghana. Despite significant challenges with obtaining approvals and permits, Wigmore Trading’s team were able to navigate the complex bureaucratic process and complete the project on schedule. The power plant has since been operational for over two years and has had a positive impact on the local community by providing reliable electricity supplies.

These are just two examples of how Wigmore Trading has been able to successfully deliver projects in Africa despite challenging conditions. The company’s success is due to its comprehensive approach to risk management, which takes into account all aspects of the business including health & safety, security, environment, quality, procurement, and logistics. By working closely with

Benefits of Working with Wigmore Trading

When it comes to sourcing goods and materials from Africa, there are a number of potential risks that need to be considered. These can include political instability, conflict, corruption, and poor infrastructure. However, working with a reputable trading partner like Wigmore Trading can help mitigate these risks.

Wigmore Trading has over 20 years of experience sourcing and shipping goods from Africa. We have established relationships with trusted suppliers and partners across the continent, which helps us ensure that our clients receive high-quality products at competitive prices. We also have a comprehensive understanding of the regulatory landscape in Africa, which allows us to navigate the sometimes complex import/export process.

Ultimately, working with Wigmore Trading provides peace of mind when it comes to sourcing goods from Africa. We take on the risk so that our clients can focus on their core business goals.

Conclusion

Wigmore Trading is an excellent resource for those who are looking to navigate the complexities of supply chain risk in Africa. With their expertise and knowledge, they can help you understand the risks inherent to doing business in Africa, as well as how best to mitigate them. From currency volatility and political instability to infrastructure challenges, having a partner like Wigmore Trading on your side can provide invaluable support during your journey into African markets. Their ability to facilitate trade between countries will undoubtedly be a huge asset when it comes time to get goods moving and ensure success in new market opportunities.