Modifying supply chain strategies to address regulatory compliance challenges: Lessons from South Eastern Nigeria

Abstract

Regulatory compliance was an essential component of contemporary corporate operations, guaranteeing conformity to laws, rules, and standards controlling different aspects of organisational activity. Businesses operating in South Eastern Nigeria encounter complex obstacles to regulatory compliance, such as currency depreciation, the dynamic nature of data protection legislation, and the increasing global integration of supply chains. This report offers valuable insights into the intricate process of adjusting supply chain strategies to address regulatory compliance difficulties in South Eastern Nigeria. The paper examined regulatory compliance difficulties and their effects on supply chain dynamics by conducting a thorough literature review and analysing current research. Devaluing currency led to changes in import/export levies, tariffs, and customs procedures, which need quick and adaptable actions to ensure compliance and competitiveness. In addition, the digitalization of corporate operations intensified the issues of ensuring data security and privacy compliance. This necessitated investing in technological solutions and adopting proactive risk management strategies. Despite these difficulties, firms in South Eastern Nigeria adopted a range of tactics, such as implementing compliance management systems, diversifying suppliers and markets, and engaging with regulatory agencies, to successfully modify their supply chain strategies. The results emphasised the significance of taking proactive actions, engaging in strategic planning, and fostering cooperation among relevant parties to effectively address regulatory compliance obstacles and maintain competitiveness in the global market. Keywords: Adherence to regulations, Techniques for managing supply chains, Depreciation of currency, Safeguarding data, Region of South Eastern Nigeria.