Perspectives
Notes from the operating ground.
Short industry views for operators and investors. These are perspectives, not client work product and not formal advice.
FX liquidity is an operating risk, not a footnote
When naira convertibility tightens, the damage shows up first in supplier terms and project timing — long before it appears in a board pack.
State approvals can matter more than the federal headline
Federal reforms make the news. Site-level progress often turns on state agencies, land practice and local stakeholders that never appear in the press release.
Distributor diligence fails when it stops at the warehouse tour
A tidy depot and a confident pitch are weak evidence. The useful questions are about credit behaviour, side brands, and who really controls the route to market.
Cost the genset, or your margin is fiction
Self-generation is normal. Models that treat grid power as the base case and diesel as an exception will misprice Nigerian industrial and retail reality.
Local content rules are a strategy problem
Treating localisation as a compliance annex produces brittle structures. Treating it as industrial design forces clearer choices about partners, skills and timelines.