The world of international trade relies heavily on efficient and safe shipping. However, this process isn’t without its risks. From unpredictable weather to damaged cargo, unforeseen events can disrupt deliveries and cost businesses money. Here are some key tips to help you manage shipping risks and ensure your goods reach their destination smoothly:

Pre-shipment Planning

• Choose the Right Partner: Selecting a reputable and reliable shipping company is crucial. Look for companies with experience in your specific cargo type and familiarity with your destination. Research their track record, safety standards, and insurance offerings.
• Pack Securely: Proper packaging is essential to protect your cargo from damage during transport. Use high-quality packing materials that can withstand potential rough handling and varying weather conditions. Consider using dunnage (protective materials like packing peanuts or bubble wrap) to fill empty spaces and prevent items from shifting during transit.
• Accurate Documentation: Ensure all documentation is complete and accurate. This includes commercial invoices, bills of lading (a legal document outlining the contract of carriage), packing lists, and any necessary certificates (e.g., fumigation certificates for certain goods). Errors in documentation can lead to delays or even the seizure of your shipment at customs.
• Insurance: Shipping insurance provides financial protection against loss or damage to your cargo during transport. Consider the value of your goods and the potential shipping risks involved when choosing an insurance policy.

Risk Mitigation During Transit

• Track Your Shipment: Most shipping companies offer real-time tracking tools. Monitor your shipment’s progress to identify any potential delays or issues early on.
• Communicate Effectively: Maintain clear communication with your shipping partner, the consignee (the recipient of the goods), and any third-party logistics providers involved. Timely updates and clear communication can help address problems quickly and minimise disruptions.
• Contingency Plans: Be prepared for unexpected events. Develop contingency plans to address potential issues like bad weather, port congestion, or political unrest that might delay your shipment. Consider alternative shipping routes or modes of transport if necessary.

Post-Shipment Considerations

• Customs Clearance: The arrival of your goods at the destination port requires clearing customs. Familiarise yourself with the import regulations of the destination country to avoid delays. You may need to work with a customs broker to navigate the clearance process.
• Cargo Inspection: Be prepared for the possibility of your cargo being inspected by customs officials at the destination port. Ensure all documentation is readily available to facilitate a smooth inspection process.
• Damage Claims: If your cargo arrives damaged, promptly file a claim with your shipping insurance provider. Document the damage thoroughly with photos, and keep copies of all relevant documents for the insurance claim process.

Additional Tips

• Diversify Your Routes: Don’t rely on a single shipping route. Consider diversifying your routes to minimise the impact of disruptions in specific regions.
• Technology Integration: Utilise technology to streamline your shipping processes. Many shipping companies offer online booking, tracking, and document management tools.
• Stay Informed: Keep yourself updated on current events and potential disruptions that could affect shipping, such as changes in import regulations, weather forecasts, or political instability in certain regions.

By following these tips and proactively managing risks, you can ensure a smoother and more secure shipping experience for your business. Remember, effective risk management is an ongoing process that requires continuous evaluation and adaptation based on changing circumstances.

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A report by Agusto Consulting just revealed that women are making big strides on company boards. In 2022, the number of female board members reached an all-time high. This isn’t a one-time jump, either. Over the past five years, the number of women on boards has steadily increased. In 2018, only 18% of board seats were held by women. But by 2022, that number had risen to an impressive 25%.

While Nigeria is making progress, there’s still room to grow. Countries like South Africa (at 36%), the United Kingdom (at 41%), and the United States (at 35%) all have a higher percentage of women in board positions. This shows there’s an opportunity for Nigeria to continue its upward trend and reach an even greater gender balance.

Profiles of Women Leading MDs and CEOs of Some Other Major Nigerian Banks.

Nneka Onyeali-Ikpe, Fidelity Bank

Onyeali-Ikpe, one of the powerful women leading Nigerian banks, is the current managing director/CEO of Fidelity Bank. She holds degrees from the University of Nigeria and Kings College, London, and has attended executive training programs at several institutions. Onyeali-Ikpe was previously the executive director for Lagos and the South West region of the bank. She is also an honorary senior member of the Chartered Institute of Bankers of Nigeria.

Tomi Somefun, Unity Bank

Miriam Olusanya is the managing director of a bank in Nigeria. She holds a Bachelor of Pharmacy degree from the University of Ibadan, Nigeria, and a Master of Business Administration from the University of Liverpool, United Kingdom. Before becoming the bank’s MD, she served as the group treasurer and head of the wholesale banking division. She is also a non-executive director of the Nigerian Interbank Settlement System and the Shared Agent Network Expansion Facilities. Additionally, she is a member of the Financial Markets Sub-Committee of the Bankers’ Committee.

Ireti Samuel-Ogbu, Citi Bank

Ireti Samuel-Ogbu is the CEO and country officer for Nigeria and Ghana at Citi Bank. She holds a BA Hons degree in Accounting and Finance from Middlesex University, UK, and an MBA from the University of Bradford, UK. Before she was appointed CEO, she served as the managing director of Europe, Middle East, and Africa payments and receivables head, treasury, and trade solutions under Citi’s Institutional Clients Group, based in London, UK. Ireti Samuel-Ogbu also co-founded two impactful mentorship initiatives within Citi. These include the Sapphire Leadership Program for the Middle East and Africa, and the Momentum Program in the UK.

Yemisi Edun, FCMB

Yemisi Edun has a bachelor’s degree in chemistry from the University of Ife and a master’s degree in international accounting and finance from the University of Liverpool, UK. She is also a member of several professional organizations, including the Chartered Institute of Stockbrokers and the Institute of Taxation of Nigeria. Edun began her career with Akintola Williams Deloitte in 1987 and joined FCMB in 2000 as divisional head of internal audit and control. She was appointed managing director of the bank on May 1, 2021.

This increase in female board members is a positive sign. It suggests that companies in Nigeria are recognizing the value of diversity in leadership. The future looks bright for women in Nigerian boardrooms! With continued progress, we can expect to see even more women shaping the direction of businesses in the future.