Supply Chain Finance and Working Capital Optimisation Among Agricultural Commodity Exporters in Benue State, North Central Nigeria

This study investigates the application of supply chain finance instruments and their contribution to working capital optimisation among agricultural commodity exporters in Benue State, North Central Nigeria. Benue State, widely known as Nigeria's food basket, exports significant volumes of soybeans, sesame seeds, and yams to international markets. Exporters frequently encounter working capital constraints arising from long payment cycles, pre-shipment financing gaps, and foreign exchange procurement challenges. Supply chain finance instruments including reverse factoring, warehouse receipt financing, and invoice discounting have been proposed as mechanisms to bridge these liquidity gaps. Using a descriptive analytical survey, structured questionnaires and financial record reviews were conducted with 45 export-oriented agricultural firms and commodity processors in Makurdi, Gboko, and Otukpo. Supply chain finance adoption is assessed by instrument type, frequency of use, and financing partner type. Working capital optimisation is measured through cash conversion cycle duration, creditor payment days, and operational continuity score during peak procurement periods. Regression analysis is used for hypothesis testing. The study draws on supply chain finance and trade finance literature from agricultural export contexts in sub-Saharan Africa. Findings are expected to show that firms using warehouse receipt financing and invoice discounting maintain shorter cash conversion cycles and fewer production stoppages. Recommendations address the Benue State Agricultural Development Agency, commercial banks, and export promotion bodies on scaling supply chain finance access for agricultural exporters. Keywords: supply chain finance, working capital, agricultural exporters, Benue State, trade finance.