Procurement Cost Optimization Strategies Comparative Analyses Across UK, Nigeria, and Emerging Economies

Procurement plays a critical role in organizational performance, cost competitiveness, and long-term value creation. Across both developed and emerging economies, procurement has evolved from a transactional back-office function into a strategic driver of efficiency and sustainability. The comparative analysis of procurement cost optimization strategies in the United Kingdom, Nigeria, and other emerging economies offers valuable insights into how economic, institutional, and technological contexts shape organizational practices. Developed economies such as the UK are characterized by advanced digital procurement systems, strategic supplier management, and mature regulatory environments that enable optimization through sophisticated tools, analytics, and partnerships. In contrast, Nigeria and comparable emerging economies face challenges including infrastructural deficits, policy instability, and weak institutional capacity, which require adaptive and context-specific strategies. Yet, these contexts also provide opportunities for cost savings through localization, resource efficiency, and innovative procurement practices tailored to dynamic market realities. This paper, based on a comprehensive review of literature up to 2023, synthesizes scholarly and practical perspectives on procurement cost optimization. The discussion highlights the evolution of procurement from cost-centric approaches toward value-based frameworks, the role of digital transformation, sustainability imperatives, and institutional differences that influence cost optimization. By drawing insights from comparative contexts, the study provides an integrated understanding of procurement strategies and identifies gaps for further research.