AN ANALYSIS OF THE PROCUREMENT REFORMS ACT AS A TOOL FOR COST SAVINGS AND ACCOUNTABILITY (A CASE STUDY OF NIGERIAN BREWERY, IBADAN)

This study examines the impact of the Procurement Reforms Act (PRA) as a tool for cost savings and accountability, using Nigerian Breweries Plc in Ibadan as a case study. The Procurement Reforms Act, enacted to improve public procurement processes, enhance transparency, and minimize wasteful spending, has been a cornerstone of reforms aimed at boosting efficiency within both public and private sectors. Through a survey involving 50 respondents from various departments within Nigerian Breweries, this research investigates the effectiveness of the Act in achieving its stated goals of cost savings and accountability. The respondents provided insights into the practical implementation of procurement reforms, evaluating the challenges and successes encountered by the company in aligning with the provisions of the PRA. The findings highlight a correlation between the adoption of the Procurement Reforms Act and improvements in operational efficiency, cost reduction, and the overall accountability of procurement processes. However, the study also reveals significant barriers such as inadequate staff training, resistance to change, and limited enforcement mechanisms, which have hindered the full potential of the PRA in some instances. The research concludes with recommendations for enhancing the application of procurement reforms, ensuring greater cost-effectiveness, and fostering a culture of accountability within Nigerian Breweries. The study contributes to the growing body of literature on procurement reforms, offering practical insights into its real-world implications for corporate entities in Nigeria. Keywords: Procurement Reforms Act, cost savings, accountability, Nigerian Breweries, procurement efficiency, corporate governance, public sector reform.