Experts assert that Nigeria’s GDP growth is tied to the active role of local brands in global value chains. They emphasize the need for Nigerian entrepreneurs to expand their horizons and focus on product quality and innovation. Notable economic figures highlight the potential for significant business opportunities across Africa, necessitating a shift in perspective among local businesses.
Economic experts contend that the growth of Nigeria’s gross domestic product (GDP) is closely linked to the involvement of local brands in global value chains. They stress the importance of indigenous businesses looking beyond national borders, as international companies often consolidate into major brands that significantly enhance the GDP of their home countries.
During the 10th FATE Business Outlook and Annual General Meeting held in Lagos, Professor Bongo Adi from the Lagos Business School highlighted international examples such as China and South Korea, where a handful of dominant firms drive significant portions of national GDP. He explained that the South Korean GDP is largely attributed to about ten key companies which participate actively in global value chains.
Professor Adi elaborated on China’s economic might, indicating its output stands at more than $11.4 trillion. This figure surpasses the combined output of several major countries including the United States and the United Kingdom. He indicated that for Nigeria to enhance its competitiveness and expand its industrial base, it must inevitably engage in global value chains.
Oluwatoyin Bakare, President of the FATE Alumni Executive Committee, emphasized the vast opportunities available for local entrepreneurs. She urged them to maintain resilience and focus on enhancing product quality. Bakare stated that consistent excellence and innovation are vital for sustainable business growth, as opportunities to participate in global markets are abundant.
Furthermore, Professor Adi mentioned Nigeria’s significant economic potential due to its vast human resources. He encouraged local entrepreneurs to adopt an outward-looking approach, asserting that there are extensive opportunities throughout Africa. He urged businesses to change their perspective and strive to take their offerings beyond Nigeria to achieve success in the broader African market.
In summary, the engagement of Nigerian businesses in global value chains is essential for GDP growth. Economic experts advocate for a shift towards an outward orientation among local entrepreneurs. By focusing on quality and innovation, there are considerable opportunities for Nigerian brands to thrive and expand their reach across Africa and beyond. Ultimately, sustaining competitiveness requires active participation in the global economy.
Original Source: www.thisdaylive.com
