Economic experts believe Nigeria’s GDP growth hinges on indigenous brands competing in global value chains. They advocate for local businesses to transcend national borders for greater economic impact, citing successful countries like China and South Korea. Resilience and quality in products, alongside an outward focus, are essential for Nigerian entrepreneurs to seize opportunities across Africa.
Economic experts assert that active participation by indigenous brands in global value chains is crucial for boosting Nigeria’s gross domestic product (GDP). They advocate for local businesses to expand beyond national borders, as global firms consolidate into powerhouse brands, enhancing GDP in their respective countries. This was highlighted during the 10th FATE Business Outlook and Annual General Meeting held in Lagos.
Professor Bongo Adi from the Lagos Business School emphasized that countries like China and South Korea exemplify how a few dominant companies can significantly contribute to national GDP. He explained that to elevate GDP, a country’s production of goods and services must include substantial participation in global value chains. For instance, China’s output exceeds $11.4 trillion, overshadowing the combined productions of multiple leading economies.
Oluwatoyin Bakare, President of the FATE Alumni Executive Committee, echoed the sentiment that there are abundant opportunities for Nigerian entrepreneurs. She encouraged persistence in maintaining high-quality products and innovation, assuring that excellence in business operations leads to sustainable growth. Opportunities for collaboration and partnerships in the global value chain are available, suggesting a proactive approach is necessary.
Furthermore, Adi highlighted Nigeria’s robust human resource potential, urging entrepreneurs to adopt an outward-looking mindset. He stated that the market across Africa presents significant opportunities, which require Nigerian businesses to move beyond being confined to local limitations. Exploring these possibilities will allow Nigeria to establish a dominant presence with its services and products throughout the continent.
In conclusion, the insights shared by economic experts underline the vital role of local businesses in contributing to Nigeria’s GDP through active engagement in global value chains. The emphasis on quality, innovation, and an outward orientation presents a pathway for Nigerian entrepreneurs to thrive. By overcoming local constraints and pursuing broader opportunities, Nigeria’s economic growth can be significantly enhanced.
Original Source: www.thisdaylive.com
