Experts Predict Local Brands’ Global Engagement Will Drive Nigeria’s GDP Growth
Economic experts highlight that the growth of Nigeria’s GDP is linked to local brands participating in global value chains. They cite examples of successful economies like China and South Korea, advocating for Nigerian businesses to enhance product quality and seek opportunities beyond local markets.
Economic experts assert that Nigeria’s gross domestic product (GDP) growth is increasingly reliant on the active involvement of local brands in global value chains. They highlight the importance of indigenous businesses expanding their vision beyond national confines, as large international companies significantly enhance the economic performance 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 discussed how countries like China and South Korea have leveraged a small number of dominant companies to drive national GDP. He noted that the South Korean GDP is primarily attributed to just around ten companies, emphasizing that participation in global value chains is crucial for GDP growth.
Professor Adi elaborated on China’s massive output of over $11.4 trillion, which dwarfs the combined output of major economies such as the United States and those in Europe. He argued that competing in the global market is essential for any nation aspiring to grow its industrial sector and overall economic output.
Oluwatoyin Bakare, President of the FATE Alumni Executive Committee, echoed these sentiments, urging Nigerian entrepreneurs to embrace resilience and quality improvement in their products. She conveyed that success lies in maintaining excellence, innovation, and collaboration, allowing local businesses to thrive and engage in the global value chain effectively.
Furthermore, Professor Adi emphasized Nigeria’s potential, given its substantial human resources, urging entrepreneurs to adopt an outward-looking approach. He believes that there are significant opportunities for Nigerian businesses throughout Africa, advocating for a shift from a local to a broader, more competitive perspective toward potential international markets.
In conclusion, experts emphasize that Nigeria’s economic growth is contingent upon the participation of local brands in global value chains. With successful examples from countries like China and South Korea, Nigerian entrepreneurs are encouraged to maintain high standards, be resilient, and seek collaboration beyond national borders. By focusing on the vast opportunities available in Africa and adjusting their market orientation, local businesses can significantly contribute to GDP growth and economic vitality.
Original Source: www.thisdaylive.com
