Experts assert that Nigeria’s GDP growth hinges on local brands participating in global value chains. They highlight successful case studies from China and South Korea as models of how a few companies can substantially boost national economies. Advocates encourage Nigerian entrepreneurs to focus on quality and innovation while looking beyond local markets for growth opportunities.
Economic experts believe that Nigeria’s GDP growth is closely linked to the involvement of local brands in global value chains. They argue that local businesses must extend their vision beyond national confines since major global companies significantly impact the GDP of their home nations.
At the 10th FATE Business Outlook and Annual General Meeting in Lagos, Professor Bongo Adi from the Lagos Business School highlighted successful examples from China and South Korea, where a handful of companies substantially elevate national GDP figures. He emphasized the importance of contributing to global value chains, stating that participation is essential for national competitiveness.
He cited that in South Korea, a mere ten companies are pivotal to driving its GDP. Adi pointed out the impressive Chinese output of over $11.4 trillion, which outweighs the combined outputs of several major economies, indicating that a few dominant firms from select countries hold significant sway over global production.
Oluwatoyin Bakare, President of the FATE Alumni Executive Committee, urged resilience among Nigerian entrepreneurs while enhancing product quality. She emphasized that excellence fosters business sustainability and that innovation is crucial as opportunities exist for partnership and collaboration within the global value chain.
Adi also noted Nigeria’s vast economic potential marked by its abundant human resources. He encouraged entrepreneurs to broaden their outlook, implying that focusing on external markets could yield benefits. He asserted that Nigerian businesses must aim to dominate the African market by utilizing their strengths effectively beyond local boundaries.
The engagement of Nigerian local brands in global value chains is vital for enhancing the country’s GDP growth. Experts highlight the successful models of economies, like South Korea and China, as evidence that limited but strong participation in global commerce can lead to significant economic advancement. There are extensive opportunities for Nigerian entrepreneurs to thrive internationally if they maintain product quality and adopt an outward-focused mindset.
Original Source: www.thisdaylive.com
