Economic experts emphasize that Nigeria’s GDP growth is linked to local brands engaging in global value chains. They assert that participation in these chains is crucial for competitiveness. Key speakers at the FATE Business Outlook encourage local entrepreneurs to focus on quality and innovation while exploring opportunities beyond Nigeria’s borders to enhance economic growth.
Economic experts have asserted that Nigeria’s GDP growth is significantly linked to the active involvement of local brands within global value chains. They underscore the importance for indigenous businesses to expand their horizons beyond national boundaries, as global brands increasingly unify to enhance the GDP of their respective countries.
During the 10th FATE Business Outlook and Annual General Meeting in Lagos, Economics Professor Bongo Adi from the Lagos Business School highlighted successful global examples, such as China and South Korea, where a select few corporations substantially influence national GDP. He stated, “The South Korean GDP, if you break down the companies that contribute to it, they may not be more than 10.”
Professor Adi elaborated on the scale of China’s output, indicating that it exceeds $11.4 trillion. He compared this to the collective outputs of other significant economies, stressing the dominance of certain companies in the global value chain. He emphasized that for Nigeria to enhance its competitiveness, participation in global production chains is necessary.
Oluwatoyin Bakare, President of the FATE Alumni Executive Committee, emphasized the potential opportunities available to Nigerian entrepreneurs, advocating for resilience and continuous improvement in product quality. She remarked, “As long as you keep on doing what you are doing excellently well, your business will continue to thrive.”
Professor Adi further noted Nigeria’s vast human resources and the access to substantial opportunities across Africa. He urged entrepreneurs to adopt an outward-looking approach, suggesting a need to break free from a localized mindset. He stated, “We should also be poised to dominate Africa with our services and products.”
Overall, the consensus among the experts is clear: active engagement in global value chains stands as a crucial strategy for enhancing Nigeria’s economic landscape, requiring adaptability and innovation among local businesses.
In conclusion, integrating local brands into global value chains is pivotal for Nigeria’s GDP growth. Economic experts, including Professor Bongo Adi and Oluwatoyin Bakare, highlight the need for Nigerian entrepreneurs to seek opportunities beyond domestic markets. By adopting a global perspective and maintaining high-quality products, local businesses can significantly contribute to and benefit from the global economy, positioning themselves favorably within emerging markets.
Original Source: www.thisdaylive.com
