Economic experts have emphasized that Nigeria’s economic growth is closely tied to the participation of indigenous brands in global value chains. They highlighted the importance of Nigerian businesses expanding beyond local markets to contribute to the global economy. This approach is seen as essential for boosting the country’s GDP, similar to how leading companies in countries like China and South Korea significantly impact their national economies. Experts pointed out that global businesses are consolidating into dominant players that drive economic growth in their home countries.
Bongo Adi, a professor of economics at the Lagos Business School, discussed how countries like China, South Korea, and others have leveraged a few dominant companies to propel national GDP growth. He explained that in China, the output alone exceeds $11.4 trillion, far surpassing the combined GDP of several major economies. Adi argued that for Nigeria to grow its economy, it must participate in global value chains, which play a critical role in global production and trade.
Oluwatoyin Bakare, President of the FATE Alumni Executive Committee, also emphasized the vast opportunities available for Nigerian entrepreneurs on the global stage. She encouraged business owners to focus on quality and innovation, which would help them remain competitive and sustainable in the long run. Bakare believes that as Nigerian businesses improve and collaborate, they will find their place in the global market.
Adi further urged Nigerian businesses to look beyond the national borders and explore opportunities across Africa. He stressed that Nigeria, with its large economy and human resources, should aim to dominate the African market. By adopting an outward-focused mindset, Nigerian entrepreneurs can expand their reach and create sustainable success, helping to drive the country’s economic growth on the global stage.
SOURCE: THIS DAY