Experts emphasize that the participation of local brands in global value chains is essential for enhancing Nigeria’s GDP. They highlight the importance of looking beyond national borders and improving product quality. Notable examples from South Korea and China illustrate how dominant companies can significantly influence national economies. Entrepreneurs are encouraged to pursue opportunities across Africa while maintaining innovation.
Economic experts assert that the growth of Nigeria’s gross domestic product (GDP) is closely linked to the involvement of local brands in global value chains. It is increasingly vital for Nigerian businesses to expand their horizons beyond national borders. This shift is spurred by the trend of global corporations consolidating into major brands that uplift the GDPs of their respective countries.
At the 10th FATE Business Outlook and Annual General Meeting in Lagos, Professor Bongo Adi from the Lagos Business School highlighted examples from South Korea and China, where a limited number of companies substantially drive national GDP. He noted that to enhance GDP, nations must contribute products or services to these dominating global value chains. The Chinese economy, with output exceeding $11.4 trillion, surpasses the combined output of several leading economies, emphasizing the significance of dominant companies in economic growth.
Oluwatoyin Bakare, President of the FATE Alumni Executive Committee, emphasized that numerous opportunities exist for Nigerian entrepreneurs. She urged local businesses to focus on resilience while enhancing product quality. Bakare stated, “As long as you keep on doing what you are doing excellently well, your business will continue to thrive.”
Professor Adi informed that Nigeria possesses vast human resources and significant potential within the African market. He argued that local entrepreneurs should adopt an outward orientation, advocating for a shift in focus from solely local endeavors to entering broader markets. He stated that there are enormous opportunities for Nigerian businesses throughout Africa, necessitating a change in mindset to fully capitalize on these prospects and dominate the continent with their offerings.
In conclusion, Nigeria’s GDP growth is heavily reliant on local brands engaging with global value chains. By looking beyond borders and focusing on product excellence, Nigerian entrepreneurs can harness substantial opportunities. The insights from experts underscore the importance of innovation, resilience, and a broader market orientation to drive economic progress in Nigeria and across Africa.
Original Source: www.thisdaylive.com
