Local Brands in Global Value Chain Essential for Nigeria’s GDP Growth

Experts assert that Nigeria’s GDP growth is tied to the engagement of local brands in global value chains, urging them to expand beyond national borders. Successful global examples highlight the importance of a few dominant companies in driving GDP. Local entrepreneurs are advised to pursue quality and innovation, while also embracing opportunities across Africa for sustainable growth.

Economic experts highlight that Nigeria’s GDP growth is significantly linked to the involvement of local brands in global value chains. They stress the necessity for indigenous businesses to expand their reach beyond national borders as global brands increasingly consolidate their market presence to enhance the GDP of their respective countries.

At the recent 10th FATE Business Outlook and Annual General Meeting in Lagos, Professor Bongo Adi from the Lagos Business School cited successful global examples, such as China and South Korea, where a limited number of dominant companies contribute immensely to national GDP.

Professor Adi elaborated on China’s massive output, noting that its production exceeds $11.4 trillion, surpassing the combined output of several major economies. He emphasized the crucial role of local companies within global value chains that dictate global production, urging Nigerian businesses to engage actively in these networks.

Oluwatoyin Bakare, the President of the FATE Alumni Executive Committee, identified significant opportunities for Nigerian entrepreneurs abroad. She encouraged a commitment to resilience and quality improvement among local businesses, asserting that excellence and innovation lead to sustained success.

Moreover, Professor Adi reiterated Nigeria’s potential given its vast human resources and ability to tap into opportunities across Africa. He urged entrepreneurs to shift their focus towards international markets and to develop an outward-oriented mindset rather than being confined to local opportunities.

In conclusion, Nigeria’s economic growth is intricately linked to the participation of local brands in global markets. Experts advocate for a strategic expansion beyond national borders, emphasizing the success of foreign models. Local entrepreneurs are encouraged to innovate and improve quality, leveraging the vast opportunities available. As businesses embrace an outward perspective, they will be better positioned to contribute to Nigeria’s GDP growth and enhance competitiveness in the global economy.

Original Source: www.thisdaylive.com