Nigeria’s business ecosystem has grown to be one of the biggest business hubs in West Africa. With thriving startups, more investors have been willing to raise their stakes in the Nigerian business space. Nigeria, boosting of Africa’s biggest economy, has positioned itself strategically to play significant roles in the global economic market. With a fertile environment for economic development and further investments, Nigeria’s economic market has the potential to notch a higher ground in the global market. For this to be accomplished, however, some important issues must be considered.
Entrepreneurship for one is hugely dependent on an established, maintained and constantly improved infrastructure. However, the logistics operations in the country have become increasingly unbearable as a result of the lack of maintainable of public roads, seaports and airports. The recurrent power outage challenge that continually disrupt the progress of operations have affected the optimal performance of businesses and hindering competitiveness in the country, both locally and globally. Thus, businesses will have some of these challenges cut out for them in environment where infrastructures are well improved. Production can only be sufficient and sustainable when basic infrastructures like electricity and roads are constantly improved to suite the needs of the businesses.
Corruption has overtime crippled the development of SMEs in Nigeria.
A challenge that has immensely affected the lack of competition among Small Medium Enterprises is the inaccessibility to capital. Most entrepreneurial firms have limited access to capitals at reasonable rates, hindering their prospect for growing and competing in the economic market. It is pivotal for businesses in Nigeria to invest in advanced technologies, so that they can also compete in the global market. For this to happen, the government must review the existing regulations and make these laws more business-friendly, so as to enhance development by encouraging more SMEs. SMEs can also seek for more funding sources.
Another challenge that has crippled the development of SMEs in Nigeria is corruption. Both new and old businesses are not exempted from the consequences of corruption. This menace affects Small and Medium Enterprises by immensely stunting on their developmental and operational processes, as well as killing innovation in the business scene. Many businesses have been over-taxed by corrupt government officials that demand bribe money from business owners before their operations can commence. This has also heralded distrust and lack of investments within Nigeria’s business environment.
SMEs must be innovative and overtly competitive for development.
With innovation playing a significant role in entrepreneurship, SMEs are urged to be overtly competitive. Investing in trainings and use of technology can be enacted in gaining a more competitive standing. With advanced technology, efficiency and competitiveness is further enhanced. Also, development opportunities and trainings must be adequately provided for employees to improve consistency. Firms must learn to invest in their human capital, for immense expertise, experience and development opportunities to give the company a competitive edge.
Through mentorship, the capacity of employers can also be expanded. Mentorship programs that would help develop employers across important fields must be duly enacted. Also, companies can enact the diversification of goods and services to further boost their competitive advantages. New markets must offer new perspectives to solving problems in the economic environment. Without diversification, a firm can be hugely limited which in turn, hinders expansion and expose economic downturns. Businesses must significantly diversify to increase their competitive edge.
Government & stakeholders must unite for businesses to compete globally.
If Nigerian businesses aim at a global dominance in the business scene, they must envision beyond the country’s boarders and commence exploring other African countries. With the ratification of the African Continental Free Trade Area agreement in 2021, there is an access to over 1.3 billion people and a $3 trillion GDP. Thus, the intra-African trade can be well explored by businesses. It is however important to note that the government and stakeholders must works collaboratively for the Nigerian business industry to compete globally.
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How Nigerian businesses can compete globally – Advanced infrastructures must be put in place for global competitiveness. – Express your point of view.
Major problem facing the country is corruption and if it not done with I don’t think there will be any tangible development in any aspect of our life.The corruption is killing everything everyday.
The commercial environment in Nigeria has expanded to become one of the most important commercial regions in West Africa.
As a result of the success of Nigeria’s young businesses, an increasing number of investors are eager to increase their holdings there.
Nigeria’s business ecosystem has grown to be one of the biggest business hubs in West Africa. Yes we have all it takes but the problem we have in this country is bad government and corruption
Most startups struggle to gain access to affordable financing, limiting their potential for growth and market competitiveness.
Yet, it is essential to keep in mind that in order for the Nigerian business industry to be competitive on a global scale, the government as well as the many stakeholders need to work together.
Bad governance and corruption is really affecting our country progress advance infrastructure should be put in for us to be able to complete globally so our business can progress well
To accelerate economic growth and boost the number of small and medium-sized enterprises, the government needs to conduct a comprehensive evaluation of the regulations that are currently in place and work to make these laws more business-friendly.
Numerous companies have been subjected to excessive taxes as a result of unscrupulous government officials who seek money in the form of bribes from business owners before allowing their companies to begin operations.
In order for businesses to get a competitive advantage, they need to understand how to invest in their human capital, which provides immense expertise, experience, and chances for professional growth.
If it does not practice diversification, a company runs the risk of being severely constrained, which, in turn, makes it more susceptible to economic downturns.
For Nigerian companies to compete on the world market, it is crucial that they invest in cutting-edge technologies.
Never lose sight of the fact that cooperation between the government and the many stakeholders in the Nigerian business sector is crucial if the country is to maintain its position as a global economic power.
Investing in innovative technologies is important if Nigerian businesses are to remain competitive on the global stage.
Impressive!!
Despite the highlighted challenges, with advanced technology, efficiency and competitiveness is further enhanced and global advancement which would benefit the country.
One of the largest business centres in West Africa is now Nigeria’s business ecosystem. Sure, we have what it takes, but the corruption and poor governance in this country are the real issues.
For us to be competitive globally in business, we need to create an enabling environment for such businesses to thrive. It will help boost the innovation of entrepreneurs.
Our country’s development is being severely hampered by poor administration and corruption, so we need to invest in state-of-the-art infrastructure if we want to remain internationally competitive.
Nigeria would have been the center of business hubs in Africa and the world if advance infrastructures are put in place, government policies is favorable and corruption is reduced.
Nigeria can effectively compete in businesses favourably with other countries when thei basic factors such as motorable roads, good government policies, stable electricity, transparency at all government quarters etc
, are readily available. The lack of advance infrastructures has crippled so many businesses in Nigeria. China developed economically today by allowing a better environment for SMEs to grow.