71249
Nigeria Businesses Need Reform Paradigm
Nigeria Businesses Need Reform Paradigm

Nigeria Businesses Need Reform Paradigm

Nigeria Businesses Need Reform Paradigm

In order to fulfill Nigeria’s potential of stimulating economic prosperity, a reformulation of the nation’s business paradigm both theoretically and experimentally must be achieved, says Ayodele Ibrahim Shittu.
 Shittu, an expert in entrepreneurship and business innovation economics, who lectures in the Department of Economics, University of Lagos, whilst delivering the lead paper titled, “Transforming business and economy through innovation” during the Worldstage Economic Summit 2017, explained that commitment, consistency, and sincerity of purpose on the part of the business and political leaders and followers are required to transform Nigeria’s business environment for greatness and prosperity, thenationonline reported.
According to him, Nigeria’s business environment is yearning for innovation in order to fulfill its potential of stimulating economic prosperity. In view of this, Shittu noted that as a nation, “we must promote collaborative relationships between the university and our industries”.
He said, “We must focus on specific economic sectors, promote knowledge-sharing between the enterprises in both formal and the informal sectors, put in place physical centers such as business incubators, accelerators, etc, encourage innovative supply of infrastructure and utilities, as well as prioritize innovative financing options to both existing and new businesses.”
His paper which assessed Nigeria’s business environment on the basis of three indicators (ease of doing business, business confidence, and capacity utilization), revealed that Nigeria’s performance on the ease of doing business over the last eight years which depicts an increasing trend, implies a woeful performance between 2008 and 2016, where Nigeria ranked 169th position among 190 economies around the world.
According to him, this consistent diminishing in ranking was considered embarrassing to all as a nation, and as such, nudged the federal government in its wisdom to set up the Presidential Enabling Business Environment Council to supervise the competitiveness and investment climate agenda at both federal and state levels in the country.
On Nigeria business confidence index, Shittu stated that there is a glooming perception of the business environment among leading firms in selected sectors of the Nigerian economy.
“Since the first quarter of the 2016 FY through the second quarter of the 2017 FY, we have witnessed negative perceptions of business activities in the country. While the level of pessimism is declining, common constraining factors cited among the firms surveyed include financial barriers, unfavorable political climate, competition, and insufficient local demand.”

Short URL : https://goo.gl/s3c3Ca
  1. https://goo.gl/n3RsvB
  • https://goo.gl/F49kFf
  • https://goo.gl/KdhkuT
  • https://goo.gl/xWR7Q3
  • https://goo.gl/RUykHC

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
World Shares Snap Five-Day Losing Streak
World stocks steadied near three-week lows on Wednesday and...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus