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This paper analyses the nexus between global competitiveness and the attainment of the Vision 20:2020 agenda of the Federal Government of Nigeria. In doing this, the paper reviews the key elements of Vision 20/2020, the pillars of global competitiveness and the ranking of Nigeria on global indicators of competitiveness (GCI), size (GDP) and living standards (PCI). The goal is to assess the challenges Nigeria must overcome to achieve Vision 20:2020, given the significance of global competitiveness in determining national productivity and living standards, and the significance of economic growth and growth in exports. The assessment of the Vision's targets against the background of Nigeria's performances on global rankings indicates that realizing the Vision 20:2020 would be challenging though, not impossible. Nigeria's political elite must recognize that achieving global competitiveness is a necessary condition for attaining the goals of Vision 20:2020. They must also be willing to deploy greater political commitment, sound knowledge and good judgment, and improve governance by reducing corruption and raising the ethical standards in the management of the economy.
The theme of this report is Nigeria's competitiveness and growth. This report consequently focuses on constraints, opportunities and strategic choices associated with increasing productivity and growth of the Nigerian economy on a sustained basis. Its objective is not to present a "blueprint" for Nigeria's growth but rather to raise issues and provide some options for the consideration of policy makers and other Nigerian stakeholders. The report is structured in four main sections. The first section analyzes Nigeria's growth history, examines the recent growth pick up and assesses its sustainability. The second section analyses how the critical constraints to competitiveness and growth may be addressed. The third section discusses how trade -domestic and external - can be used more effectively to drive growth and poverty reduction. The final chapter provides policy conclusions and suggestions on what could be key elements of a growth agenda for Nigeria. The analysis in this report suggests the following key elements for a growth strategy for Nigeria: 1) Strengthening actions to tackle the most immediate constraints to the competitiveness of the economy presented by infrastructure and the business environment; 2) Using domestic trade more effectively to enhance productivity and competitiveness by strengthening their functioning, and building stronger linkages between the oil and non-oil sectors, and over time strengthening Nigeria's integration into global markets; 3) Ensuring that the poor can participate more fully in growth by placing urgent emphasis on (i) finding ways to give back some of the proceeds of oil windfall directly to Nigerians; (ii) raising agricultural productivity-including through enhanced technology; and (iii) encouraging the transition from informality to the formal sector; and 4) Building the human capital and technological base of the economy over the longer term.
The paper analysed firms' competitiveness in the global market with emphasis on Nigerian firms' perspective. The paper reviewed relevant literature and extensively used exploratory and descriptive research. It is revealed from the paper that Nigerian firms are not where they ought to be in terms of economic growth and development as well as in global marketing competition. The paper also found that most Nigerian firms produce and market low quality and below standard products and services unlike firms from India, Indonesia, Thailand, Singapore, China, Malaysia, South Korea, just to mention a few that are equally developing countries. While most of the firms from these countries are enjoying strong economic growth and good competitive marketing profile in the global market, Nigerian firms remain underdeveloped in the global market due largely to macroeconomic instability, poor infrastructure, power or energy failure, government interference, inefficiency, weak public institutions, poor corporate governance, corruption, low quality products/services and recently insecurity. Evidently from this paper, the Nigerian firms' competitiveness in the global market has become less distinctive and unfavourable to both the firms involved and the country at large. Therefore, there is need for Nigerian companies to partner with multinational traders while simultaneously making profit to control the commodity value chains in the new rules and new markets in the global competition. In addition, the government should evolve stronger management strategies to develop the non-oil sector, instead of relying mainly on the export of oil and gas with their risks and politicization in the foreign market. As agriculture, mining and tourism sectors are Nigeria's export potentials, Nigerian firms should maintain and sustain quality framework that sees that these sectors' products and services meet global market standard.
The theme of this report is Nigeria's competitiveness and growth. This report consequently focuses on constraints, opportunities and strategic choices associated with increasing productivity and growth of the Nigerian economy on a sustained basis. Its objective is not to present a "blueprint" for Nigeria's growth but rather to raise issues and provide some options for the consideration of policy makers and other Nigerian stakeholders. The report is structured in four main sections. The first section analyzes Nigeria's growth history, examines the recent growth pick up and assesses its sustainability. The second section analyses how the critical constraints to competitiveness and growth may be addressed. The third section discusses how trade -domestic and external - can be used more effectively to drive growth and poverty reduction. The final chapter provides policy conclusions and suggestions on what could be key elements of a growth agenda for Nigeria. The analysis in this report suggests the following key elements for a growth strategy for Nigeria: 1) Strengthening actions to tackle the most immediate constraints to the competitiveness of the economy presented by infrastructure and the business environment; 2) Using domestic trade more effectively to enhance productivity and competitiveness by strengthening their functioning, and building stronger linkages between the oil and non-oil sectors, and over time strengthening Nigeria's integration into global markets; 3) Ensuring that the poor can participate more fully in growth by placing urgent emphasis on (i) finding ways to give back some of the proceeds of oil windfall directly to Nigerians; (ii) raising agricultural productivity-including through enhanced technology; and (iii) encouraging the transition from informality to the formal sector; and 4) Building the human capital and technological base of the economy over the longer term.
Globalization has over the years been widely celebrated as one of the keys to economic growth and development. The international competitiveness resulting from the integration of the world into a global village has brought tremendous progress to the world economy. Regrettably, since the integration of the Nigerian economy into the global economy, the growth pattern of the economy has remained below expectation when compared with other countries of the world. This had in the recent time generated hearted debates among the Nigerian economic researchers on whether globalization is actually a key to economic growth. Thus, the study uses the contemporary econometric techniques of cointegration and error correction mechanism within the framework of the Pesaran et al. (2001) ARDL model to examine the impact of globalization on economic growth in Nigeria. Using annualized secondary time series data from 1970 to 2015, the study reveals that trade openness; financial integration and foreign direct investment have significant positive impact on economic growth in Nigeria. Thus, adequate mechanism should be put in place to ensure that globalization brings about the desired pace of economic growth.