Newman Enyioko (PhD)
Published: 2022
Total Pages: 0
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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.