When considering the opportunities of going global, Nigeria must take into account various factors that could impede its competitiveness.
Despite Nigeria's stable export base of oil and gas, it encounters challenges in achieving global interconnectedness and interdependence. These obstacles encompass the rapid advancement of technology, mechanical progress, financial stability, and political peace. However, in 2006, various African nations including Nigeria managed to bolster their integration with the global market by reducing trade barriers and alleviating debt burden. To establish strong bilateral relations, Nigeria can broaden its export base, diversify its economy on an international scale, and engage in the exchange of goods, services, and labor. With its abundant labor force and diligent population, outsourcing presents a valuable opportunity for Nigeria.
Expanding their operations internationally can bring several benefits to small companies in the country. These include opportunities in cross-border
...trade, which can lead to increased foreign exchange and ultimately higher profits.
Furthermore, global expansion allows for diversification of activities and the introduction of new ideas from abroad. This can greatly improve local productivity methods and procedures.
In addition, globalization also leads to enhanced supply relationships with large buyers, making it easier for small businesses to access markets. It also creates stronger inter-firm linkages, all of which promote learning, innovation, and growth for local entrepreneurs.
Ultimately, this enables small businesses to acquire modern skills and effectively compete in a challenging market.
The Nigerian company has the potential to enhance its innovation, resilience, and profitability over time. This can lead to increased competitiveness and productivity. Numerous opportunities are present in sectors such as banking, taxation, mining, and finance due to the country's high population density and strong demand for products and services. The
country's economic and political advancements attract investors and create additional prospects. The petroleum industry, courier services, and oil sector offer employment possibilities for both locals and foreigners. Moreover, outsourcing opportunities, good bilateral relations, and a wide availability of ideas benefit the country. Supplier relationships, cross-country trading, and inter-firm linkages also contribute to learning and advancements in Nigeria. These factors create ample chances for diversification that support the country's progressing economy.
However, there are also threats that can negatively impact business reputation, profitability, or other aspects. Consequently,the Nigerian business environment is inherently challenging.
In the country, crimes, frauds, and scams are becoming more common. A significant example is the Nigerian government's promise to provide water to the public and its allocation of large sums of money for water projects. However, these funds mysteriously disappear from government treasuries without any explanation, depriving the general population of a crucial resource like water (Sule Lazarus, 2009). The issue of water scarcity has persisted in the country for years and is still evident through insufficient and faulty resources.
In 2007, multiple oil and gas companies violated the Foreign Corrupt Practices Act (FCPA) by making potentially illegal payments to Nigerian customs agents through a Swiss shipping company. The Securities and Exchange Commission (SEC) conducted an investigation into this misconduct (Convington P. Joseph, 2007). Furthermore, deregulation and corruption in Nigeria led to fuel scarcity. As a result of these wrongdoings, fraudulent activities, unlawful actions, violence, and corruption have all had adverse effects on the organization's reputation and caused financial losses.
These factors hinder productivity and impede the improvement of business competitiveness. Additionally, Nigerian companies operating locally face the challenge posed by foreign companies dominating the local
markets, which intensifies the competition for small Nigerian industries. Given the inadequate infrastructure and resources in the country, there is a risk that they may struggle to produce high-quality goods domestically, allowing foreign companies to dominate local markets. Moreover, the import substitution effect can further disadvantage the competitiveness of local industries.
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