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Thursday, 6 October 2016

4 Best business development secrets for better better business performance in Nigeria

Best business development secrets for better better business performance in NigeriaSeveral strategies have been adopted in Nigeria and other west african countries to promote industrialization and they include:
  1. Important substitution strategy: this is a means of replacing imported goods with domestic production. instead of importing certain goods, arrangements will be made to establish industries similar to the ones abroad to produce such goods that were hitherto imported. important substitution may also involve the importation of components parts and assembling them locally. examples of import substitution may also involve the importation of component parts and assembling them locally. examples of import substitution industries in Nigeria include: Volkswagen assembly plants, Peugeot automobile of Nigeria.
  2. Export promotions strategy: this strategy involves efforts of government geared towards the promotion of industries that can produce goods that are exportable. export promotion helps a country to reduce its over dependence on foreign made goods thereby saving foreign exchange that can be used in importing industrial components. Nigerian export promotion board (NEPB) was established in Nigeria to encourage and carry out export promotion.
  3. Small scale versus large scale industrial development: In an effort to achieve industrialization many people have advocated the small scale industrial development strategy while others favour large scale method. the proponents of small scale method opine that since Nigeria and other west african countries belong to the group of poor nations which lack adequate capital and other resources, they should therefore start their process of industrialization from the rudiments. they also argue that small scale industries should be established in the rural areas mainly to process raw materials that are in abundance in such areas. the proponents of large scale method advocate the establishment of large scale method advocate the establishment of large scale industrialization also known as the big push which according to its proponents will lead to all out leap and enable developing countries to achieve their goal of self sustaining growth. they argued that small scale method which follows step by step progress  is sluggish and will delay industrialization
  4. Balanced growth strategy:this strategy advocates the development of all sectors of the economy and areas of the country in pari passu. this strategy is aimed at discouraging lopsidedness in the achievement of industrialization. according to the advocates of this strategy, all sectors of the economy should be developed through industrialization so that no should remain deficient.

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