Professor Ndubuisi Ekekwe, a Harvard Business Review writer, has stated that the best companies in Nigeria have not been established.
Ekekwe, the Lead Faculty of Tekedia Institute and Chairman of Tekedia Capital made this known in a social media post.
According to the notable inventor and entrepreneur, if Nigeria operates at its optimal productivity level, its Gross Domestic Product (GDP) should be $3 trillion (well above the current $500 billion).
”If you do the math, it means Nigeria needs 6X multiples to attain equilibrium. About 90% of the companies in Nigeria today are not wired for that type of leverageable growth.
”Yes, even if they try, the anchored elements upon which they are built cannot enable them to experience that redesign.
”Only new species will provide that growth under new tenets, driven by new business models, energized on new policies.”
He noted that it is why the Nigerian insurance sector has less than 2% penetration, electricity companies deliver darkness to more customers than light, and potable clean water is nonexistent.
He further stated:
”The best companies for Nigeria have not been founded. Yes, they have not. It is safe to blame customers. But I take you back to the 1990s when new-generation banks came, and brought many citizens to believe in banking services.
”We need that type of redesign in insurance, water services, electricity, education, healthcare, and more. The companies that would make such happen are scarce today!
”The biggest opportunity in the next ten years in Nigeria would be expanding the sizes of industrial sectors, not just winning market share.”
He concluded by saying only new thinking will make such redesigns in the economy of Nigeria happen.