A Professor of International Business and Management at Olabisi Onabanjo University, Ago-Iwoye, Prof. Moruff Sanjo Oladimeji, has urged the Nigerian government to formulate policies that incentivise financial institutions to extend credit facilities to small business owners in order to boost their financial independence and growth strategies. The don noted that trade liberalisation should be bolstered by public policies that address market failures and foster an environment that promotes both efficiency and social advancement. He also canvassed the reduction of interest rates to enhance the performance of small and medium-sized enterprises and to enable better access to loans for businesses.
Prof. Oladimeji made the call on Tuesday, 13th May, 2025 while delivering the 123rd OOU Inaugural Lecture at the Otunba Gbenga Daniel Lecture Theatre, Main Campus, Ago-Iwoye. The Lecture entitled, “International Business and Management: Debunking Myths and Unveiling Truths in the Nigerian Context” was chaired by the Vice-Chancellor of the University, Prof. Ayodeji Agboola, and graced by eminent personalities within and outside the University.
The Inaugural Lecturer, who is from the Department of Business Administration, Faculty of Administration and Management Sciences, expressed his support for each state within the Nigerian federation to be responsible for managing its own resources and remitting taxes to the Federal Government while also forming trade agreements with other states. According to him, each state has the potential to independently generate more resources if given the appropriate opportunities.
“If resource control were to be implemented,” he argued, “it would enable all states within the federation to achieve self-sustainability, relying minimally or not at all on federal allocations.”
“Resources such as oil, gold, diamonds, and knowledge are vital in the global market, supporting economies and addressing diverse human needs across numerous nations,” the scholar added.
He identified the services subsector as a vital catalyst for future economic multipliers and growth in the country. He emphasised that the services sector currently represents 67 percent of global Gross Domestic Products, outpacing the combined contributions of agriculture and industry, and is also responsible for generating 50 percent of global employment.
He added: “The quality of service is a crucial element in achieving customer satisfaction and it is essential for service providers to prioritise the enhancement of service quality to distinguish themselves from their competitors and secure a greater share of the market.”
“A significant relationship exists between superior service quality and customer satisfaction, which subsequently has a favourable impact on organisational performance; advancements in service quality are closely associated with an increase in market share.”
Prof. Oladimeji urged the Nigerian government to actively pursue both bilateral and multilateral agreements, particularly by entering into additional General Agreements on Trade in Services (GATS) to promote economic advancement. He advocated reduction in tariffs to enable unrestricted flow of capital.
The Inaugural Lecturer posited that micro, small and medium enterprises are crucial for economic advancement and that competitive intelligence plays a significant role in shaping those businesses.
“Developing countries like Nigeria can enhance their business environments by attracting greater inflows of Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) while also removing artificial barriers that hinder the free movement of FDI and regulating exports and imports. The government should contemplate reducing tariffs to enable the unrestricted flow of capital,” he said.
He further recommended the promotion of the internationalisation of traditional medicine should be encouraged, saying it has the potential to significantly enhance Nigeria’s Gross Domestic Product (GDP). Prof. Oladimeji, who urged entrepreneurs to harness social capital and maximise its advantages, noted that it remained crucial for improving the performance of micro enterprises. He also stressed the need to mitigate political violence, especially in the West African region, to enhance trade relations.
In his presentation, the InauguralLecturer addressed some myths surrounding exports from the country, saying some of the misconceptions stemmed from an overly simplistic understanding of the complexities of Nigerian business while others arose from inadequate research or outright falsehoods.
“Nigeria has a competitive edge in several areas of the export market,” he pointed out. “The country excels in agricultural products, solid minerals, and services such as information and communication technology as well as healthcare professionals like doctors and nurses.”
“By further developing these sectors, Nigeria can improve its competitiveness on a global scale. By concentrating on producing goods that are in high international demand, Nigeria has the potential to become a leading exporter in Africa and beyond,” Prof. Oladimeji said. Lecturer addressed some myths surrounding exports from the country, saying some of the misconceptions stemmed from an overly simplistic understanding of the complexities of Nigerian business while others arose from inadequate research or outright falsehoods.
“Nigeria has a competitive edge in several areas of the export market,” he pointed out. “The country excels in agricultural products, solid minerals, and services such as information and communication technology as well as healthcare professionals like doctors and nurses.”
“By further developing these sectors, Nigeria can improve its competitiveness on a global scale. By concentrating on producing goods that are in high international demand, Nigeria has the potential to become a leading exporter in Africa and beyond,” Prof. Oladimeji said. The don, however, advised anyone considering going into export business in Nigeria to conduct thorough research and consult with individuals who have prior experience in the market. The professor made a strong case for business innovation, saying it has a profound impact on product costs, sales and quality. He pointed out that firms emphasising innovation are more adept at navigating competitive markets. He, therefore, enjoined top management of Nigerian firms to direct resources towards research and development to promote innovation and improve product offerings.
The expert discussed the concept of firms’ internationalisation, which entails a company expanding its operations beyond its domestic market to engage in global markets. He highlighted several strategies that could support the growth to include exporting, licensing, franchising, joint ventures, strategic alliances and foreign direct investment.
