THE ASIAN TIGERS ECONOMIC GROWTH A LESSONS FOR THE NIGERIAN ECONOMY FROM THE ASIAN TIGERS GROWTH, The Nigerian economy can indeed learn from the ASIAN TIGERS ECONOMIC GROWTH in a number of ways. They include: Formulation and implementation i deliberate government policies: government must come up with formulation and development deliberate policies aimed at economic growth. Certain policies must be put in place that will help the growth of the economy. Such ASIAN TIGERS ECONOMIC GROWTH policies must equally implemented. The government she not just pay lip services to these policy they should actually do something that will add value to the lives of the people that Nigerians can truly testify that 1 is what they have done.
Strengthening the development of Agriculture: As at today, 70% Nigerians are involved in agricultural activities. Efforts have to be made the government to transform agriculture in such a way that such improvement will lead majority to migrate to industrial sector as it happens in Japanese miracle. The Bank of Agriculture (B.O.A): be funded to give loans to engage farmers to engage in Agriculture. On the long run only 10% of the population would engage in farming leaving over 90% to the industrial and service; of the economy.
- economic tools for nation building
- factors affecting the expansion of industries
- mineral resources and the mining industries
- demand and supply
- types of demand curve and used
- advertising industry
- factors of production
- joint stock company
- public enterprises
- private enterprises
Encouraging Industrial Development This can be achieved through deliberate formulation of policies aimed at inc development. Commercial banks other development banks like Bank of Industry (B.O.I) have to be properly funded to give financial support to industrialists to develop the industrial growth of the economy. Development of Human Capital: Human capital also need to be developed in order to aid industrial development. This can be achieved through higher institutions training, skill acquisition, special training in some schools so that knowledge and skills needed to work in these industries can be achieved. Without proper education to acquire knowledge and skills, no meaningful development can be achieved.
Development of small and medium scale enterprises (SMEs): Nigeria can learn from Asian Tigers on SME development. SMEs in all countries around the world are enjoying a new focus now because it is the foundation for the development of any country. On the part of the SMEs, they have to personally develop their businesses, get management training, exposure, information and enter into new market.
Challenges Facing SMEs in Nigeria a lessons to learn from the ASIAN TIGERS ECONOMIC GROWTH
SMEs face a lot of challenges, prominent among them are:
- Inadequate infrastructure
- Poor power supply
- Inadequate water supply
- Bad roads and inadequate transport facilities
- Lack of access to finance: People are not getting the money they need to grow their businesses.
- There is lack of private sector participation in helping to develop the economy.
- The present taxation policies have to be modified to ensure the growth of SME business.
- There is inadequate transfer of technology and human capital to Nigeria. Transfer of technology can be achieved in so many ways; we can buy it, we can bring those people to come and train our people.
- Inadequate training and development of human resources.
- Inadequate market: We need to develop modern market outlets to attract potential SME investors.