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Durotoye challenges Nigerian businesses to go global |
It is time for Nigerian businesses to start thinking global in their
operations and targets so they can take of the world's profits and
contribute effectively to the growth of the Nigerian economy.
This was the resolve of over two hundred Nigerian business leaders who
attended the second edition of addVANTAGE global business leaders' network
with Fela Durotoye, last Saturday in Lagos.
The nation's leading inspirational speaker, nation-builder and business
consultant told the business leaders, consisting of Executives of several
Nigerian businesses that they were not designed to be local champions, but
global leaders.
In attendance were the likes of Ernest Akinlolu, Director, Marketing Segment
and Strategy, Etisalat; Temi Nelson, Head of Business process and
Outsourcing, NEXTZON; Mr. Victor Diali, CEO Motivo International; Mr Demola
Ogunbanjo, Vice President, Strategy and Execution Management, Advison
Consulting among others.
Durotoye sighted examples of Fortune 500 companies who have built their
businesses to be valued at billions of dollars, "some of them, like Hp,
beginning from garages".
He told the business leaders that "the world's global businesses often earn
30% of their revenues from countries outside of their origin and then
through the tax they pay, bring their profits and reinvest in their nation".
He said "In 2006, the top Fortune 500 companies had a total revenue of
$785.1 billion and were taxed 25.2% of their profits which amounts to about
$197.8 billion".
In his words, "Imagine that figure was converted into Nigerian naira at a
rate of N150 to a dollar, that comes to over 29 trillion naira! What would
happen if we invested N29 trillion into a sector of the Nigerian economy,
e.g. education? Last year, the budget allocated to Education was N164
billion. That's a drop of water compared to N29 trillion.
Can you imagine if our nation had over 1000 global businesses bringing in
N30 trillion to revive our economy? Imagine our companies doing business
with the global economy. Nigeria would be well among the league of global
nations. That's how countries such as China and India became super powers.
My vision is to raise 1000 global business leaders who dreamt big, started
small and grew fast enough to take their organisations from local to
global."
He noted the problem is with the thinking of Nigerian business leaders who
only set out to meet the needs of their immediate environment instead of
thinking global.
Durotoye stated clearly that he is on a mandate to raise global leaders who
will "bring back the world's profits to build Nigeria". He posited that if
Nigerian businesses can learn the things that Fortune 500 companies know,
they will be able to do what they have done, overtime.
addVANTAGE is a monthly business leaders network orgainsed by Visible Impact
to raise 1,000 global business leaders from Nigeria.
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