Abstract
This paper presents the major productivity challenges facing Nigeria as a nation which contributed to delays in her economic recovery process. Some industrial visits were made to ascertain the effective levels of productivity, while administering structured questionnaire for data gathering. Comparative analysis was done between countries which were also categorised according to their developmental levels and strategies. Nigeria was included in the analysis, with a view to knowing where we belong and how best to fashion a way out of recession to achieve economic recovery. Results showed that corruption has eaten deep into the fabrics of our economic development. Manufacturing industries were found to be shutting down, due to unfavorable international competitiveness. One major way out of our recession was the development of human resources and creation of a stable macroeconomic environment. Also, Nigeria has to develop further its research and development activities through the allocation of more Research and Development expenditure as percentage of GNP particularly industrial research, in order to become competitive in the international market.
Highlights
No nation has been called great without consistent growth in productivity
When losses / wastes are reduced or effectively controlled in every man-machine system, productivity will be improved. This will lead to recoveries and growth in the economy
Having analyzed the key success factors of technological globalization in Newly Industrialized Countries like China, one can draw some general lessons and recommendations for Nigeria, which decide to pursue the similar pattern of technological globalization and development
Summary
No nation has been called great without consistent growth in productivity. Creativity and innovation have no place if they do not find use in developing the economy. The less developed countries could increase their productivity level as well as managerial and technological expertise by adopting appropriate macro policies for technology transfer and industrialization. They can manage successfully to decrease their technological gap with the more technologically advanced countries through a catching up process (Narula and Sadowski, 2002). Macroeconomic Stability/Human Resources Development Newly industrialized countries (NICs) such as China have adopted an appropriate and effective technology globalization strategy which has been supported by some other policies including development of human resources and creation of a stable macroeconomic environment. The adoption of effective policy measures including outward looking strategy, designing specific programs for developing indigenous technological capability as well as massive importation of technology and expansion of a well-skilled and qualified workforce are the most important reason for the China’s success story
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