Abstract
Purpose Global presence pursuit by Nigerian firms has increased the inquiry into internationalization. While a few implement regional presence, the pros and cons of full internationalization are evaluated. Giving the scarce empirical research, this paper aims to add to scholarly works and knowledge on internationalization and establish regional internationalization as the feasible option for Nigerian firms. Design/methodology/approach Random and stratified sampling techniques were used. Data collection was conducted with questionnaire copies and analyzed with confirmatory factor analysis and structural equation model. Findings Internationalization strategy enhances small and medium enterprises (SME’s) competitive advantage, and full internationalization seems unrealistic for Nigerian firms; however, regional internationalization is the bedrock for full internationalization. Finally, the nature of the Nigerian business environment developed an increased value creation process in SMEs through increased flexibility and problem-solving abilities. Practical implications SMEs should internationalize partially, and critically evaluate socio-cultural and institutional environmental challenges in this study, to enable them to strategize for full internationalization. Originality/value The study demonstrates that the only way to fast track the internationalization drive of SME’s in Nigeria is first to embrace regional internationalization because it is difficult to achieve full internationalization at a go. Then, apply appropriate strategies to embrace full internationalization in the nearest future.
Highlights
Internationalization has become a remarkable trend among Nigerian and African firms in terms of scope, sophistication and scale over the past two decades
Studies done by Barungi et al (2016) support the findings that socio-cultural factors play a major role in the internationalization effort of small and medium enterprises (SMEs) in Nigeria and the inability of the SMEs to fully mitigate against these factors made many SMEs in Nigeria remain on the local front alone and downplayed their internationalization efforts
This article took a critical look at the Internationalization process model by Johnson and Vahlne examining the 1977 model, what the elements in the model stand for when internationalization is discussed and the new internationalization model by same authors in 2009 explaining some changes that necessitated the new model and how the model has been able to fully capture issues relating to the internationalization process (Johanson and Vahlne, 2009)
Summary
Internationalization has become a remarkable trend among Nigerian and African firms in terms of scope, sophistication and scale over the past two decades. © Gbemi Oladipo Olaore, Bimbo Onaolapo Adejare and Ekpenyong Ekpenyong Udofia. Published in Asia Pacific Journal of Innovation and Entrepreneurship. The full terms of this licence maybe seen at http://creativecommons.org/licences/by/4.0/legalcode
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