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Global competition and corporate responsibility
Sagagi, Murtala S.
Sagagi, Murtala S.
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PSagagi.pdf
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Abstract
Developing world has been dragged into global free market system with very little opportunity to prepare. Regardless of different stages of industrialization and development all countries are expected to be guided by common rules of international trade. Besides, rich nations provide assistance and support to their industries while discouraging less developed ones from doing the same. On this bedrock, this paper presents the results of an interview pertaining to global competition with the management of textile companies in Nigeria. The results also incorporate authors observations and contemporary literature in the field of discuss. On the whole, it is found that the textile sub-sector being the second employer of labour in the country is collapsing by the day due to intense and unfair foreign competition. This has raised serious question on the membership of Nigeria in the World Trade Organization (WTO). Since that has only resulted in industry closures, job losses, low productivity and excessive hardship on the citizens. Interestingly, we find that despite global competition some companies are able to remain relatively competitive. What differentiated them from the noncompetitive companies is the management effort to take responsibility for implementing key changes in production, distribution, strategy and work process. To enable companies achieve sustained competitiveness, the paper recommends that government should also live up to its responsibility. This calls for innovative policies aimed at providing investor-friendly environment.
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