Experts to CEOs: Build local markets before going international

Contrary to the arguments of some business owners that it is more lucrative to sell their goods abroad than locally, brand experts have warned them that brands can only make it to the global arena when they are first accepted in Nigeria.
A brand management expert, Dr. Jossy Nkwocha, explained that “it is when a local brand is consumed locally that the world will accept it.”
According to him, there is no short cut to success as brand building processes are the same everywhere, saying one thing many successful businesses have in common is that their promoters have devoted time, effort and financial investment towards building them.
“In Nigeria, we have brands that are doing well because of the commitment of their owners. But beyond this, it takes two to tango-consumers, regulators, trade partners and other stakeholders must be committed to their local brands before those in other climes can show interest.
“This is exactly why our entertainment industry is accepted globally because we also accept them locally,” he
said.
Another brand expert, Mr. Owoyemi Ajayi, explained that, for instance, the Dangote brand had been recognised as one of the best things that ever came out of Africa as the group “is one of the most diversified business conglomerates in Africa, with a hard-earned reputation for excellent business practices and products’ quality with its operational headquarters in the bustling metropolis of Lagos.”
“The group’s core business focus is to provide local, value added products and services that meet the ‘basic needs’ of the populace before moving to other parts of the
continent.
“Vigeo Holdings is another indigenous Nigerian company that was initially founded to provide corporate promotion and marketing services and over the years, has evolved into a multi-business holding company with a focus on infrastructure,” he said.