The need for competitive economic system in Nigeria.

[Jubilee58]

For Nigeria to gain economic stability and growth, is essential we welcome and allow competitiveness in the economy. Economic competitiveness gives every entrepreneur, business people an equal opportunity to participate in the supply of goods and services without an individual dominating the economic market. When the market is competitive, more people are involved, thereby given room for price stability and control and more also , entrepreneurs and business people will see the need to supply quality products in other to attract the attention of potential customers.

In a competitive economy, no single person controls the economic system, even foreign investors are being welcomed.

What is your take on this?

[NurseHub]

So are you saying an individual controls the buying and selling in Nigeria? of course we can say that someone like dangote is superior in buys and sells but yet the economy is quite competitive the only thing is that the government, I mean each regime is not competitive in the right way but the wrong way, imagine if a president doesn't do more than the past president in the first tenure he gets impeachment and another leader continues with the good work that exactly is the definition of competitive economy 

[Floczy]

We pray for competitive market, but as a business owner, you will also pray for unsaturated market. When the market is saturated, you as a business owner will not have the number of customer you have  before. It affects most business men and women, forcing them to shift towards an unsaturated market.

A good advantage of a competitive market, is that it increases quality in goods sold and services rendered. In a competitive market, everyone try their best to render good quality of services to retain their customers.

[Hewlet]

In a competitive economy, no single person controls the economic system, even foreign investors are being welcomed.
What is your take on this?

The Nigerian business sector is an open space that anyone can get involved in and decide to do whatever business he dims worthy of doing without buying bullied or trolled by another. so far, the only person that looks like a dominants name in the Nigerian business space remains Dangote and even at that, others are still doing well in a very tight and competitive manner. Our population as a nation is quite large and it gives room for anyone to start up a business and still see those that will be willing to buy. competition is just a constant factor because there is no business you will start without seeing someone that is already in that line in close proximity with you.

[9ja Amaka]

Competitive economic system is the best for any society unlike the monopolistic system. The Competitive economic system helps in the control of the market system in every economy.  It does not allow a single individual or industry to have full control of a commodity, whereby no single individual has the control over price of a commodity, because their are other competitors that also have a say in the prices of commodity.  It also improves the quality of commodity,  because every individual involved in the production process will want to produce the best, so their commodity will be good for the customer. In a case where they don't have good commodity,  the customers will definitely switch to the alternatives.

[ArabBTC]

So are you saying an individual controls the buying and selling in Nigeria? of course we can say that someone like dangote is superior in buys and sells but yet the economy is quite competitive the only thing is that the government, I mean each regime is not competitive in the right way but the wrong way, imagine if a president doesn't do more than the past president in the first tenure he gets impeachment and another leader continues with the good work that exactly is the definition of competitive economy 

The market is open to everyone no doubt but the government gives certain private individuals an edge over others and this is part of what is slowing down our economic growth, Dangote for example is seriously aided by the government, government even give him certain grants and monopoly, he is always endorsed by every government, to the extent people feels his goods are the best because of heavy government support, the government even bring certain policies just to crash other entrepreneurs that wants to compete with him and this increases the continues relevance of Dangote, he controls the prices of most commodities because of heavy government support, so you see other young growing businesses won’t thrive much if the government intentionally support certain business due to political sentiments.

If our economy must grow rapidly then our government must give everyone a level playing ground devoid of political or tribal sentiments, you can’t favour Mr A more than Mr B and expect rapid growth, another thing that will help grow the Nigerian economy is what i call an enabling environment, Nigerians are hardworking and ready for any kind of business but the Nigerian government most at times cripple the efforts of entrepreneurs, common things like good roads, electricity, water etc ain’t providing to support the efforts of young growing entrepreneurs. I believe that if our government can come up with good schemes for entrepreneurs and also create and enabling environment and give every individual an equal trading chance things will actually turn around for good in our economic sphere.

[Mr Reporter]

Competitive economic system is the best for any society unlike the monopolistic system. The Competitive economic system helps in the control of the market system in every economy.  It does not allow a single individual or industry to have full control of a commodity, whereby no single individual has the control over price of a commodity, because their are other competitors that also have a say in the prices of commodity.  It also improves the quality of commodity,  because every individual involved in the production process will want to produce the best, so their commodity will be good for the customer. In a case where they don't have good commodity,  the customers will definitely switch to the alternatives.

You think Nigeria's economy would benefit from more competitive markets, or are there other factors at play well, I want to understand why the fact that
No single entity controls the market,Businesses strive for excellence, Customers drive innovation and quality.