UIM; Dr. Kaplan, welcome to Nigeria.
Dr. Kaplan; Thank you.
UIM; Is this your first time in Nigeria ?
Dr. Kaplan; Yes it is.
UIM; What is your impression of the country ?
Dr. Kaplan; A very vibrant business community that is gaining confidence in its ability to be a continent wide and international economic and business presence.
UIM; How much of the country have you seen so far ?
Dr. Kaplan; Well I have not seen much of the Nigeria. I did not arrive until two evenings ago. So I have not had a great opportunity to look around. I spent yesterday with the Central Bank Nigeria at the conference in the hotel (TRANSCORP HILTON ), so it’s been interaction with some business and financial leaders of the country.
UIM; All over the world, good governance gives boost to the economic
growth . With regards to this, where do you place Nigeria and what do you think that we should improve on ?
Dr. Kaplan; Well I think it is actually a very sophisticated business community. I mean this because I have met many of the people here already. They have come to Harvard Business School and I have seen them in executive programmes. So they want to be the best they, use the most proven leadership and management approach and the question is whether the political environment will allow them to do what they can. You know, maybe it’s possible to create new enterprises , expand enterprises which will increase jobs, increase income which is one of the point I today in my talk. It’s very important for the business community to be deeply committed to reducing inequality and giving all Nigerians some vision that they can be successful in this country.
UIM; Are you convinced that you were talking to the right people ?
Dr. Kaplan; I think I was but am just talking now with people in the financial sector and maybe at some point, I may have the opportunity to talk with people in the other sectors
UIM; During your lecture, you pointed out that when one is talking to customers, what they always ask is ‘what is in there for me ‘? Do you see the people you are talking with as people who have the interest of the customers and what they have for the customers in their minds ?
Dr. Kaplan; Yes I believe so because none of the organisations can be successful unless they understand who their customers are and create and deliver value to those customers and as well as it’s gonna be more competitive with the other organisations trying to reach the Nigerian population. You know that Nigeria is a huge of over one hundred and fifty million people. So that is an attractive market even though some of the people are believers that overtime we hope the income level growth goes up. So now is the time for the companies to build their loyalty among the Nigeria consumers.
UIM; Nigeria is financially and materially rich but there is the of bad governance and corruption and some of these must have formed your impression before you came to the country.
Dr. Kaplan; Well I have known that they have had difficulty in this problems of corruption and it’s very important that they eliminate that because capitalism and market based systems grade their wealth creation don’t do well in environments where there is no rule of law. So the most important thing that a government can do to foster economic growth in that country is to provide a rule of law because capitalism is about contracts, The ability to enter into long term commitments, making investments in the country and in the people and they have to be able to make returns from those investments.
UIM; If you met a businessman or woman that wants to invest in Nigeria, what would be your advice to them ?
Dr. Kaplan; At this stage, I have not been here long enough to be able to you that judgement. What I see is that is that financial sector seem committed to making this country the financial hub of Africa and to be the London of Africa and that is great .
UIM; Do you see our capital market bouncing back fully in the nearest future ?
Dr. Kaplan; Yes, I think it can be again because you have the resource base and the population base that none of the other African countries have. You are behind South Africa. South Africa got ahead on this but they could be stalling so Nigeria could have the opportunity to take the leadership of Africa but it does require commitment at the legislative level, political level and judicial level to foster that environment in which market based systems can strive.
UIM; As an academician and somebody that is constantly interacting with financial institutions and governments, what motives you?
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