Multinationals, SMES identified as drivers of innovation, as government lags
The 2018 GE Global Innovation Barometer has identified multinationals, small and medium scale enterprises (SMES) and entrepreneurs as the leaders of innovation globally, while there is a decrease in governments driving innovation.
The Nigeria report titled ‘From Chaos to Confidence: Emerging players, emerging technologies, emerging challenges,’ which sampled 80 innovation business executives, explores how Nigerian business leaders perceive the barriers and opportunities for innovation in the country. It was presented at an event held at the GE Nigeria headquarters in Lagos, as part of events celebrating over 120 years of GE operations in Africa.
One of the findings of the report, which was presented by Patricia Obozuwa, chief communications and public affairs officer, GE Africa, shows that multinationals continue to take the lead in driving innovation, which conforms to the global narrative. Obozuwa stated that 36 percent of Nigerian business executives say multinationals drive innovation compared to the global figure of 23 percent. Likewise, SMES are also viewed as a key driver of innovation over-indexing against the global figure by 12 percentage points (Nigeria 23 percent, Global 11percent).
However, since the GE GIB 2016, Nigeria has seen a 1 percentage point
increase in innovation championship in 2018, compared to 0 percent previously. This places Nigeria in 21st position, in-between Malaysia and Brazil.
“Innovation and technology are fundamental for Africa to be able to compete in a global frame work. Localisation is also important - innovation needs to be tailored to the specificities of local needs. We need to develop home-grown solutions for Africa.,” Fezoua, president and CEO, GE Africa, said in his opening remarks at the event. He added that training programs like the GE Lagos Garage, aimed at Nigerian entrepreneurs, helps support local innovation in the country.
The Nigeria Report is part of the Global Innovation Barometer that surveyed 2,090 business executives across 20 countries. This is the sixth edition of the survey since 2010.
Amongst other findings, the survey reveals that attitudes towards 3D printing are positive in Nigeria. Almost nine in ten business executives believe 3D printing will have a positive impact on businesses (88 percent).
The results of the further explored and survey were discussed by a panel of experts which included Akintoye Akindele, partner, Synergy Capital Managers; Solape Hammond, Co-founder, Impact Hub; Thelma Ekiyor, Co-founder & CEO, Afrigrants and Olumbe Akinkugbe, director, Ondo State Information Technology Agency. The panel recommended several strategies to encourage SME innovation in Nigeria including close collaboration between the public and private sector.
In his key note speech, Babajide Sanwo-olu, Lagos State Governor who was represented by Folasade Jaji, the secretary to State Government, said: “Through its activities, GE has supported economic growth in Africa within a period spanning over 120 years. It has also been a key partner in progress in Nigeria where it has operated for over four decades. We are delighted to note that GE is providing support that will enable us leverage on the emerging potentials of the 24/7 economy of Lagos mega city and a location of first choice for investors.”
Sanwo-olu commended GE on the success of the GE Lagos Garage initiative which he noted, has empowered young people through training and capacity building in areas of business development and advanced manufacturing-based technology enterprise, among other skills.
“As our partner in progress, Lagos state government will continue to collaborate with you, especially in the critical areas of power and healthcare, as well as skills development” he added.
With its Lagos Garage, GE is leading efforts to drive the adoption of 3D Printing in Nigeria. Created as a hub for advanced manufacturing-based innovation, strategy development, idea generation and collaboration, the Garage offers year-round series of skills training programs focused on building the next generation of Nigerian entrepreneurs.
Till date, over 400 entrepreneurs have graduated the program having been trained to use the latest in advanced manufacturing technologies; 3D printers, CNC mills, and laser cutters as well as in business development.