Many countries actively promote the entry of foreign corporations in their nations. However, many argued that government should focus on the growth of local enterprises. I strongly agree with this view, as empowering domestic businesses provides job opportunities for citizens and preserves cultural heritage and identity.
Firstly, Local enterprises are more likely to provide long lasting employment opportunities for its citizens. These businesses which are owned by locals, tend to have long term commitment to their staff. They often build a functional communication system, maintain employees’ standards, improved social relationship, provide financial stability and have mutual understanding which is useful for the development of the industry. For example, locals working in a small scale textile company in Ibadan, mentioned that a lot of them have been working for over 15 years in the same enterprise.
Additionally, domestic businesses help to preserve cultural identity and heritage. It often promotes the unique identity of that particular culture. From food to fashion to domestic appliances including local technological devices, the unique characteristics of these products will be retained and will not be eroded by globalization. For example, Nigerian Local Business News, mentioned that ‘asooke’ which is known as the traditional wear in the southwestern part of the country has maintained its uniqueness in the aspect of production.
In conclusion, local enterprises must be empowered by the government as it provides employment opportunities for the citizens and also preserves cultural heritage and identity. However, foreign businesses can be considered but not at the detriment of domestic businesses.