This failure stemmed from inconsistent policies and a shift towards protectionism, in stark contrast to Taiwan’s successful industrial transformation under Sun Yun-Suan’s leadership. Taiwan’s strategic policies and focus on core competencies, known as the ‘Taiwan Miracle,’ positioned it among Asia’s leading economies. The divergent outcomes between Taiwan and Nigeria highlight the critical need for strategic investment in human capital to enhance economic prosperity and global competitiveness. The symphony of synergy: Taiwan’s industrial clustersIn the global economic arena, Taiwan has excelled through its strategic use of industrial clusters, transforming its SMEs into dynamic centers of industry and innovation. This scenario paints a clear picture: Nigeria’s economic strategies, marred by inconsistency and inefficacy, have led to an alarming rate of industrial decline.

Source: The Guardian November 13, 2024 10:01 UTC