IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 10 NO. 7 2024
DOI: 10.56201/ijebm.v10.no7.2024.pg154.170

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The Role of Competitive Intelligence on Nigeria’s Economic Development

CHUKWUKA, Ernest Jebolise (Ph.D) and IMIDE Israel Onokero (Ph.D.)

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Abstract

This research paper investigated the role of competitive intelligence in guaranteeing competitive advantage against rival firms and ascertaining its contribution to Nigeria’s economic development. In the constantly changing business environment of modern business, competitive intelligence is a potent surviving strategy against turbulence that will amount to business failures. This study adopted a qualitative research methodology through the extant and systematic exploratory review of literature to carry out this study, which is modified to understand the motivations, viewpoints, theories, and views of scholars in order to address the study issue. This study relied on a secondary source of data. This study discovered and subsequently concludes that competitive intelligence in business organizations helps organizations to have a competitive advantage with rival firms through organizational financial return on assets (ROA) and return on equity (ROE), as well as profitability, and contributes massively or significantly to Nigeria’s economic development. Technology-based competitive intelligence is highly recommended for business organizations for the fast-tracking and analysis of information, which guarantees the competitive advantage of the firms and, in the long run contributes to Nigeria’s economic development. Secondly, business organizations should devote more funds to competitive intelligence in their organizations to guarantee competitive advantage.

keywords:

Competitive Intelligence, Nigeria’s Economic Development, Competitive advantage,

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