Title: Effective Resource Management as a Determinant of Competitive Advantage in Nigerian Private Sector Firms
Authors: Mbagwu Ignatius Nwabudo
Volume: 9
Issue: 1
Pages: 10-18
Publication Date: 2025/01/28
Abstract:
This study examines the relationship between resource management and competitive advantage in Nigerian private sector firms, using the Resource-Based View (RBV) theory as the framework for theoretical analysis. The study reveals that effective resource management is crucial for firms seeking to establish and maintain a competitive edge. Through strategic planning, resource allocation, and performance measurement, firms can optimize resource utilization, enhance operational efficiency, and drive sustainable competitive advantage. The study identifies challenges confronting Nigerian private sector firms, including skilled personnel shortages, economic instability, and bureaucratic and corrupt practices. To overcome these challenges, the study recommends that practitioners prioritize strategic planning, foster a culture of innovation, develop and leverage core competencies, address challenges in Nigerian private sector firms, and adopt best practices in resource management. The study concludes that efficacious resource management constitutes a critical success factor for private sector firms seeking to actualize strategic objectives and establish a sustainable competitive edge. By prioritizing resource management, firms can optimize resource utilization, enhance operational efficiency, and drive sustainable competitive advantage.