Strategic Focus in Driving Nigeria Towards the Commercial Capital of Africa: Lessons from Yiwu International Trade City in China

Abstract

This study examined the strategic focus required to position Nigeria as the commercial capital of Africa by drawing lessons from Yiwu International Trade City, China. The study focused on the measures Nigeria should adopt from Yiwu for commercial development and examined the strategic success factors underpinning Yiwu's commercial development. At the same time, the study evaluated Nigeria's institutional, infrastructural, policy, and market dynamics and developed a strategic framework to improve Nigeria’s commercial competitiveness. The study used a quantitative research design and gathered data through structured questionnaires administered to 372 stakeholders in both the commercial and trade sectors; 346 questionnaires were analyzed using Structural Equation Modeling. The results indicated that Yiwu’s strategic success factors, institutional and infrastructural dynamics, and the adaptation of Yiwu’s commercial model all have a positive and significant impact on Nigeria’s commercial competitiveness and its quest to become the continent’s commercial hub. The study concludes that, for sustainable commercial development, integrated strategic planning, efficient logistics, digital transformation, policy continuity, and effective public-private partnerships are critical.