Establishing permanent “Nigeria Markets” in countries where we have embassies would serve our national interest far better than temporary, limited trade fairs
During the week, trade expert Mr. John Isemede made a suggestion that caught my attention. He argued that our current trade promotion efforts are insufficient, citing “Chinatowns” as a prime example of effective market entry. These enclaves, created by the Chinese wherever they settle, serve as a permanent vehicle to introduce their people and products to the world.
This immediately got me thinking: Why can’t we establish “Nigeria Markets” globally using the Chinatown model? Imagine the immense opportunities “Nigeria Markets” in 1,000 cities across the globe would present.
The Chinatown model: A bridge for trade
Chinatowns function as vital bridges between the Chinese diaspora and the mainland. They are more than just neighborhoods; they are sophisticated commercial enclaves and economic hubs that facilitate trade and investment.
By providing crucial supply chain linkages, these markets connect products manufactured at home with diaspora populations. These communities then use their relationship leverage to introduce products to their countries of residence.
Leveraging the diaspora and “asoebi” economics
In the Nigerian context, this model already exists in a limited, informal capacity. Many Nigerian fashion designers who sell ‘asoebi’ designs abroad rely on friends and family who patronize them and introduce their work to others. This has recently scaled significantly; Nigerian weddings abroad have become spectacular events where hundreds of outfits are ordered, generating substantial foreign exchange.
For small and medium enterprises (SMEs) that lack the massive budgets required for international marketing, these leveraged relationships provide a huge discount on marketing costs. This “relationship marketing” is a feature we must formalize within the “Nigeria Market” framework.
Tapping into global demand and soft power
The demand for a “Nigeria Market” already exists. Nigerians are scattered across the globe and desire convenient access to authentic products from home. Beyond the diaspora, these markets offer a way to introduce non-Nigerians to our way of life.
The “soft power” attraction of this concept cannot be overlooked. We see it in the growing popularity of Nigerian cuisine. Many patrons of Nigerian restaurants today have never visited Nigeria; they were introduced to the food by friends, liked it, and became loyal customers. This mirrors the global trajectory of Chinese food — wherever there are Chinese people, you find their food, serving as a cultural handshake to the rest of the world.
From temporary fairs to permanent destinations.
Establishing permanent “Nigeria Markets” in countries where we have embassies would serve our national interest far better than temporary, limited trade fairs. These markets would become consistent destinations for exported goods, creating a steady demand that drives home-grown productivity, and diversifies foreign exchange inflows.
These hubs would be more than retail spaces; they would be cultural destinations. By selling authentic products, hosting festivals, and promoting Nigerian services, they would inspire tourism and improve the country’s global image through frequent, positive interaction. The potential for business profits and investment returns could eventually far exceed the value of standard personal remittances.
A private sector-led strategy.
To be clear, this is not a government-funded initiative. These should be private businesses funded by private capital from Nigerians at home and abroad. With a solid business plan and equity investors, securing financing from domestic or international banks should be straightforward.
The government’s role should be limited to loose regulation and diplomatic support:
Trade advisory offices: based in our embassies, should recognise these hubs as official “Nigeria Markets” and liaise with local governments to ensure their success.
Nigerian Export Promotion Council (NEPC) at home: must provide guidance to producers and exporters. Their role is to ensure quality control and prevent the export of substandard or illegal goods, protecting the national brand. They must also provide administrative facilitation. They must get inter-governmental agencies to help clear logistical hurdles to support those participating in the project.
An engine for growth.
“Nigeria Markets” would function as permanent showrooms and distribution points for our products. They would offer SMEs a gateway to global buyers without the need for massive advertising spend. If properly executed, this project will translate into a unique economic resource, bringing in foreign direct investment (FDI), accelerating industrial development, and creating a sustainable engine for non-oil export growth.
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Victor Ogiemwonyi, a retired investment banker, is a former Governing Council member of the Nigerian Stock Exchange (NSE), now Nigerian Exchange Group (NGX Group). He sent this contribution from Ikoyi, Lagos. He can be reached via comment@businessamlive.com and marketconversations.substack.com
