Chinese Globalisation Strategy, Her Recent Global Business Dominance: A Lesson for Nigeria

Abstract

The study made a comparative analysis of the Nigerian economy and China on globalization. The need to empirically compare Nigeria and China with regard to China’s recent global business dominance formed the central objective of this study.  Data spanning over 23 years (1990-2012) sourced from World Bank were utilized.  The data were purged of spurious relationship by conducting test for stationarity. Ordinary Least Square was employed to analyze the data. The result revealed that China is benefiting from globalization based on China’s strategies in its globalization effort which yielded positive results. Nigeria on the other hand had hurriedly embraced globalization with a mono cultural primary product whose price is very volatile. The study therefore recommends that Nigeria should emulate the Chinese path of gradual market reforms, characterized by cumulative causation where each reform should lead to the next. Furthermore, it recommends that over emphasis on market economy- privatization, liberalization and commercialization is strategic but government presence in planning and development is valuable as seen in China’s experience. Heavy infrastructure and sustained development attract local and foreign investors and government should create incentives to encourage local production and export.

Key words: Chinese Globalisation Strategy, Global Business, Dominance.