Globalisation is the integration of national economies through trade and financial interaction. The globalization of economic activities juxtaposing increasing integration of national economies and markets has resulted in an increased demand for high quality, internationally comparable financial information. Adesina department of political science university of ibadan nigeria abstract as a member of the international community, nigeria is not shielded from globalization. The data are time series for the sample period and were obtained from the central bank of nigeria cbn statistical. Our choice of nigeria as our focus country is due to its ideal background for analysing the effects of globalisation. In carrying out these research studies, which includes, articles, seminars paper, newspaper, text books etc. This paper from it topic looks at the impact of globalization to the nigerian economy as well as it effect on our lives in general. To identify the obstacles to globalization and economic development in nigeria. Pdf globalization has over the years been widely celebrated as one of the keys to economic growth and development. The governments in the developing world believe that it is. To suggest the possible strategies for curbing the and verse effects of globalization on nigerias economic development in the globalized world.
The growing gap between the haves and havenots in the country which has left a growing mass in poverty and living with less than a dollar a day points to the failure of globalization to reduce poverty and ensure stability. Pdf impact of globalization on nigerian economy tee. Economic globalization, the ongoing process of greater economic interdependence among countries, is reflected in the increasing amount of crossborder trade in goods and services, the increasing volume of international financial flows, and increasing flows of labor. The gap between the minority rich and the majority poor is big and still growing. Pdf abstract the research work studies the relationship of globalisation on economic development of the nigerian economy.
As is well known to our profession, economic globalization. Impact of globalization on food consumption, health and. Effect of globalization on small and medium enterprises. That calls for better integration of social and economic policies in the process of regional integration, as has been the aim in the european union eu, the southern african development community sadc and the southern cone common market mercosur, among others. Impact of economic globalization on life expectancy in nigeria. The paper identifies two major categories ofglobalisation. Nigerian economy has experienced as a result of its incorporation into the world capitalist system particularly the globalization process spearheaded by the breeton woods institutions. The argument of the utd reveals that, nigerias underdevelopment is as a result of its haphazard integration into the world capitalist system. Thus the concepts of globalization and development as well as some components of nigeria development and the impact of globalisation on the world economy. Pdf the nexus of globalisation and economic development. According to salimono 1999, globalization has reduced barrier existing in international trade. Therefore, this study sets out to assess the impact of a globalised world as regards nigerias trade and industrial policy on the countrys level of economic growth. The study made use of five explanatory variables to test for the performance of the. The impact of globalization on african countries economic.
This paper examines globalization and its effects on third world economic development with emphasis on nigerian economy. Globalization and nigerian economic development dr. This paper examines the effect of globalization on economic growth in nigeria for the period. To examine the effects of globalization on the nigeria economy. Impact of globalization on econo mic growth of nigeria. In the last few decades the pace of global integration has become. Globalisation and the nigerian economy by this paper. Pdf globalization and nigerias economic development. Nigeria journal of international affairs, 321, 3245. The negative impact of globalization on nigeria dr. We analyse the role of globalization on dietary change and lifestyles in nigeria, trends in malnutrition in urban. Globalization, economic growth gdp, agriculture, petroleum, manufacturing, solid minerals, transportation and communication. Nigeria and the socioeconomic globalization of the 20th.
International financial institutions have on the economic development of nigeria through three variables later defined. Globalization or one global village which brought along with it the concept of freetrade, has greatly affected nigeria economic growth over the years. Globalization has become a whirl wind blowing across the world due to acceleration in information and communication technology thereby fostering more interactions as it shrinks the geographical boundaries of all countries into a global village. The result shows that foreign direct investment is a component of globalisation and important factor influencing the economic development of nigeria.
The study employed both cointegration and causality test. Globalization and its impact on the nigerian society. His academic interests are connected with the analysis of problems of globalization and modernization. A subset of globalization which has become very pervasive and, in. Globalization is a powerful real aspect of the new world system, and it represents one of the most influential forces in determining the future course of the planet. The ols is employed in estimating the model and the augmented dickeyfuller adf unit root test is used to examine the properties of the time series variables incorporated in this study. Globalization refers to the expansion of international flows of trade, finance, and information into an integrated global market, the prescription to the liberalization of national and global markets in the belief that free flows o. It focuses particularly on how the conditionalities of these institutions as manifest in the sap policy has affected nigeria s economic performance. Impact of neocolonialism globalization in nigeria the period of active colonialism having achieved its subjective aim gradually led to the stage of neocolonialism in the sociopolitical and economic history of nigeria.
Provide an evaluation of the influence of globalization on nigerias relations with the united states, european union, china, india, and other african states from 1999 to 2009. Impact of globalization on economic growth of nigeria. The result showed that globalization had a significant impact on economic growth in nigeria. Economic globalization and growth of the nigerian economy iiard. Shaping a new global architecture in the age of the fourth industrial revolution the third phase ran from the late 1990s until very recently and was characterized by the advent of the internet, the establishment of the world trade organization wto and the formal entry of china into the trading system. S department of state as a developing country, globalization occurs in four major forms, which are cultural, economic, technological and ecological. Nigeria as a developing country cannot shy away from globalization, since the country has been exposed to both the negative and positive effects of globalization. Globalization and its impacts on the world economic. Globalization is integration among the people, government and companies of different countries rothenberg, 2003. Globalization and its impact on the performance of the nigerian.
Download the full project from chapter one to chapter five with abstract and reference. Globalization has both cost and benefits, but experience have shown that the costs of globalization for nigeria seem to have outweighed its benefits. Africa generally demonstrates quite clearly that like other developing countries, it is not catching with the advanced economics. In the case of nigeria, which is classified by the u. Impact of globalization on economic growth in nigeria 19862018. The economic consequences of these globalization policies have been the same everywhere, specifically to peripheral states, and exactly what one should expect. The study investigated the nexus between globalization and economic development of nigeria.
Some of the effects of globalization on the economic development of nigeria include. Globalization studies and editorinchief of the journal age of globalization in russian. This integration was accomplished through the process of monetization, taxation, wage labour, production. The relationship between economic globalization and financial. Section three accesses the impact of globalization on economic growth in nigeria. The effects of globalization on developing economies. Pdf this study examined the implications of globalization on economic development of nigeria within the period 20122016. His published research includes topics such as forecasting world political change, socialeconomic development and social evolution. Globalization is multidimensional jrcoecd, 2008 and affects all spheres of economic, cultural, environmental and socialup to relations between states and nations from the five continents.
It includes an intensification of crossnational cultural. Todays world is organized by accelerating globalization, which is strengthening the dominance of a world capitalist economic system, supplanting the primacy of the nation state with transnational corporations and organizations, and eroding local cultures and traditions through a global culture kellner, 1989. Section two discusses the conceptual and theoretical framework, that is, the concepts of globalization and economic growth. Poverty in nigeria remains significant despite high konyeaso. Adeleke, akinola and chris 20 investigated globalization.
This paper also examines the concept of globalisation and the place of nigeria in the web of international relationships involving trade in goods and services and financial intermediation. Trends, risks and prevention 5 latter half of 1990, this proportion had already reduced to 0. Globalization and nigerian economic development yusuf. In nigeria, it was the era of structural adjustment program in collaboration with the imf and world bank. As a member of the international community, nigeria is not shielded from globalization. The impact of globalization on the economic growth of nigeria, free undergraduate project topics, research materials, education project topics, economics project topics, computer science project topics, hire a data analyst. While globalization was an instrument of growth for some countries, it made nigeria that much more behind since. Nigeria has been ranked as one of the most corrupt countries n the world. Globalization is central to understanding the nigeria story, but its not a product of the 1970s or of big oil. The effect of globalization on nigerias economic development.
However, the country is exposed to both the positive and negative effects of globalization. Positioning nigeria for development in an era of globalization. Globalization or one global village which brought along with it the concept of freetrade, has greatly affected nigeria economic growth over the. The effects of globalization are different for nigeria than the rest of the world. What are the effects of globalization in nigeria economy. In essence, globalization offers many opportunities to nigeria and other developing countries as well as other actors in the global economy. Globalisation, economic development, shell, imf, nigeria. This article investigates the relationship between imports. Economic development through globalisation in nigeria. Download complete project material pdf from chapters 1 to 5. Globalization has various effects both positive and negative on the countries that choose to achieve the worldwide connection. One most common definition of globalization states that globalization is a process of integrating different world economies. Central bank of nigeria, annual report and statement of accounts various issues. Analyze the impact of globalization on the development of nigeria foreign policy v.
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