A Review of the Effects of Globalization on Nigeria Economic Development

Abstract

This study suggests that Nigeria political leaders develop the political will to break away from depending on the International Capitalist system whose interest is to perpetuate the country’s peripheral states. Since independence, Nigeria has unsuccessfully tried various models aimed at achieving sustainable development. Nigerians however still pursue policies aimed at improvement of Nigerians standard of living. One of such policy is globalization which she has pursued vigorously in keeping with the demands of the International Financial Institution of the World Bank and International Monetary Fund (IMF). This work critically examines the effects of globalization on Nigeria’s economy especially within the democratic dispensation. The main feature of the current economic situations in the contemporary world system is globalization which is led by a New Age of Information Technology (IT) which is contrary to the history of human kind. Countries have continually intensified various efforts towards engaging in business across country’s borders and distributing networks and production on a global scale. Therefore, with these trends of political, economic, social and technological forces, the world is becoming a ‘global village’. Based on the above, this study recognizes the existence of a global environment that is deeply embedded in interdependency and the necessity for Nigeria to minimize the negative effects of globalization while exploring its benefits for national development and economic growth.

Keywords: Globalization, Economic Development, Nigeria