Impact of Global Capitalism on the Environment of Developing Economies: The Case of Nigeria

Abstract

Globalization may have generated some gains in some countries of the world; it is nevertheless associated with increased insolvency, inequalities, work insecurities, weak institutions and corrosion of established values. Against this backdrop, this paper takes a cursory look at global flow of capital and how it has impacted the Nigerian economy. The paper posits that the system of global governance is not basically consistent with the objective of the domestic economy given that, globalization results in the weakening of state capacity through the dominance of transnational flow of capital and investment. Hence the transnational network of production and services are orchestrated beyond the regulation of policies of domestic countries. Consequently, recommendations on development of the Nigerian economy to keep pace with globalization are highlighted. These include developing local technology; promoting domestic industry and manufacture of goods for exports; the management of domestic affairs devoid of extraneous foreign intrusion, so as to drive the economy to greater pedestals of development.

Keywords: Globalization, capital flow, economy, Nigeria, development.