Globalisation and Economic Growth: The Nigerian Experience

Abstract

International contacts and exchanges are not a new phenomenon. It started from the time of the Mercantilists who were popular from the sixteenth to the middle of the eighteenth century. They traversed the whole world looking for precious metals, in the process partitioned and colonized all parts of the world. Hence, globalization dates back to human history. This was carried out in the form of trade, exchanges, inter country movements, travels and migration. This paper uses descriptive research method to analyze the impact of globalization on economic growth in Nigeria in terms of trade and capital flows. The Nigerian economy was integrated into the global economy before independence. But unfortunately the benefit of globalization did not trickled down to the Nigerian economy as proposed by its proponents. This paper is of the view that increased trade and capital flows engendered by globalization can enhance the country’s growth performance. However, if Nigeria is to benefit from the global integration, it has to address a number of challenges and implement appropriate strategies and policies in order to maximize the benefits of globalization and minimize the risks of destabilization and marginalization, as well as promote rapid economic growth and achieve substantial poverty reduction.

Keywords: Impact of globalization, economic growth, trade and capital flows, poverty reduction.