Globalisation and Economic Growth: The Case of Nigeria (1970-2010)

Abstract

Drawing from the experience of Nigeria, this study presents an analytical link between globalisation and economic growth. The Ordinary Least Squares (OLS) estimation technique was adopted for the study. Focusing on the economic aspect, it is observed that globalisation is a phenomenon entailing the increasing integration of goods, labour and capital markets across the globe. These have been facilitated by the improvement in technology and application of liberal economic policies. While those countries that have applied appropriate economic policy measures have benefited from globalisation, those that have not, have been marginalised. Nigeria has not fared well not only because of inappropriate policies but also owing to the fact that the international environment presents unequal opportunities. In order to improve its lot, Nigeria must devise strategies for negotiating better terms at the multinational setting. In addition, basic internal conditions necessary for globalisation to be beneficial to the country, must as a matter of necessity, be enshrined first. This is without prejudice to the need to pursue policies that would enhance exports, raise productivity and improve the welfare of the citizens.

KEY WORDS: Nigeria, globalisation, economic growth, gains, link.