Globalization and its impact on the nigerian society. 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. We will not look at how nigerian companies have internationalised and expanded abroad but rather focus on how globalisation has impacted on domestic economic development and how its impact can be looked upon. The negative impact of globalization on nigeria dr. This has been a blame on corruption and gross mismanagement of the countrys vast resources.
Sep 05, 2018 the controversial structural adjustment program sap, an economic policy designed to liberalize nigerian economy in the spirit of globalization has produced serious negative effects. Globalization and its impacts on the world economic. Globalization and sustainable development in africa on jstor. Shuaib, ekeria and ogedengbe 2015 examined the impact of globalization on the growth of the nigerian. 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. This advancement has helped the research and development facilities in the country to progress to the level that it has attained today. Globalization is integration among the people, government and companies of different countries rothenberg, 2003.
Despite its enormous array of resource the nigeria economy has witness a period of stagnant economic growth. Impact of globalization on culture university of ilorin. Download the full project from chapter one to chapter five with abstract and reference. These were biased in favour of the rich and powerful and neglected the social impact of economic policies.
To examine the effects of globalization on the nigeria economy d. The study employed both cointegration and causality test. With the help of globalization, revenue collected and expenditure made are accounted for with little or no errors. The impact of globalization on africa alhaji ahmadu ibrahim department of sociology yobe state university pmb 1144, damaturu yobe state, nigeria abstract globalization as the process of intensification of economic, political, social and cultural relations across. All this accomplished, nigeria could join the league of nations in enjoying the benefits of globalization. Economic development through globalisation in nigeria.
Pdf the negative impact of globalization on nigeria. According to salimono 1999, globalization has reduced barrier existing in international trade. In essence, globalization offers many opportunities to nigeria and other developing countries as well as other actors in the global economy. During the research work, many problems came up in which some of them are. Impact of globalization on the nigerian economy project topics. Globalization and economic development in nigeria adeleke omolade, akinola morakinyo and chris ifeacho school of accounting, economics and finance, university of kwazulunatal. The impact of globalization and nigeria economic development affirmed that the only way economic growth and development could easily be sustained. Negative effects of globalization in nigeria research cyber. One most common definition of globalization states that globalization is a process of integrating different world economies. The socioeconomic impact of globalization in nigeria. The research is quite relevant and significant on the grounds that despite nigerias acceptance over the years to implement policies foisted on her by imperia forces from united states, european countries and. Mar 06, 2020 globalization aims to benefit individual economies around the world by making markets more efficient, increasing competition, limiting military conflicts, and spreading wealth more equally. Globalization in nigeria can be tress back to the introduction of structural adjustment programme sap in 1986, during babangida. It was during this period that the system international unit s.
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. Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. The result shows that foreign direct investment is a component of globalisation and important factor influencing the economic development of nigeria. To examine the effects of globalization on the nigeria economy. Globalization and its impact on economic growth of the. Globalization and its impacts on the world economic development. Globalization is a trend that impacts everyone more and more each day. Globalization has introduced the concept of borderless and integrated world economy. To identify the obstacles to globalization and economic development in nigeria. Knowing nigeria s commitment to the concept outtalked decided to undertake a critical assessment of its impact on the nigeria economy. Globalization and nigerias foreign policy globalization has become a commonly used word worldwide. This paper would analyse the impact of globalization on the performance of the nigerian economy by dividing the period into two.
Its impact on nigerias economy and implication on national development. Effect of globalization on small and medium enterprises. The study investigated the nexus between globalization and economic development of nigeria. Adesina department of political science university of ibadan nigeria abstract as a member of the international community, nigeria is not shielded from globalization. The reaction to the concept of globalization and its application to human development have been significantly more pronounced in the relationship between the developed western world which are owners of the new technologies and the poor developing countries which are by and large consumers of the new capitalist economy. In the last few decades the pace of global integration has become. During the research work, many problems came up in. The history of globalization and its local meanings run much deeper, and in some profound way are very much wrapped up specifically for the niger delta with a popular consciousness of the longue duree of the regions in. Effort is made on the ways nigerian culture can be protected from extinction as a result of forces of globalization, which is currently exerting influence among nigerian youths. Globalization, youth, economy, productivity, technology, nigeria introduction since the 1970s, many transformations have happened in nigeria and the world over. The argument in the light of the above is that shells position in nigerias political economy and its role as the cutting edge of the global control of nigerias oil offers nigeria as its partner, an equal autonomy in relation to the dictates of globalization.
The milken institutes globalization of the world economy report of 2003 highlighted many of the benefits. Pdf impact of globalization on nigerian economy tee barry. In nigeria, it was the era of structural adjustment program in collaboration with the imf and world bank. This paper also examines the concept of globalisation and the place of nigeria in the web of international relationships. Globalization, the increasing integration among nations has accelerated over the past half a century, driven largely by the remarkable expansion in international trade and extra ordinary advances in information and communication technologies ojeka, 2004. The research study is restricted to globalization and economic development in nigeria, an assessment of its impact on the social economic development in nigeria economy. Impact of globalization on food consumption, health and. Impact of globalization on the nigerian economy economics. It also discovers that, the integration of the nigerian economy into the global capitalist economy had foisted on her.
Doc effects of globalization in nigerian economy samson b. However, the country is exposed to both the positive and negative effects of globalization. Corruption is the western concept that was brought into nigeria economy by globalization and it imperial policies. Economic globalization is one of the three main dimensions of globalization commonly found in countries, academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. Impact of globalization on econo mic growth of nigeria. To suggest the possible strategies for curbing the and verse effects of globalization on nigerias economic development in the globalized world.
Globalization aims to benefit individual economies around the world by making markets more efficient, increasing competition, limiting military conflicts, and spreading wealth more equally. This study covers the impact of globalization on the growth of the nigerian economy from the period of 19862008. Impact of globalization on economic growth of nigeria. Globalization and its impact on the performance of the. These effects include inflation, and devaluation of currency, creating new threats to human development the argument about its faulty implementation. The negative impact of globalization on nigeria article pdf available in international journal of humanities and social science 215. Nigeria journal of international affairs, 321, 3245.
Globalization is central to understanding the nigeria story, but its not a product of the 1970s or of big oil. It is no longer a new concept or phenomenon in the academic and business world as social scientists, journalists, business analysts, management theorists. Globalization has changed the picture of world economy, by increasing the crossborder trade, exchanges of currency, free flow of capital, movement of people and flow of information. Politics concerns about the impact of globalization on the environment, human rights, and other issues are also important elements of the politics of globalization dunning, 1999. Globalization ecologically in nigeria has led to rapid migration to the city of lagos in nigeria refer to fig.
The adverse effects were sometimes strikingly similar in different parts of the world. It has contributed to a great deal of outsourcing which is one of the greatest organizational and industry structure shifts that changes the way business operates drucker, 1998. The effects of globalization on developing economies. Apr 28, 2009 globalization is central to understanding the nigeria story, but its not a product of the 1970s or of big oil. This form of globalization has aided nigeria in its entry into the global village akinboye n. 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. The results revealed that globalization had no significant impact on nonoil export in nigeria. Globalization has an effect on employment patterns worldwide. Central bank of nigeria, annual report and statement of accounts various issues. For centuries, globalization has progressively knitted together the world and created unity out of great diversity. Impact of globalization on economic growth of nigeria mensch mind. This is a discourse on political economy of globalization and its implication for africa with particular reference to nigeria.
Impact of economic globalization on life expectancy in nigeria. This has enjoyed prosperity as a result of the global village concept that technological globalization promotes. Shuaib, ekeria and ogedengbe 2015 examined the impact of globalization on the growth of the nigerian economy over the period 1960 2010. B 1010, abakaliki, nigeria enugu state university of technology, enugu, nigeria. Globalization or one global village which brought along with it the concept of freetrade, has greatly affected nigeria economic growth over the years. This research will analyse the impact of globalization on nigeria economy, taking a good analysis on various ways and means put by the government of nigeria and its agencies to adapt to globalization as well as absorbing the negative consequences of. As a member of the international community, nigeria is not shielded from globalization. Bachelor thesis, school of business and governance department of law, tallinn university of technology.
Ifelunini and osuyali 2014 investigated the potency of globalization as a driver of economic growth in nigeria. We analyse the role of globalization on dietary change and lifestyles in nigeria, trends in malnutrition in urban. Globalization and nigerian economic development yusuf. The governments in the developing world believe that it is. Globalization is the process of achieving greater interdependence among countries and their citizens. The paper identifies two major categories ofglobalisation.
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