Africa generally demonstrates quite clearly that like other developing countries, it is not catching with the advanced economics. Nigerian economy to keep pace with globalization are highlighted. Globalization in the pass decades has done significant impact on the agricultural as well as the economic sector of the third world nations particularly nigeria. Globalization, capital market and economic development in nigeria. Download the full materials from chapter one to five with reference and abstract. A subset of globalization which has become very pervasive and, in. The effects of globalization on developing economies. Following the globalization trend, nigeria has been liberalizing its economy since 1986. Jun 15, 2017 globalization plays a pivoted role in the nigeria economy.
Pdf the negative impact of globalization on nigeria. The economy is yet to gain more by diversifying its exports. Globalization and the automobile sector of nigeria 19902015. Impact of trade openness on economic growth of nigeria. Regrettably, since the integration of the nigerian economy into the global economy, the growth pattern of the economy has remained below.
Pdf impact of globalization on nigerian economy tee. The result showed that globalization had a significant impact on economic growth in nigeria. I and asemota, abel abstract the paper attempts to examine the impact of globalization on economic development of developing countries, using nigeria as a case study. There is significant difference in the perceive impact of globalization on socio economic development between the nigeria private and public sectors. 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 globalization of the world since 19812017. Effect of globalization on economic development in nigeria. Globalization has various effects both positive and negative on the countries that choose to achieve the worldwide connection. It is obvious that nigeria as a country still depends on the importation of productive inputs despite all efforts to develop her local resources. The essence of globalization is to move the economy towards external liberation, focusing on marketoriented economic system, exportled strategy and stabilization of the economy.
Pdf the aim of this study is to assess the socioeconomic impact of globalization in nigeria. The growing gap between the haves and havenots in the country which has left a growing mass in poverty and living with less than a dollar a day points to the failure of globalization to reduce poverty and ensure stability. Impact of globalization on nigeria economic growth thesismind. The study reveals that for nigeria to benefit from globalization her productive capacity, economic structure, political stability, macroeconomic policy and technology should be enhanced. It argues that although globalization presents many opportunities, it also exposes developing countries like nigeria to many new challenges. We therefore recommend that the government provide adequate support to various sectors of the economy, design appropriate strategy by diversifying the economy, exchange rate stability and.
Positive and negative effects of globalization on the. Economic globalization, income inequality and economic growth. Economic globalization, income inequality and economic. Globalisation and the nigerian economy by this paper. What are the importance of globalization to nigeria economy. The result of this project research will be significant to the workers, individuals, the nigerian masses and the government in general. In the context of economics development, the concept of globalization has been used to refer to the integration of national economies into the global economy. Prospect for development and underdevelopment download this complete project material titled. Jul 04, 2020 the research work on globalization and economic development in nigeria uses analysis, exposition and evaluation as its method of inquiry. In this paper, efforts were made to explore the state of the nigeria economy in the last 36 years 19812017. They study was limited to the federal ministry if information and communication.
In this sense globalization is said to have emerged from the need for market orientation in economic affairs after the collapse of communism due to its inability to efficiently provide incentives to drive economic production, allocation, distribution and growth. It has been observed that the aspects of long process of globalization has been implemented in nigeria. In the case of nigeria, which is classified by the u. The impact of trade openness on nigeria economic growth within the sample period of 19812016 pdf. Corruption is the western concept that was brought into nigeria economy by globalization. Globalization and economic security in nigeria academic journals. Globalization is seen not just as an economic process, but also as a process of the world becoming increasingly interconnected and also as one in which values are becoming more oriented to a global context, and international institutions are playing a more key role.
The nigerian economy was integrated into the global economy before independence. The paper noted that globalization involves openness to international trade. Based on the research question above, this study hypothesises thus. Globalization, business cycle and economic growth in nigeria formed the focus of the study by alimi and atanda 2011. Conclusionthe study examined the effect of globalization on economic growth in nigeria between 1986 and 20.
Trade openness on nigeria economic growth was tested using vecm and granger causality test to estimate the relationship. Some of the effects of globalization on the economic development of nigeria include. According to salimono 1999, globalization has reduced barrier existing in international trade. Globalization and its impact on the performance of the nigerian. Globalization and nigerian economic development dr. Enugu, nigeria abstract the world has witnessed increased interdependence in the last two decades, thanks to globalization. Pdf impact of globalization on nigerian economy tee barry. Globalization and its impact on economic growth of the. Globalization and nigerias economic development research cyber. Implications of globalization for the nigerian economy, in nigerian economic society, globalization and nigeria s economic development. Chapter four discuss the nature and characters of economic, globalization and economic reforms in nigeria between 1999 and 2006, partnership for african development nepad and nigerian economic development, effects of globalization on nigerian economy while chapter five contains summary, conclusion and recommendations of the study.
This paper would analyse the impact of globalization on the. Nigeria and the socioeconomic globalization of the 20th. The study examined the impact of globalization on the nigerian economy. Pdf the socioeconomic impact of globalization in nigeria. Globalization imposed a dependent capitalist social system and western values in the forms of industrialism, market principle and institutions on nigeria. Impact of globalization on economic growth of nigeria. It is on the basis of the foregoing that nigeria can be put. The sociocultural impact of globalisation on nigeria suleiman b. It is on the basis of the foregoing that nigeria can be put on the right track in the race towards sustainable development. Based on some of all these issues and other, nigeria was said to be technically recess.
Evidence from nigeria, had pointed out that following the integration of the nigerian economy into the. Abstract this study is meant to investigate the impact of globalization on economic growth, also the influence of globalization on the nigerian economy. Many scholars believe that in attempt to harness whatever benefit of globalization for the growth of the economy, the country exposes its economy to external aggressions and the adverse effects of globalization, while others emphasis caution and complete restructure and transformation of the economy in order to confront contemporary global challenges. Given the extent of foreign direct investment and trade openness, the study showed that the nigerian economy is gaining from globalization.
This work is geard towards xraying role of globalization in economic development of the nation. Nkurumah 1995 defined neocolonialism as, othe final stage of imperialism. Globalization and its impact on the performance of the. Globalization and its impacts on the world economic. The main driving forces of this process are technology, policy and competition and it subordinates domestic economies to global market conditions and practices. Globalization and its impact on the nigerian society. Globalization and nigerian economic development yusuf abdulraheem. Some view globalization as the continuation of modernization and a force of progress, wealth, freedom, democracy and happiness. Using the autoregressive model, the study showed that globalization had positive and significant impact on economic growth in nigeria. In essence, globalization offers many opportunities to nigeria and other developing countries as well as other actors in the global economy.
Since we found out that trade openness has a negative impact on industrial growth. Globalization plays a pivoted role in the nigeria economy. Nwokah and adieles 2015 preoccupation is an assessment of the socio economic impact of globalization in nigeria, comparing the differences of these impacts in the public and private sectors. Doc effects of globalization in nigerian economy samson b. The findings of this study indicates that economic globalization have positive and significant impact on life expectancy in nigeria. Globalization in nigeria can be tress back to the introduction of structural adjustment programme sap in 1986, during babangida. Nigeria as a developing country cannot shy away from globalization, since the country has been exposed to both the negative and positive effects of globalization. Economic development through globalisation in nigeria diva. Specifically, the objectives of the study were to determine the impact of foreign direct. Globalisation is the integration of national economies through trade and financial interaction.
This has been a blame on corruption and gross mismanagement of the countrys vast resources. Impact of economic globalization on life expectancy in nigeria. Nigeria reap both static and dynamic benefits of globalization and international trade despite non conformity of the coefficient. Ewubare, dennis brown 1, promisekeje, blessing 2, 1 department of agricultural and applied economics, rivers state university, port harcourt, nigeria. A reflection of the nigeria manufacturing sector performance 1981 2010. 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. Hence, in providing policies that concern globalization in nigeria, economic dimension of globalization should be enhanced for it has longrun relationship with enhancement of longevity in nigeria.
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. Globalization and the challenge for nigerias development. The impact of globalization on economic growth in nigeria before independence on 1st october 1960, the british had already integrated nigeria into the world capitalist system as exporters of raw materials and importers of finished and capital goods. Globalization was viewed as the bilateral relations that exist betweens countries for either political or economical purpose and also as a means of developing the under developed countries with technological advancement from developed countries. The study reveals that globalization had had positive impact on some sectors of the economy especially, agriculture, transportation and. Corruption is the western concept that was brought into nigeria economy by globalization and it imperial policies. The wave of globalisation accompanied by its neoliberal economic policy has. The paper also suggests ways by which the negative effects of globalization can be addressed. Globalization and nigerian economic development yusuf. The following are the economic underpinning of globalization.
Nigeria as an example experienced dependent economy which is considered among the factors responsible for economic slow growth rate. Globalization in nigeria globalization, in the cast of colonial legacy, came. Impact of globalization on economic growth of nigeria zimacco. Globalization is integration among the people, government and companies of different countries rothenberg, 2003. The impact of globalization on the economic growth of nigeria, free undergraduate project topics, research materials, education project topics, economics project topics, computer science project topics, hire a data analyst. An analysis of import revenue in nigeria within the context of globalized trade policy c. Impact of neocolonialism globalization in nigeria the period of active colonialism having achieved its subjective aim gradually led to the stage of neocolonialism in the sociopolitical and economic history of nigeria. Review of the 20002001 national human development report, in the nigerian social scientist, 6,no.
Impact of globalization on nigeria economic growth. Yobe state, nigeria abstract globalization as the process of intensification of economic, political, social and cultural relations across international boundaries aimed at the transcendental homogenization of political and socio economic theory across the globe, impacts significantly on african states through systematic restructuring of. Oct 09, 2018 the effect of globalization on nigerias economic development. Despite its enormous array of resource the nigeria economy has witness a period of stagnant economic growth. The social and economic impact of globalization on nigeria otaki osana alanana 43 5. Nigeria is the most populous african nation with the population of over 140 million according to the 2006 population census. Onwuka and eguavoen 2007 studied globalization and its implications for the growth process of the nigeria economy for the period 1985 2001. The socioeconomic impact of globalization in nigeria.
Jun 12, 2019 impact of globalization on nigeria economy. Globalization and its impacts on the world economic development. Adeleke, akinola and chris 20 investigated globalization. One most common definition of globalization states that globalization is a process of integrating different world economies. This paper examines globalization and its effects on third world economic development with emphasis on nigerian economy.
Through globalization the nigerian economy has been sustained through the different. With this situation, nigeria will have a problem meeting up with the globalization process and will not meet up with boosting its socioeconomic development. Globalization and its impact on the nigerian economy by. The emergent global economy and culture can be described as a network society which is grounded in new communications and information technology castell, 1996, 1997, 1998. It is a burden of this research to suggest a best possible solution on how nigeria will develop both material and human resources without any resources left unutilized just as the developed nations of the world. It is therefore recommended that for nigeria economy to exploit the gains of economic globalization just like the asian tigers, the government should. Prospect for development and underdevelopment with abstract, chapter 15.
The research will be limited in scope to a critical appraisal of the impact of globalization on the economic development of nigeria 19992006. The main aim of the research project dwells on globalization and economic development in nigeria an assessment. S department of state as a developing country, globalization occurs in four major forms, which are cultural, economic, technological and ecological. Sep 12, 2020 globalization and its impact on the nigerian economy by abraham john onoja despite the rosy picture painted by globalisation, nigeria still remains at the peripheral level with high rate of. Globalization and financial development in nigeria iranian. Impact of globalization on the nigerian economy project topics. Journal of economis and international finance october 20. This study empirically investigated the impact of globalization on economic security, with a reflection of the performance of the nigerian manufacturing sector. The study will give a lucid explanation of the role of globalization in the economic development of nigeria. Home list of political science project topics and materials pdf effects of globalization on the nigeria s economy. Economic development and globalisation in nigeria pdf. But much of its potentials have remained untapped, and if these trends continue, nigeria runs the risk of.
1547 832 1388 751 776 679 803 1394 58 109 66 1042 411 908 303 559 591 756 1538 126 626 1389 1301 1015 398 753 1075 737 26 1406 81 670 1223