globalization AND THE problems OF SOCIO-ECONOMIC DEVELOPMENT IN nigeria
GLOBALIZATION AND THE PROBLEMS OF SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA
This study looked at globalisation and the issues of socioeconomic growth in Nigeria. The researcher consequently researched the existing literature on the consequences of globalisation on Nigeria's socioeconomic growth.
Thus, the notion of globalisation, as well as other aspects of Nigeria's developmental progress and their impact on the third-world economy, were thoroughly investigated.
The study used an ex post facto design with a qualitative way of data processing. The study's analysis was conducted using dependency theory. The study stated that if required steps are not put in place to promote self-reliance,
Nigeria may be excluded from this process, resulting in globalisation of poverty rather than prosperity and growth for the country.
Finally, after assessing the impact of globalisation on the Nigerian economy, recommendations for the growth of the Nigerian state to keep up with the globalisation trend were emphasised, including self-reliance.
1.1 Background for the Study
Globalisation has taken on a new meaning in Nigeria's current political discourse. It is regarded as the greatest economic event of our time. It is also because it is now providing unparalleled opportunity for billions of people around the world.
The fast rise of information technology, as well as enhanced global integration of commerce and money, have had far-reaching consequences for the global economy and are causing significant shifts (Francis, 2001).
This is because, increasingly, significant decisions around the world are being influenced by global competitive pressure. The rate at which the effects of globalisation spread is increasing by the day, and no country can afford to fall behind if it want to maintain an acceptable rate of growth and development (Peter, 2002).
Bayo (2000) further observes that the expanding impact of two key different worldwide trends, both of which have important implications for the world economy, are rapid expansion in information technology and increased global trade integration.
He points out that these developments are causing a huge shift in the global economy. Probably this is why Eduard (2002) observes that the people of the planet Earth have become one giant family. To him, information technology has advanced to the point where location is meaningless.
Furthermore, he noted that the new period brings new challenges and worldwide problems, such as environmental disasters, resource extinction, bloodshed, and poverty.
The events of the last decade in the global economy highlight a challenge: how to capitalise on the opportunities created by globalisation while also managing the problems and tensions it creates, particularly in developing nations like Nigeria.
While some people, such as Dani (1999), David (1997), and Salimono (1999), believe that globalisation creates opportunity, others, such as Awake (2002) and Garry (1998), express concern about globalisation.
The fact that a World Treaty Organisation gathering in Seattle, United States of America was disrupted by a riot in December 1999 is most likely a source of concern for the global community.
The demonstrators were concerned about globalization's consequences on people and the environment. Since then, anti-globalization movements have grown over the globe. However, champions of globalisation believe that it is the solution to the majority of the world's issues.
In light of the foregoing, this paper focuses its efforts on globalisation and Nigerian development; identifying the opportunities for wealth creation provided by globalisation, as well as the problems of macroeconomic volatility and instability in income distribution and job security.
It will investigate its impact on Nigeria's economy. To a considerable part, this research will critically explore utopian forms in third-world countries, with a focus on the Nigerian state.