THE IMPACT OF GLOBALIZATION ON ECONOMIC GROWTH: NIGERIA AS A CASE STUDY

ABSTRACT

          This study is meant to investigate the impact of globalization on economic growth, also the influence of globalization on the Nigerian economy. It is obvious that Nigeria as a country still depends on the importation of productive inputs despite all efforts to develop her local resources. Thus, the objective of this study is to determine the impact of globalization on Nigeria economic and industrial growth. The study reveals that for Nigeria to benefit from globalization her productive capacity, economic structure, political stability, macroeconomic policy and technology should be enhanced. Since we found out that trade openness has a negative impact on industrial growth.

          Therefore, it should be handled with caution, policies should be directed to decrease trade openness, especially where Nigeria has a comparative advantage due to the fact that we have abundant labour, we should promote labour intensive method of production and export commodities to earn foreign currency for use in other sector.

          . The research therefore reviewed the concepts of globalization; it problem and benefit as well as its impact on Nigeria industrial development and the impact of globalization on the world economy are critically examined. Based on determining implication of globalization on economic development, recommendations on the development of Nigerian economy to keep pace with globalization are highlighted.

TABLE OF CONTENTS

TITLE PAGE                                                                                  i

CERTIFICATION                                                                          ii

DEDICATION                                                                                 iii

ACKNOWLEDGEMENT                                                              iv

ABSTRACT                                                                                    vi

TABLE OF CONTENTS                                                                vii

CHAPTER ONE: INTRODUCTION                                            1

1.1     Background of the study                                                                   1

1.2     Statement of the Problem                                                                  6

1.3     Aim and Objectives of the study                                             7

1.4     Scope of the study                                                                            7

1.5     Methodology                                                                           7

1.6     Significance of the study                                                                   8

CHAPTER TWO: LITERATURE REVIEW                                10

2.1     Historical perspective                                                              10

2.2     Conceptual Issues                                                                   12

2.3     Theoretical issue                                                                      16

2.4     Features of Globalization                                                                  28

2.5     Problems and Benefit of Globalization                                    30

2.6     Effect of Globalization on the World Economy                       33

2.7     Problems of Globalization                                                       35

CHAPTER THREE: Globalization and the Nigerian Economy   39

3.1     Influence of Globalization on the economy of Nigeria             41

3.2     Challenges of globalization for Nigeria                                    48

3.3     Effect of Globalization on Nigeria Industry                                      53

3.4     Effect of Science and Technology on Nigeria                          55

 

CHAPTER FOUR

4.1     Globalization and the Industrial Development of Nigeria                 57

4.2     Effects of Globalization and Deregulation on Nigerian Culture        Industries                                                                                 63

4.3     Globalization and Openness (OPNSS)                                              67

4.4     Globalization and Foreign Direct Investment (FDI)                          69

4.5     Globalization and Foreign Exchange Rate (FOREX)              70

4.6     Globalization and Average World Prices (AWP)                     70

4.7     Globalization and Financial Development (FINDEV)             71

CHAPTER FIVE: SUMMARY, RECOMMENDATION AND CONCLUSION                                                                                  73

5.1     Summary                                                                                 73

5.2     Recommendation                                                                     75

5.3     Conclusion                                                                              77

BIBLIOGRAPHY                                                                           80