Globalization and Developing Economy: Evidence from Nigeria

Abstract

The paper essentially interrogates the question as to whether globalization has promoted economic growth in Nigeria in line with the ambitious expectations of the promoters of the concept especially, the World Bank and the International Monetary Fund. The article both clarifies and demystifies the recentness of the phenomenon usually foisted on the mind, by beaming a search light through its evolutionary path. Evidences from literature were examined for a clue for a support of economic growth hypothesis in the particular instance of a local economy, Nigeria. It was found that whereas globalization may have improved the economies of advanced democracies, the domestic economy received marginal benefits but in the main was undermined owing to a host of factors including, weak technical base, unhealthy macro-economic environment and poorly diversified economic base. This has rendered her a net loser in the competitive struggle engendered by globalization. The paper recommends economic policy strategies that not only diversify her economic investments but allow her to selectively engage the world in a way that protects the investments of locals from undue competition from unregulated globalization.