ABSTRACT
The aim of embarking upon this research is to properly situate the concept; GLOBALISATION. And identifying the roles it plays in both developed and developing countries – particularly in their economic sectors.
Nigeria and other third world nations are being beckoned to join the train as regards benefiting from the rapid positive developments that will accrue to nations via globalization.
It is however believed that despite the positive developments that result in economies of third world nations as a result of globalization, globalization has some adverse effects on the economies of developing nations.
This study therefore seeks to expose the criminal effects globalizations unleashes on Nigeria’s economy.
It is necessary to point out here that this research goes beyond exposing the evils of globalization to proffer alternatives to the globalization scheme through which Nigeria can attain self-sustained economic development.
CHAPTER ONE
- INTRODUCTION
The term ‘globalization’ has acquired considerable emotive force. Some view it as a process that is beneficial – a key to future world economic development and also inevitable and irreversible. Others regard with hostility, even fear, believing that it is increases inequality within and between nations, threatens employment and living standards and thwarts social progress. (An IMF Issueshttp://www.imf.org/external//nplexr/ib/2000:1).Globalization offers extensive opportunities for truly worldwide development but it is not progressing evenly. Some countries are becoming integrated into the global economy more quickly than others. Countries that have been able to integrate are seeing faster growth and reduced poverty.
According to Iheriohanma (1999:153) globalization is a process by which systems and institutions expand their operation around the world. He went further to point out those economic systems, governance, media, culture and communications are rapidly moving toward international integration and co-ordination. For Robin Brown (1972:51) he sees globalization “as a pattern of society where social relationship are conducted across great distances ” he added that actions and relationship reach across space to space to shape social life. Aina in his conception sees globalization as its involves “ the transformation of the relations between states, institutions, groups and individuals, the universalization of certain practices, identities and structures and perhaps more significantly, the expression of the global restructuring that has occurred in rennet decades in the structure of modern capitalist relations”Aina (1996:4).
Every nation is seen in relation to the rest of the world. No nation can exist in isolation. If the 1950s and 1960s could be described as the era of nationalism and cold war politics, the 1970s and 1980s will probably come to be known as the decades of global interdependence. The globalization process now is more rapid and sophisticated.
One could argue that colonization from the 15th century to the present is part of this trend. Since the end of the Second World War and the post-colonial period, the driving force of the aid and development business has been economic – to open up market and gain aces to resources, along with the political objectives of exerting influences. This is true for much of the aid and development incentives from North America, Western Europe, Japan and former Soviet Union, to the countries of Africa, Asia, Latin and central America and the Caribbeen. This study is based on an assessment of globalization and economic development in Nigeria with a view to ascertaining the problems caused by the globalization success in Nigeria.
It is however, relevant to note that since Nigeria is a third world nation and was at a certain point in her history colonized by Britain, her domestic economy was incorporated into the global capitalist system to her own detriment at a time when her economy was not prepared for such an advancement. This work therefore, seeks to expose the effects of globalization on Nigeria’s economy.
Finally, based on the discussion of this study, suggestion would be made as regards to globalization and economic development in Nigeria. Therefore, this project will serve as a tool for those who may be interested in carrying out more research work on globalization and economic development in Nigeria and may also help the government in achieving optimum level of economic and technical development in Nigeria.
- STATEMENT OF THE PROBLEM
With the recent calls for integration of African countries into the “global village” and the revealing of the supposed benefits of part of the globalization scheme, it is believed that indeed African countries heed to the call to join the globalization process, their economies will witness rapid positive development. As appearance often differs from reality, the real situation in the globalization shame shows that globalization may not at times serve as a trick used by developed nation of the world to further ‘undeveloped’ “third world countries which are heeding to the call to become members of the global village”.
The problem of this study is to find out the relationship between economic development and globalization, to expose the negative aspects of globalization, and to address the issue of the effects of globalization on Nigeria’s economic development, identifying the channel through which globalization poses problems to the Nigeria economy and providing insights on the prospects of rapid positive development in the economy via globalization.
- JUSTIFICATION/SIGNIFICANCE OF THE STUDY
The justification of this work could be found in the contribution it will make in properly, situating the concept, globalization and identifying its problems and prospects for economic development-particularly for developing countries. Hence, the Researcher want to know if globalization can leads to economic development. Therefore we want to know how the developing countries, especially the poorest can be helped to catch up with globalization, and if globalization exacerbates inequality or can help reduce poverty. And are countries that integrate with the global economy inevitably vulnerable to instability.
- OBJECTIVE OF THE STUDY
The major objective of the study is
To properly situate the context in which globalization contributes to development of third world economies.
To identify what roles if any, globalization has played in Nigeria’s economic development.
To expose the problems or threat posed by globalization on Nigeria’s economic development.
To identify the channels of agent through which the globalization scheme seeks to thrive to the detriment of third world countries.
To proffer an alternative to the globalization scheme for proper economic development of Nigeria and other third world nations.
