This study examined the globalization and the problems socio-economic development in Nigeria. The researcher therefore, reviewed the existing literature on the implications of globalization on the socio-economic development of Nigeria. Thus, the concept of globalization as well as some components of Nigerian’s developmental strides and its impact on the third world economy was critically examined. The study adopted ex post facto design utilizing qualitative method of data analysis. Dependency theory was adopted in the analysis of the study. The study concluded that if necessary measures are not put in place to ensure the attainment of self-reliance, Nigeria may be excluded in this process and globalization of poverty rather than prosperity and development will be the case for the country. Finally, based on determining implication of globalization on the Nigeria economy, recommendations on the development of Nigerian state to keep pace with globalization trend were highlighted, which includes self-reliance.
1.1 Background to the Study
The concept of globalization has taken a dynamic turn in the contemporary political discourse in Nigeria. It is described as the great economic event of our era. It is also because; it is now bringing unprecedented opportunities to billions of people throughout the world. The rapid growth of information technology and the increased global integration of trade and capital which have had profound consequence for the world economy are resulting into significant shift in the world economy (Francis, 2001). This is because, increasingly, major decisions around the world are given by global competitive pressure. The speed at which the effect of globalization is spreading is growing fast day by day and no nation can afford to be behind if such a nation is to maintain acceptable rate of growth and development (Peter; 2002). It is also observed by Bayo (2000) that the growing impact of two major distinct global trends, which has profound implication on the world economy, are rapid growth of information technology and the increased global trade integration. He notes that these trends are resulting in a significant shift in the world economy. Probably this is why Eduard (2002) notes that the people of the planet of the earth have become one large family. To him, information technology has advanced to a level of rendering distance irrelevant.
Furthermore, he observed that the new epoch offers new challenges and new global problems, such environmental catastrophes, extinction of resources, blood conflict and poverty. The events in the last decade in the global economy suggest a challenge; the utilization of the opportunity engineered by globalization while at the same time managing the problem and tension it poses, for developing countries particularly Nigeria. While some individuals such as Dani (1999) David (1997) and Salimono (1999) opine that globalization opens opportunities, others such as Awake (2002) and Garry (1998) express fear about globalization. Probably it is fear anticipated by the people of the world that in December 1999, a meeting of the World Treaty Organization, held in Seattle, U.S.A was interrupted by riot. The demonstrators feared the effects of globalization on the people and on the planet. Since that time anti-globalization movements have spread across the globe. It is however observed that advocates of globalization have it that it is the panacea to most of the world problems.
It is in the light of the above that this paper concentrates its effort on globalization and Nigerian development; identify the opportunities for wealth creation provided by globalization, as well as the problems and macro-economic volatility and instability in the income distribution and job security. It will go as far as probing on its impact in the Nigerian economy. To a large extent, this research will critical examine in holistic form its utopian formations on third world countries drawing a clear examples on the Nigerian state.