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This research project studied the impact of globalization on the economic growth and development of Nigeria and other developing economies. Its objectives were to assess the concept, relationship, impact and to find out the significance of globalization to the economic growth and development of Nigeria. It was also aimed at evaluating the challenges posed by globalization to Nigerian economy and then recommend the right policy measures to be adopted in order to overcome the challenges so as to stabilize the economy. To achieve these objectives, primary and secondary data were used. To ensure the authenticity of the data, most information were collected from the various sectors of the Nigerian economy with the use of questionnaires. Tables, simple percentages and chi-square (c2) Statistical methods were employed in analyzing the data collected. It was discovered in the course of the study that Nigeria is a major beneficiary of the benefits of globalization, and that despite the enormous challenges posed by globalization, it is very crucial to the economic growth and development of Nigeria. In view of the numerous challenges posed by globalization, appropriate policy measures to be adopted was recommended to overcome them, in order to harness the maximum benefit of globalization as well as fully integrate the country in the global economy.
BACKGROUND OF THE STUDY
Globalization is a multi-dimensional and multi-faceted, and affects virtually all spheres of human activities. However, it is economic globalization, it manifestation in the economic and financial activities of man that has elicited most interest. Iyoha (2003:1).
Globalization constitutes critical motivation for development in the contemporary world of today as a result of the challenges it poses to nation states. The equation of global influence is fundamentally determined by a vibrant economy that is characterized by inherent ability to sustain a steady sate growth path and development. So far, there is no unanimity of opinion on what constitute globalization, neither is there a consensus concerning the extent of it advancement as a concept. Akinboye (2008:2).
Though multivariate in nature as globalization seen to be, there is need to reflect on the trust of the concept which has been classified in literature as:- globalization implying global political order and depicting global economy.
The current trend of globalization underscore the critical role of industrial development in minimizing the level of marginalization associated with the prance of globalization, considering the fact that economic growth is a regeneration process which implies that lack of economic growth can regenerate itself, is it possible for developing economies to transform into a vibrant economies for growth and development? Given the competitive edge developed economies have over their developing counterpart and the tacit support for developed economies by such international global institution such as WTO, World Bank, and the IMF.
The task of articulating and implementing policies and strategies that could create a basis for sustained economic growth and development of developing economies have become very arduous.
In recent times, the impact of globalization on the development process of emerging economies, have aroused closer and more examination of the vestiges of globalization, as a result of the persistent failure of such economies. The exist plethora of works on globalization, perspective on the subject matter however differ fundamentally depending on the ideological conviction of different scholars. Akinboye (2008:2) conceived the phenomenon from two contrasting paradigm viz, globalization as interdependence and globalization as imperialism.
Scholars of globalization as interdependence see it as capable of impacting positively on the life of state actors that integrate their economies, on the other hand, those for imperialism insist that the phenomenon as it is today represents capitalism and imperialism. In the words of Toyo (2004:25) globalization is meant to silence decolonisers and keep Africa, for instance a perpetual importer of the result of the latest inventions of the industrial Western Europe, USA and Japan.
The two paradigms reflect the deep ideological and political prediction of the different scholars from which ever perspective it is construed, it is important to note that globalization like many other human achievements has both the good and the bad side Awake (2002:4). But Akinboye (2008) opined that inspite of the adverse effect of globalization, it is in the interest of nations to harness whatever benefit it offers for upward mobility
1.2 STATEMENT OF THE PROBLEM
Economist and scholars alike described the term globalization as the panacea to world economic problems, as it has enriched the world scientifically and culturally offers enormous potentials for the total eradication of poverty as well as improve standard of living of citizenry of countries that participate and also make countries reluctant to go to war.
But on the contrary, the economic situation of Nigeria and other developing economies have continue to degenerate over the years and often afflicted by poverty, squalor, deprivation, frustration and insecurity among the citizenry. All of which culminate to political instability, despite the participation of Nigeria and other developing economies on the global system, these problems still persist. Base on the above observations, this research study is undertaken to ascertain the extent to which globalization has impacted on Nigerian interms of growth and development.
1.3 OBJECTIVES OF THE STUDY
The research study will be aimed at the following objectives.
(i) To assess the concept of globalization and it relationship to economic growth and development of Nigeria.
(ii) To examine the impact of globalization on the economic growth and development of Nigeria
(iii) To ascertain the significance of globalization to the economic growth and development of Nigeria.
(iv) To evaluate the challenges posed by globalization to the economic growth and development of Nigeria. .
(v) To recommend appropriate policy measures to be adopted in order to overcome the challenges posed by globalization to the economic growth and development of Nigeria.
1.4 SIGNIFICANCE OF THE STUDY
The multi-dimensional and multi-facetedness of the concept of globalization has various interest groups, from economist to sociologist, anthropologist, business managers, disciplinary specialist financial and political analysts; it is believed that this study would add to their exiting knowledge on the subject matter, if they come by it. This study would be of immense importance as summarized below
(1) Teachers and students of social science courses, political and international economist, public policy and financial analyst will find this work impeccable.
(2) This work would also serve as a reference material for future researchers on the same topic or other related fields.
(3) The work will go a long way in guiding government and legislators on how best an international economics policies should be viewed before adopting such in their domain.
1.5 SCOPE OF THE STUDY
The study is centered on globalization as it affects economic growth and development of Nigeria. However the recommendations offered for attaining improved working relation ship with developed economies are imperative for other developing economies in Africa, Asia and Latin America.
1.6 LIMITATIONS OF THE STUDY
The concept of globalization is multi dimensional and multi-faceted that no matter how much the researcher writes, he cannot cover the concept in it entirety.
The researcher would have visited the 36 states and the federal capital territory to collect data for this study since it is centered on the Nigerian economy, but due to inadequate finance, time couple with other academic work, the researcher was restricted to using the data obtained within Akwa Ibom State.
Notwithstanding the above limitations, the available data captured are adjudge suitable, adequate and relevant for the study.
1.7 RESEARCH QUESTIONS
Hopefully, this study would address the following questions
(i) What is globalization and how did it become a global phenomenon?
(ii) What are the impact of globalization on the economic growth and development of Nigerian
(iii) Of what significance is globalization to the economic growth and development of Nigeria?
(iv) What are the challenges posed by globalization to the economic growth and development of Nigeria.
(v) What are the appropriate policy measures to be adopted in order to overcome the challenges posed by globalization to the economic growth and development of Nigeria
1.8 RESEARCH HYPOTHESES
(i) H0 There is no significant relationship between globalization and economic growth and development of Nigeria.
H1 There is significant relationship between globalization and economic growth and development
(ii) H0 Globalization is not of high importance to economic growth and development of Nigeria.
H1Globalization is of high importance to economic growth and development of Nigeria.
(iii) H0Globalization does not pose challenges to the economic growth and development of Nigeria.
H1Globalization poses challenges to the economic growth and development of Nigeria.
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