THE IMPACT OF GOBALIZATION ON THE ECONOMIC DEVELOPMENT OF NIGERIA

THE IMPACT OF GOBALIZATION ON THE ECONOMIC DEVELOPMENT OF NIGERIA

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CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Although the word globalization was not coined until the second half of the twentieth century, the origin of globalization has been traced back to the period between 1450-1500 A.D. A period referred to as the mercantilist period and characterized by the development of trade in the quest for commercial empires to broaden their markets (Amiuwu, 2004, Scholte, 2002).

Cited in (Ugbam, etal, 2014) since then, propelled by incredible advancements in transportation and information technology, globalization has practically shrunk the world to one global village. Initially, globalization was seen as an economic phenomenon and in fact, some economists still define it from a purely economic perspective. However, it is now obvious that although it was triggered by economic motives it has far reaching effects in all aspects of life especially in the areas of politics, culture, technology and the environment.

Globalization is a complex and multifaceted phenomenon. It is the process of international integration as a product of exchange of world views, products, ideas and other aspects of culture in which worldwide exchange of national and cultural resources occurs in the process. Many factors contributed to the growth of globalization, the major being advancement in transportation and communication. The current wave of globalization is nothing but the result of Schumpeterian evolution in technology along with interaction of many actors at different levels of the economy.

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Globalization means different things to different people. For some it creates positive political, economic and technological progress. For a few, globalization has changed situations in such a manner that power of state is determined by power of firm. If the goal of globalization was more liberal exchange of goods, services, labor, thoughts etc which in later stages would make world uniform, then there would be no space for identity. Globalization is not a debate about divergence or convergence, but it is a dialectical process which can both integrate and fragment along with creating both winners and losers. Today what we see is the downside of globalization.

Globalization effects are not optional for developing countries especially Nigeria, but as compelling and imperative. Developing countries are pulled into global political, economic and social relationship without their consent. Coincidentally, for the mere fact that global wealth is unevenly distributed, globalization today is often seen as a refined version of capital imperialism.

As according to Ojo (2004), rather than fostering a sense of common interest in the global village, neo-liberal economic practices are bringing the world back to the Darwinian jungle of the survival of the fittest in which everything exists in perpetual state of fierce competition in pursuit of self interest.

Globalization trend has also had an adverse effect on the socio-cultural development of Nigeria. The social aspect is that globalization has deeply influenced the social structure of different societies. Every society used to have its own unique culture with respect to the language, social norms, morality, civic sense etc. With the advent of media which aids this special capability to influence millions at the same time has challenged the social institutions of the society mainly family.

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A particular society following their style of living without being much influenced by the western culture is now seen as „uncivilized‟ which was a very cunningly designed propagandaof the west to inculcate their culture into the rest of the world and thereby dominating the globe.

“Culture links us to our historical past. It spells a particular way of people‟s behavior, ways of acting and thinking. Culture also defines the value system, customs, education and knowledge of a people.

Culture is the vehicle through which knowledge, beliefs, arts, morals, laws, customs and any other capabilities and habits are transmitted to members of a community from generation to generation”(Bello, 2001).

Accordingly, culture consists of values and rules we live by, our ideas of good and evil, our language and our religion. However, for Nigeria this great phenomenon (socio-cultural), that gives people identity, personality and individuality has beenobscured by globalization. The hegemonization of culture by the Western world or rather America, is an overt attempt to leave us here in Nigeria without identity, individuality and personality. The overall effect on us is that we become mindless atoms in the material world. “We become a people without any historical past.

Maduagwu (2003) lamented the corrosive effect on our cultures as he observed that since our experiences with colonialism,African countries, Nigeria have been unable to independently articulate or chart their history, culture and identity.

The cumulative effect therefore is that our “culture is largely influenced by the perception and worldview cultivated as a result of slavery as well as our colonial and post-colonial education and finally by the current trend in economic globalization; consequently we undervalue the potential contributions that our cultural heritage can make to our contemporary developmental

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efforts (Bello, 2001). It is against this background that this work was conceived with the major aim of critically assessing the impact of globalization on socio-cultural development in Nigeria.

Globalization is rooted in multinational trading and investments arrangements and the opening up of trade, through liberalization of the financial sector as well as the economy as a whole. The reasoning behind this policy thrust is that the promotion of trade enriches the wealth of nations. For instance, trade liberalization under the Uruguay round of multilateral trade agreement of 1995 was estimated to have provided over 100billion U.S dollars a year in net benefits accruing mainly to those countries that have removed trade barriers (Hausters&Gerd, 2000).

1.2 STATEMENT OF PROBLEM

Globalization free-trade has impacted the African continent immensely, particularly by engendering the ongoing economic growth in some regions of the continent. Nigeria, which is seriously festooned with both human and natural resources, which if adequately harnessed, can turn around not only its economy but the entire economy of Africa. Regrettably, this has not been possible because Nigeria has allowed herself to be used as a dumping ground for all sorts of imported goods from the foreign industrial countries and also Hong Kong, Singapore, South Korea and Taiwan (mostly regarded has the Asian tigers). Consequently, this has had an unpleasant impact depending on the lens from which it is viewed on capacity utilization of various sub-sectors of the Nigerian manufacturing sector, the creation of employment opportunities, the rate of social vices in the society and the severe hemorrhage of funds from the country‟s coffers by political elites, bureaucrats, military elites and the numerous multinational companies who make their forays within the country.

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Indeed the impact of globalization on Nigeria and its contributions to the country‟s economy, creation of job opportunities and the level of economic growth through the infusion of foreign capital and advanced technology is inevitable (Aina, 1996; Abubakar, 2001; Jubril, 2001; NCEMA, 2002; Aluko, Akinola and Fatokun, 2004; Sagagi, 2004) and as such, cannot be overemphasized. However, in the face of serious negative fallouts that the phenomenon Globalization is bringing to bear on the continent, an instance of which is the restriction of African units, majorly to the status of producers of raw materials and consumer of manufactured goods, and the consequent restriction of African countries in really defining their priorities of national growth; one wonders about the continuous celebration of the phenomenon as bringing salubrious situations to bear on the continent; particularly on Nigeria which happens to be the largest economy in the continent. Given this foregoing, this study, while not grappling issues with extant views, seeks to demonstrate how globalization impacts, both positively and otherwise, on Nigeria‟s development and economy.

Though the explanation of the positive aspect would probably reflect some of the existing claims; the study however goes further to nuance the untoward fallouts of globalization for both the development and economy of Nigeria. This becomes important since the country, since it has linked to the global market, does not seem to have made any appreciable progress in its economic and developmental agenda.

1.3 OBJECTIVE OF THE STUDY

The In the light of the above, therefore, the broad objective of the study is to investigate the nexus between globalization and developmental and economical concerns in Nigeria.

(1)   The specific objectives of this study are to: properly nuance globalization in the Nigerian context;

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(2)   identify how globalization has impacted the Nigerian state;

(3)   analyze the implications of such impacts, both the positive and the negative fallouts, for the bifurcated developmental and economic agenda of Nigeria; and to

(4)   Examine how Nigeria‟s federal government has been responding to the bourgeoning implications of the phenomenon on the country.

1.4 RESEARCH QUESTIONS

(1)   How has globalization assisted the development of African economies





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