Title: Globalization and Economic Development: A Study of Nigeria 2010-2021
Authors: Ezeanya Emeka Vincent and Azubuike Callistus Francis
Volume: 7
Issue: 5
Pages: 13-24
Publication Date: 2023/05/28
Abstract:
Abstract: Globalization as we know is the integration of markets, economies, and societies through the cross-border flow of goods, services, capital, technology, and people. This has become a defining feature of the contemporary world. This work interrogates how Nigeria that is the largest economy in Africa, can benefit from the opportunities which globalization presents to the contemporary global economy, locate the challenges and discuss ways to surmount these challenges. The work examined the positive and negative effects of globalization on Nigeria's economic development, as well as strategies Nigeria can adopt to maximize the benefits of globalization. Corruption among other factors was found to be part of the challenges stopping Nigeria from benefiting reasonably from globalization. Secondary data collection was used, while Modernization Theory according to Walt Rostow (1960) which suggests that economic development occurs through a natural process of modernization, where traditional societies are transformed into modern ones through the adoption of technology, capitalism, and democracy, was adopted to analyze our topic. Economic diversification, increased trade liberalization, attraction of foreign investments is some of the recommendations suggested for Nigeria to benefit more from globalization.