An Assessment of Globalization and Economic Development in Nigeria

Introduction

1.1 Background of the study

The A brief look at Nigeria today one can find out that we like fashion and everything new in Nigeria, the spirit that greeted the issue of globalization at its climax in 2000 seemed to have reduced.

The word globalization also seems to have gone the internet, computerization and cyber café. Globalization as an economic concept has been viewed at differently by different academic scholars, to represent so many things. However, globalization has been defined by John Vogi (Vanguard 2003) to mean a word that is liberalized of barriers to trade and invest where cooperation can produce and sell almost any service and can produce anywhere.

Globalization also in recent times involves trillions of dollars of investment. Globalization whether for or against remains a subject on which there has been comprehensive and unyielding misunderstanding especially concerning the constraints that it does not place on the power of government.

Moreover, since globalization also means the growing inter-dependence and inter-connectedness of the modern world, it boosts the economic development.

Furthermore, any nation or country globalization sets in the economy of that nation starts waxing strong. According to Ajodele (1995), the increase of movements of good, services, capita and information access, national borders is rapidly creating a single global economy.

The process is drawn by technological advance and reduction in the cost of international transactions, raise the share of trade in the world of production and increase the mobility of capital. According to Jack show, British Foreign secretary in a write up the international Guardian of September 10, 2011, he said attempts to manage change in global levels are in their infancy. To him global market, global, world wide access to each other and information both give us a sense of belonging.

Steward (1990) noted that the impact of globalization on poor people varies widely both between countries and within them, depending on initial circumstance and on the policies that government pursue. For instance in China poor people living in coastal province have benefited more from increased export and investment than those in land provinces.

Globalization however has continued to angender enormous debate controversy, protest and demonstrations that are some times violent in nature.

The reaction to the concept of globalization and its application to human development have been significantly more pronounced in the relationship between the developed western world which are owners of the new technologies and the poor developing countries which are by and large consumers of the new capitalist economy. Nigeria is in the global village hence is an importer of goods and services.

1.2 Statement Of The Problem

Globalization brings some systematic risk for example, the damaging effect of financial vitality were vividly illustrated in the Asian crises of 1997. Greater access to the global pool as saving through capital markets offers developing countries, the levels that can be supported from domestic savings alone, but the Asian experience indicate clearly that openness to start term portfolio flows can be damaging in the observe of sound macroeconomic position adequate domestic regulating and transparency in relationship between companies and banks.

One of the major reasons for creating the ministry of information and communication in Enugu state in particular is to bring about economic development in state. This noble objective or aim is not fully authorized because of the short comings of the ministry sequel to the fact that the use of human resource is not fully harnesses and lack of modern technological and information gadget is not in the ministry of communicate globalization properly to the people. The recent happenings from the developed, countries poor knowledge of information flow to the people from the ministry and lack of implementation of government policies to infrastructural development is one of the challenges of the ministry of information is fast becoming the basis of development and its absence or insufficient flow may in turn becomes a new dimension of poverty. Information and technology is obviously widening the gap between the rich and the poor.

1.3 Objectives Of The Study

The purpose of the study is to determine the relevance of globalization in the economic development in Nigeria.

Specifically the study will determine the following

1. To determine the merit of globalization
2. To determine the demerit of globalization
3. To ascertain the effects of globalization in Nigeria economy.
4. To identify the obstacles to globalization
5. To suggest the possible strategies for enhancing the development of Nigeria in the era of globalization.

1.4 Research Hypotheses

H0: globalization does not have any effects of on the Nigerian economy
H1: globalization does have effects of on the Nigerian economy

H02: There are no obstacles to development in the global community
H2: There are obstacles to development in the global community

1.5 Significance Of The Study

The result of this project research will be significant to the workers, individuals, the Nigerian masses and the government in general.

1. The study will give a lucid explanation of the role of globalization in the economic development of Nigeria.
2. The study will show how lack of infrastructural development can hinder globalization and economic development.
3. The study will suggest ways to strengthen the nations infrastructural development and foreign partnership.
4. The study will expose ways of improving economic development in Nigeria through globalization.
5. The study will suggest and make recommendation that will be used as a guide for further studies on this area of study to students and those who will find interest in it.

1.6 Scope Of The Study

The research study is restricted to globalization and economic development in Nigeria, an assessment of its impact on the social economic development in Nigeria economy.

1.7 Definition Of Terms

Development:

This is the level of physical environment, social, political and economic growth or civilization of the people.

Globalization:

Is the increased movement of goods, services, capital, people and information across national borders is rapidly creating a single global economy.

Government:

This is the agency of the ruling class which is charged with the responsibility of exercising the state powers on behalf of the people.

Economic Growth:

This can be defined as the process whereby the real per capital income of a country increased over a long period of time, economic growth is measured by the increased.

1.8 Organization Of The Study

This research work is organized in five chapters, for easy understanding, as follows

1. Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study.
2. Chapter two highlight theoretical framework on which the study its based, thus the review of related literature.
3. Chapter three deals on the research design and methodology adopted in the study.
4. Chapter four concentrate on the data collection and analysis and presentation of finding.
5. Chapter five gives summary, conclusion, and recommendations made of the study.