1.0 Introduction
The chapter gives a brief overview of the word “Globalization” which is found in the background of study as well as the problems of globalization and the objectives of this study.
Also, you'll find in this chapter, some research questions and significance of the study, scope and definition of the study and terms.
1.1 Background of Study
The dominant feature of global economic trend in contemporary world system is globalization, which is being driven particularly, by a new wave of information technology that is unparalleled in the history of human-kinds. Nation states have consistently intensified efforts towards engaging in business across national borders and constructing production and distribution networks on a global scale. Thus, the world today is a ‘global village' given the unprecedented love of interconnectedness of political, economic, social and technological forces that permeates contemporary international system.
This project recognizes the existence of a global environment that is deeply embedded in interdependency and the necessity for Nigeria to minimize the adverse effects of globalization while harnessing whatever its benefits for national development. It concludes that Nigeria should completely restructure and transform its political economy in order to frontally confront contemporary global challenges.
This is followed by the analysis of the powerful forces that propel globalization in contemporary world environment. It also discusses the challenges that the current globalization process poses for Nigeria.
1.2 Statement of the Problems
Basically, there are different problems associated with globalization, especially when it comes to its effect on socio-economic development in Nigeria. Some of these include;
- Poor administration of the public organizations through which globalization is effected.
- Over dependency and less of independency
- Lack of trained and skilled personnel's
- Insincerity on the part of government officials
- Marginalization of the peripheral economic of the third world countries.
- Lack of technology know-how.
- Low focus on information and communication technology (ICT)
- Low investment climate that can be cashed by foreign investors.
- Overdependent on crude oil.
- Economic liberalization which helps in internationalizing of capital, opening news markets and attracting new investments.
1.3 Objectives of the Study
The following are the purpose of the study:
- To establish the effects of globalization in a country like Nigeria, socio-economically.
- To bring to limelight, the weakness of a developing country like Nigeria in globalization.
- To identify the various ways of improving globalization in the 21st century.
- To discover the forces of globalization.
- To know the advocates of globalization
- To know the strands of thought on globalization.
- To know about globalization and its conceptual usages.
- To discover the paradigms of globalizations.
1.4 Research Questions
- What are the necessities for globalization?
- Is globalization encouraged in a growing economy such as Nigeria?
- Globalization, what benefits has it on underdeveloped countries?
1.5 Significance of Study
This project work shall be relevant in diverse ways.
- The outcome of this work shall be of useful to parastatals, NGO's, ministries etc.
- It shall also serve as a reference material to other researchers wishing to examine the findings of this research work critically.
- The students of public administration will also find this research very useful.
- The research work would also help other firms in the effects of globalization in every sector of the economy as well as its importance.
1.6 Scope of Study
This study was carried out to find out about the “effects of globalization on socio-economic development” in the 21st century” the study focused on Nigeria as it was the case study used and had covered various organizations in the quest for suitable facts.
1.7 Limitation of Study
The following limitation/ challenges were encountered in the process of gathering relevant information for this research work.
- The challenge of traveling to all places needed to carryout my findings.
- The challenges of finance as it hindered some of the moves to reach and find adequate information.
- Some of the personalities needed to speak with were limited as I could not get to most of them at the helm of affairs.
1.8 Definition of Terms
1. Globalization:
Globalization can be defined as a multidimensional process of unprecedented rapid and revolutionary growth in the extensiveness and intensity of interconnections on a truly global scale”, (UNDP: National Human development report 2000/2001).
According to the Oxford Advance Learners Dictionary, globalization can be defined as different countries and economic system around the world becoming connected and similar to each other because of the large influence of large multinational companies and of improved communication.
2. Economic:
Connected with the trade, industry and development of wealth of a country, an era of a society, social, economic and political issues. It can also mean a business, process or an activity producing enough profit to continue.
3. Development:
This is the gradual growth of something so that it becomes more advanced and stronger.
4. Impact:
This is the powerful effect something has somebody or another thing.
5. Socio-Economic:
Relating to the society economy.
