Globalization and the South: Implications for Trade, Financial Integration and Foreign Direct Investment in Emerging African Economies (Published)
This paper analysed the effects of the wave of globalization on trade, financial integration and foreign direct investment (FDI) in the context of African economies. The study selected three African economies: Nigeria, Kenya and South Africa to illustrate the purpose of the study. Adopting a content analysis approach, the study synthesizes secondary data from the period 2000–2024 obtained from the World Bank, IMF, and UNCTAD with a qualitative review of contemporary academic and policy discourse. Results suggest that although globalization promoted trade openness and capital flow over the years till date, the impacts on development were not totally positive. Although there have been changes to trade policy, the export profile has changed a little bit but the dependence on primary commodities remains and this limits industrialization. Financial integration has facilitated access to foreign capital but also has resulted in increased external debt and vulnerability to global economic shocks. FDI, with all its potential benefits, is so far a volatile and resource based activity, with very limited spillover into local economies. The evidence in this study implies that globalization is not a sufficient condition for sustainable growth, but its beneficial effects are conditioned on having strong domestic institutions and a diversified economy, as well as a coordinated policy. The paper contends that in the absence of deliberate policies to enhance productive capabilities and governance, globalization may deepen structural dependence, not broad-based development in Africa.
Keywords: Financial Integration, Foreign Direct Investment, Globalization, Trade Liberalization, emerging African economies
Impact of Globalization on Sustainable Implementation in the Construction Industry: Dynamics of Construction Tender-Price Volatility (Published)
Construction infrastructure plays a crucial role in development, bringing significant implications for resource utilization. Henceforward, specific measures for alleviating challenges associated with sustainable construction become crucial-general arguments of good industry practice. Construction-sector sustainability is increasingly important in developing countries, and threats of globalization amid construction-tender price volatility require immediate action. The purpose of this paper is threefold. The first is to investigate, through a literature review, the indicators of globalization concerning the construction sector. The second intention is to evaluate the empirical impacts of globalization on the construction sector with a focus on the derivation of construction tender-price. Thirdly, the study intends to separate the contributions of foreign direct investment (FDI) to global integration for construction sustainability. The study adopts qualitative and quantitative approaches that follow a case study and causal research design to explore and understand decisions and opportunities regarding construction-tender price inflation. The study utilizes content, thematic, and statistical methods for data analysis. The study finds that construction tender prices increased by an average of 49.7% per annum for periodic maintenance of feeder roads between 2012 and 2021, with varying correlations to globalization indicators. The research highlights notable disadvantages of foreign direct investments in the construction sector through the emergence of foreign firms in developing countries. The drawbacks include instigating unfair competition, initiating adverse knockout effects on local firms, exterminating local firms, and perpetuating corruption. In addition, the study identifies areas requiring attention to address the impacts of globalization in the construction sector. Critical areas include legislating procurement controls that protect local firms and improving the qualifications and competencies of local firms. The study further underscores mitigation measures against the adverse effects of foreign firms in the construction sector. These measures include providing training to local firms, managing the nature and type of competition, managing the nature and type of competing firms, and building the capacity of local firms.
Keywords: Foreign Direct Investment, Globalization, construction sustainability, tender price variableness, the construction sector