Impact of Globalization on the Economic Development of Nigeria (Published)

This research aims to investigate the effects of globalization on Nigeria’s economic development. Globalization has helped Nigeria, a developing nation, compete with other established nations, according to various opinions on its effects, both positive and negative. The study’s goal was to determine the impact of globalization on the Nigerian economy. The researcher consequently evaluated the body of studies on how globalization has affected Nigeria’s economic progress. Thus, the notions of globalization and development, as well as various aspects of Nigeria’s development, are critically analyzed, as is the effect of globalization on the global economy. The outcome showed that all traditional economic development factors, including private investment, public investment, and debt series, as well as indicators of economic integration (trade openness and financial integration), were non-stationary. The study also proved that trade openness significantly boosted Nigeria’s economy. However, at a 10% threshold of importance, the effect of financial integration on the economy is negligible. The study came to the conclusion that if Nigeria’s economy completely integrated with the rest of the globe, it would gain more from globalization. Therefore, the report advocated for the elimination of all restrictions on commerce and money flow. The growth of the Nigerian economy to keep up with globalization is recommended based on analysis of the effects of globalization on economic development. It was therefore deduced that “if appropriate measures are not implemented, Nigeria may not participate in this process, leading to the globalization of poverty rather than wealth”.

Keywords: Development, Economic, Globalization, Impact

Science Education as a Tool for Achieving Socio – Economic Development of Nigeria (Published)

This study delves into the profound connection between science education and the socio-economic development of Nigeria. The paper explores the transformative potential of science education as a catalyst for socio-economic development in Nigeria. It examines how science education fosters innovation, shapes a skilled workforce, and drives economic diversification. By nurturing a scientifically literate populace, Nigeria can navigate challenges and seize opportunities in a rapidly changing global landscape. The paper emphasizes policy implications, including holistic education reform, industry collaboration, and international partnerships. Ultimately, science education emerges as a dynamic tool that can empower Nigeria to drive innovation, enhance competitiveness, and build a resilient and prosperous future.

 

Keywords: Development, Economy, Nigeria, Science Education, Socio-Economic

East Asia and Latin America on the Crossroads of Development: The key factors that attributed to different developmental outcomes (Published)

East Asia and Latin America are two regions of great similarities and trajectories. Struggling with poverty and underdevelopment, many analysts classified them as regions of developing states. Today, countries like Japan, Korea and Taiwan are among the fastest growing in the World while Brazil, Mexico and Argentina are still struggling with huge societal inequality, institutional corruption, and extreme poverty. The scope of this paper is to identify key factors that are attributed to different developmental outcomes between East Asia and Latin America. This will be accomplished through a comparative analysis of state policies, sectoral growth and relationship to external trade and market vulnerabilities, between three countries from each region, Argentina, Brazil and Mexico from Latin America and Japan, Korea, and Taiwan from East Asia. The paper argues that the model of developmentalism implemented in Latin America never aimed to achieve societal equality or technological growth and was tormented by political instability, elite-controlled systems, and protectionism that had no relativity with global trade. On the contrary, East Asia identified its internal market weaknesses and was committed to generating macroeconomic stability, creating an ideal atmosphere for private investment and political stability.

Keywords: Asian tigers, Development, developmental theory, global south

Assessing the Challenges and Opportunities of Micro and Small Scale Enterprise for Economic Development in Shone Town (Published)

This study examines the challenges and opportunities of micro and small-scale enterprises for economic development of Shone town. The general objective of the study was to assess the challenges and opportunities of MSEs for economic development in Shone town. In this study mixed research design was used. Probable and non-probable sampling techniques were used. In this study there were 94 households are selected by using stratified, quota and simple random sampling techniques from 1685 households. This study used primary and secondary data sources were used. Primary data were collected through questionnaire, interview and observations and secondary data were collected from different written materials and documents. In this study both qualitative and quantitative method of data analysis were applied. MSEs have a crucial role because of their potential contribution to development of income distribution, employment creation, poverty reduction, industrial development and export growth and opportunities like providing a new and more important product and services, making products and services easily available, increase their income and improve their livelihood. However, these MSEs have constraints in socio-economic, institutional and physical (infrastructural) problems were identified. Based on the findings of the study different measures were recommended like giving training about the advantages of cooperation for works of MSEs, creating awareness where the respondents can produce and solve market place problems and market center small shops and giving for MSEs at minimum rate, the government should give material and technical support and other measures were recommended.

Citation: Alemu Ersino Ersado (2023) Assessing the Challenges and Opportunities of Micro and Small Scale Enterprise for Economic Development in Shone Town, International Journal of Development and Economic Sustainability, Vol.11, No.2, pp.71-87

 

 

 

 

 

 

Keywords: Business, Development, Enterprise, Entrepreneur, micro-scale and small-scale

Climate-Induced Insecurities and The ECOWAS Initiatives: Implications for Regional Goals 1991-2021 (Published)

ECOWAS is a regional organization established in West Africa on May 28, 1975 with the objective of encouraging regional integration and economic cooperation to ensure mutual growth and development among member states. Since its inception, it has involved in humanitarian interventions in some of its crises-ridden member states. However, the sustenance of the success has recently met with serious challenges through the evolution of climate-induced insecurities in the region. Studies indicate that the turbulent nature of such security challenges caused by climate change seems to be overwhelming the ECOWAS. The fact is that the evolving climate-induced conflicts in West Africa largely relate to quest for survival requiring more of econometric and meteorological actions than political solutions to which the ECOWAS, apparently lacks the technical know-how to combat. It is against the backcloth of the stated problematic that this paper sets focus on climate-induced insecurities and ECOWAS initiatives by evaluating the current implications of the weather-related conflicts for West African regional cooperation and integration. Nevertheless, the main idea inherent in the evaluation tends to posit that although the regional organ faces tremendous and unprecedented challenges posed by these climatic insecurities against its original goals, reluctance on the part of the governments of the member-states to adhere to the fundamental principles of the region, further implies that there is little hopes for impactful regional cooperation, integration and development if the outlined plans are not vigorously pursued to achieve the anticipated prospects which is the only way forward. The paper adopted the qualitative and historical analytical research methods.

Citation Okpata E.C., and Ota E.N. (2023) Climate-Induced Insecurities and The Ecowas Initiatives: Implications for Regional Goals 1991-2021, International Journal of Development and Economic Sustainability, Vol.11, No.2, pp.38-54

Keywords: Climate Change, Development, Goals, fundamental, insecurities

Insurance Sector Development and Economic Growth in Nigeria: An empirical analysis (Published)

This study investigated the relationship between insurance sector development and economic growth in Nigeria using data from 2001 to 2017. The study adopted gross domestic product (GDP) as proxy for economic growth and the response variable, while total insurance investment (INV), total insurance premium (PRE), and total insurance claims (CLA) were used as proxies for insurance sector development and the predictive variables. Secondary time series data for the variables were sourced from annual reports of Central Bank of Nigeria (CBN) Statistical Bulletins and the Nigerian Insurance Digest covering the period 2001 to 2017. The study employed descriptive statistics and multiple regression technique based on the E-views 9.0 software as methods of data analysis. The empirical results showed that total insurance investment, total insurance premium and total insurance claims had positive effect on gross domestic product, proxy for economic growth (total insurance investment and total insurance premium were significant at 5% level, while total insurance claims, at 19% level, was not significant). This study has established that the insurance sector development contributed meaningfully to economic growth in Nigeria. Based on the findings this study recommended that insurance policies be made mandatory for individuals and business organizations to encourage and protect investors as well as ensure sustained economic growth. Besides, the regulatory authorities should put in place policies to enforce transparent and efficient management of funds by insurers; while the latter should diversify their portfolio of investments to boost returns and their ability in claims payment.

Keywords: Development, claims, economic growth; insurance; investment; premium

Gender, Good Governance and Development in Nigeria (Published)

Despite widespread democratization in most countries and the struggle by the feminist movements for the integration of gender balancing in the national politics of countries over the world however, women who constitute about 50% of Nigeria population still remain systematically alienated from politics and decision, making process in the country. Poor systems of governance result in widespread discrimination related to sex, race, colour, religion and political opinion. This paper tries to points out the efficacy and the role of gender equality and participation in good governance which has a trickling down effect on development. The study adopted qualitative research and documentary method of data collection. Its revealed a positive correction between gender, good governance and development in Nigeria, hence the need for it and its application. Also, women who constitute about 50% of Nigeria population still remain systematically alienated from politics and decision, making process in the country. It recommended among others that government should engage the support of the mass media and partner with women’s movement NGOs and Civil society for vehement complaint against women subordination, discrimination and stigmatization in the society.

Keywords: Development, Gender, Good Governance, Mobilization, Subordination

Application Venues of Counter-Current Development Model (CCDM) in Developing Countries: Imperative For the Knowledge Driven Economy (Published)

This paper explains the nitty-gritty in the application of Counter-Current Development Model (CCDM) for the developing economies. It examines several ways of CCDM applications such as visionary and transformational leadership, competitive and human capital development, research for sustainable development, productive economy (energy, agricultural, technological and industrial developments were highlighted), development and modernization (food security/modernization and national security, peace and unity); and then feedback. All these were illustrated with diagrams for conceptual and theoretical frameworks. Other CCDM application venues include: provision of conducive environment for competitive economic activities; need for people-centred political system and issues of revolution. It concludes with recommendations on peaceful revolution strategies.

Keywords: Counter-Current, Development, Development Model, Peaceful Resolution, Productive Economy, Transformational Leadership

African Theories of Development and the Reality of Underdevelopment (Published)

The urge for the development of the African continent immediately after independence pushed the immediate post-colonial African leaders into experimenting different kinds of developmental systems. Some of these leaders copied the Western systems in operation at that time whereas some others adapted and adopted them. The successors of these post-colonial leaders also followed this trend. All these efforts could not bring the desired development as a result of one basic factor – dependence index. It is an existential fact that no country or continent ever developed by majorly depending on others. The key to development is real ‘ independence’. Equally true is that no country/continent ever developed without the production of materials and goods. Being a consumer nation or continent is to invariably jettison development. This paper calls for ‘ inward looking’ in the developmental efforts of the African continent and minimally look outward.

Keywords: Africa, Development, Leaders, Underdevelopment

The Challenge of Democracy and Development in Nigeria’s Niger Delta: The Case Of Delta State, 1999-2014 (Published)

This article examines the challenge of democracy and development in Nigeria’s oil-rich Niger Delta, using the example of Delta State, 1999-2014. Against the backdrop of an expansive literature on the region’s state of decay, poverty, and conspiracy between the Federal Government of Nigeria and MNOCs to deny the Niger Delta of the benefits of its God-given oil resources, with attendant insurgency, this micro study cautions against the pitfalls of sweeping generalization. Adopting the critical, evaluative method of contemporary history, built on secondary sources, this work is significant in drawing attention to the manipulation and diversion of insurgency initially directed against the local elite by an aggrieved community to achieve political relevance and primitive accumulation by the former, who failed to judiciously and transparently utilize the huge sums of money from statutory allocation and donor agencies to transform the state. The paper calls for a review of the conventional wisdom on the subject

Keywords: Contemporary Nigeria, Corruption, Democratic governance, Development, Niger Delta problem, Resource curse