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
Arts and Crafts as Veritable Sources of Economic Empowerment for Marginalized People in Nigeria (Published)
Man is an imaginary individual created by God in classical economic milieus and he is conceived of as behaving rationally, regularly and predictably in his economic activities with motives that are egoistic, acquisitive and short-term in outlook. From the beginning man was endowed by God with skills to adapt from objects in the natural world for his social, economic, political and material needs. Therefore, working for survival and meeting immediate needs are natural phenomena in human existence. Despite the natural endowment of God some people are still perceived by the human society as lacking desirable traits or deviating from the societal norms and therefore they tend to be excluded by the wider society in the scheme of things and they are ostracized or marginalized as undesirable. These marginalized people who are not self-sufficient become, at a minimum, burden to their immediate milieus, family members, friends and the society, at large. They lose their self confidence because they cannot be fully self supporting. The opportunities denied them also deprive them of many developmental projects that others, with greater opportunities, have accomplished over the years. This has, however, given many of such under privilege individuals psychological, social and even mental health problems. Economic empowerment through arts and crafts is the only means available for these marginalized people to obtain the basic human needs, either directly by themselves, or through the assistance of those who have access to funds that can be used to encourage and develop their skills for self sufficiency.
Keywords: Arts and Crafts, Economic, Economic Empowerment, Marginalized People, Milieus, Self Sufficiency
The Impact of Global Economic Meltdown On African Economic Development: Lessons from American Experience (Published)
The quite recent global economic disaster that had dealt a devastated blow on economies across the globe deserves attention in the field of academic given the effect it has had on African economy. The need to do a critical appraisal on the phenomenon –global economic meltdown; identification of its causes and effect on global economy and Africa as a continent becomes imperative in view of the quest for sustainable Africa economy and the need to fight the scourge of poverty in Africa. This paper through a historical analysis and critical research method focuses predominantly on American experiences and panacea adopted to ameliorate the menace. The discovery made on this critical survey might form the benchmark in understanding the way out of the most recent and subsequent experiences of economic meltdown.
Keywords: Economic, Global, Globalization, crises, meltdown