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
Globalization and The Industrial Sector Performance: The Nigeria Experience (Published)
Globalization is said to be a hallmark for modern economic growth and development. Since 1970, the volume of world trade has grown by around 7% yearly. The Nigerian industrial sector after experiencing boom in the first two decades after Nigeria’s independence, has suffered from low productivity afterwards. Therefore, this study examined the impact of globalization on Nigeria industrial sector performance from 1986 – 2017. The study utilized secondary data from the Central Bank Statistical Bulletin (CBN), and National Bureau of Statistics (NBS). The data were analyzed using Ordinary Least Squares (OLS), Error Correction Model, ADF Unit root test, Johansen Co-integration test, Cholesky variance decomposition test. The findings of this study show that “free-trade” which came as a result of globalization has a not impacted Nigeria industrial output enough to trigger economic growth and also, that Nigeria depends so much on imported products which have made the industrial sector weak and unable to compete with her foreign counterparts. The study also revealed that globalization has led to the stagnation of Nigeria’s Manufacturing index. This implies that the cost of globalization for Nigeria have outweighed its benefits, hence; the study concluded that globalization has done more harm than good to Nigerian economy. The study recommends that Nigeria should put in place an industrial policy which should create enabling business environment within the country by providing incentives to manufacturers, ensuring regular and uninterrupted power supply as well as promoting agriculture.
Keywords: Globalization, Nigeria economy, economic policy. industrialization, industrial sector performance
Globalization and the Industrial Sector Performance: The Nigeria Experience (Published)
Globalization is said to be a hallmark for modern economic growth and development. Since 1970, the volume of world trade has grown by around 7% yearly. The Nigerian industrial sector after experiencing boom in the first two decades after Nigeria’s independence, has suffered from low productivity afterwards. Therefore, this study examined the impact of globalization on Nigeria industrial sector performance from 1986 – 2017. The study utilized secondary data from the Central Bank Statistical Bulletin (CBN), and National Bureau of Statistics (NBS). The data were analyzed using Ordinary Least Squares (OLS), Error Correction Model, ADF Unit root test, Johansen Co-integration test, Cholesky variance decomposition test. The findings of this study show that “free-trade” which came as a result of globalization has a not impacted Nigeria industrial output enough to trigger economic growth and also, that Nigeria depends so much on imported products which have made the industrial sector weak and unable to compete with her foreign counterparts. The study also revealed that globalization has led to the stagnation of Nigeria’s Manufacturing index. This implies that the cost of globalization for Nigeria have outweighed its benefits, hence; the study concluded that globalization has done more harm than good to Nigerian economy. The study recommends that Nigeria should put in place an industrial policy which should create enabling business environment within the country by providing incentives to manufacturers, ensuring regular and uninterrupted power supply as well as promoting agriculture.
Citation: Ebele Stella Nwokoye, Stephen M. Chukwuka, Akpoghelie Oghenekome Emmanuel and Ebuwa Emmanuel Ikemefuna (2022) Globalization and the Industrial Sector Performance: The Nigeria Experience, International Journal of Development and Economic Sustainability, Vol.10, No.3, pp.1-18
Keywords: Globalization, Nigeria economy, economic policy. industrialization, industrial sector performance
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