Advantages And Disadvantages Of Globalization In Nigeria

Powerful Essays
This chapter discusses the review of relevant literature. As part of this research, which includes articles seminar paper, newspapers , textbooks , etc. The review materials are grouped under the following headings 1. The challenges to globalization 2. Situating Nigeria for development in a globalization era 3. Obstacles to economic development 4. Globalization and economic development 5. Merits of globalization 2.2 THE CHALLENGES OF GLOBALIZATION The word globalization is used in different ways. The controversial nature of the concept of globalization is part of the explanation of the confusion of that much of the public debate. The British government believes that if managed well, the benefits of globalization for poor countries and people…show more content…
However , the following are the benefits of globalization. They are as follows. 1. Globalization creates opportunities for the socio economic development among nations or state. 2. Globalization makes way for international investment and trade, there by establishing trade and bilateral relations between countries. 3. Technological diffusion and the distribution of economic development from rich to poor countries. 4. Globalization creates freedom to choose markets among globalized economy. EFFECTS OF GLOBALIZATION The globalization process, which began more than a decade and a half ago trapped Nigeria on the basis of political instability. The main features of globalization includes the liberalization of trade, the free movement of capital and the rapid development of information technology. Globalization offers opportunities windows when development rates and exchange rates, terms of trade etc., are on a positive and reasonable scale. In Nigeria, in the mid-eighties, utility and public infrastructure had come in very bad condition. The road network were in poor condition. Schools and hospitals…show more content…
As a result of activities related to oil, agriculture was neglected (Ralph 2010; 304). After Dauda (2009; 84) the impact of globalization is characterized by the following 1. Uncompetitive and collapsing industrial sector activities (30% surviving in the previous 10 years.) 2. Rapid increase in unemployment, under employment and poverty (about 60% of the youth aged 14-25 years) amounting into 3 million jobless people entering the labour market annually. 3. Social instability (ethnic nationalist and religious friction) 4. Hyper inflation covers 50% between (1985 – 1995) 5. Unstable exchange and interest rates 6. Low productivity and 7. Endemic corruption, greed. Given the Nigeria’s socio economic and political disposition Globalization presented more challenges for the country for it lacks what is needed to be relevant and deal with it untill the nation can achieve a certain measure of good governance, modest economic
Get Access