Globalization Causes Income Inequality In Nigeria

1686 Words7 Pages
Furthermore, globalization also increases income inequality by favouring wealthy corporations as they have the resources to expand their businesses creating more profits. For instance, if a company moves production of a particular product to an economically disfavoured country, people in industrialised countries tend to lose their jobs, simultaneously creating job opportunities for the people in the developing country. Numerous individuals in this nation work for a menial pay contrasted with those in industrialized nations, henceforth, they frequently stay poor furthermore don't have adequate protection, for example, social and health insurance. While wealthy companies flourish, small businesses do not have the capital to grow globally and cannot compete in the market leading to a big gap in small business profits and big business profits. Also leading to a crowding after effect on small businesses and more income for the already wealthy corporations which exacerbates inequality between the poor and the rich. This further makes survival of country based manufacturers very difficult. For example, in Nigeria, only Peugeot Automobile of Nigeria (PAN) is alive by making about twelve cars in a month and the likes of Leyland, Mercedes-Benz-ANAMCO, Steyr, Volkswagen, Nigeria…show more content…
The problem in Nigeria is class warfare, where by the rich have it all to themselves without showing compassion to the poor leading to another global crisis – terrorism and violence. How? When the poor become angry and hungry and their voice is not heard, it breeds violence and this violence becomes uncontrollable. Only when the leaders are conscious of the people they lead, only then can the “unity”, “faith” in the leader and “progress” in the

More about Globalization Causes Income Inequality In Nigeria

Open Document