THE IMPACT OF GLOBALIZATION ON DEVELOPING ECONOMIES: A STUDY OF NIGERIA.” (1960-TILL DATE)

This study examines the impact of globalization on the economic development of Nigeria from 1960 to the present, with a focus on trade liberalization, foreign direct investment (FDI), technological transfer, and integration into the global economy. Since gaining independence in 1960, Nigeria has experienced varying phases of economic transformation shaped by global economic forces, policy reforms, and international institutions. The research adopts a historical and analytical approach, utilizing secondary data from government publications, international organizations, and scholarly sources to evaluate trends and outcomes. The findings reveal that globalization has contributed to increased trade openness, improved access to foreign capital, and the diffusion of technology, which have supported growth in sectors such as telecommunications and finance. However, the benefits have been uneven, as the Nigerian economy remains heavily dependent on crude oil exports, making it vulnerable to global market fluctuations. Additionally, globalization has intensified challenges such as income inequality, unemployment, weak industrialization, and the marginalization of local industries due to competition from imported goods. The study concludes that while globalization has created opportunities for economic expansion and integration, its overall impact on Nigeria’s development has been mixed. It recommends the implementation of sound economic policies, diversification of the economy, investment in human capital, and strengthening of domestic industries to maximize the benefits of globalization and mitigate its adverse effects.