EFFECT OF GLOBALIZATION ON THE NIGERIAN ECONOMIC DEVELOPMENT: A STUDY OF 2020-2024
Abstract
This study investigates the effect of globalization on Nigerian economic development between 2020 and 2024, with a focus on understanding why Nigeria remains economically underdeveloped despite adopting key globalization-driven economic strategies. Globalization, often hailed as a pathway to development, has led many developing nations, including Nigeria, to implement structural reforms such as privatization, trade liberalization, currency devaluation, and democratization mostly recommended by institutions like the International Monetary Fund (IMF) and the World Bank. Contrary to expectations, these policies have not yielded substantial economic advancement in Nigeria, raising critical concerns about whether globalization truly benefits developing economies or reinforces their dependency. Anchored on the Structural-Change Theory, this research employed a cross-sectional survey design using a structured questionnaire to gather data from 100 randomly selected staff members of the Ministry of Commerce and Industry, Bauchi State. The study sought to capture perceptions and realities on the ground regarding the impact of globalization on Nigeria’s economic structure and growth. Findings reveal that while globalization offers opportunities such as increased investment, innovation, and technological transfer, Nigeria’s internal structural deficiencies such as corruption, weak institutions, and inadequate infrastructure have hindered its ability to fully benefit. Additionally, the nation’s overreliance on external economies has exposed it to global shocks, further impeding development. The study concludes that without targeted reforms and strategic engagement with globalization, Nigeria risks deepening its economic vulnerability. The study recommend that investing in critical infrastructure, enhancing institutional efficiency, and implementing strong anti-corruption frameworks to position the country to benefit more equitably from globalization.
Keywords: Globalization, Economic Development, Nigeria, Structural Adjustment, IMF Policies.
Full-Text Access Notice
In accordance with the NERD Policy on promoting peer-reviewed publication, public access to the full text of a project, thesis or dissertation is restricted for three years, allowing the author and supervisors sufficient time to pursue peer-reviewed publication.
During this period, researchers with legitimate academic or research purposes may request authorisation directly from the author to enable NERD to release the indexed full texts of the work using the form below.