THE EFFECT OF GLOBALIZATION ON THE ECONOMIC DEVELOPMENT IN NIGERIA BETWEEN 1999 AND 2007

THE EFFECT OF GLOBALIZATION ON THE ECONOMIC DEVELOPMENT IN NIGERIA BETWEEN 1999 AND 2007  

ABSTRACT

The purpose of this study is to analyze the effect of globalization on the economic development in Nigeria between 1999 and 2007 considering how globalization affects the developing economy. This research also identified the effect of globalization on national development (industrialization, technological advancement and agricultural development). Data was obtained from the secondary sources like Journals, textbooks, internet and all other secondary sources. More data were also gathered through interviews. The data obtained was analyzed using thematic format and a descriptive essay and the result revealed that globalization has greatly influenced the national development in Nigeria giving rise to macro-economy instability and mixed economy syndrome that had characterized Nigeria government and all other developing economy. However, for globalization to succeed it must also deliver right no less than riches and provides social justice and equity no less than economic prosperity and enhanced communication. This study concludes that the merit of globalization for Nigeria lies in the capacity for wealth creation through export-led growth and the benefit of expanded international trade of goods, services, and access to new products and designed in the global markets. It however recommends that economic globalization should not be driven by desire to make money.

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