EFFECTS OF GLOBALIZATION ON THE NIGERIA ECONOMY

¹Akor, A.A, ²Yongu, V.M and ³Akorga M.T

^1&2Department of Cooperative Economics and Management

Akperan Orshi College of Agriculture Yandev, Benue State, Nigeria

³ Department of Agricultural Technology, Akperan Orshi College of Agriculture Yandev, Benue

Email: apollos4u@yahoo.com

ABSTRACT

Globalization is a world wide movement from local to a universal socio-economic system aimed at unifying the world market into a global village accessible to all, Nigeria as a nation cannot stop it but can only study its features and effects and key into enjoying the dividends of globalization. Theoretically, this paper X-rays the effects of globalization on the Nigerian economy with a thrust overview of its features, positive and negative effects to the country’s economy with the hope of proffering ways for sustainable development in Nigeria in the face of globalization. The paper concludes that Nigeria has not benefited enough from the globalisation owing to the undue dependence on crude oil exports, low manufacturing exports and the underdevelopment of the domestic financial markets. Globalization is a tool for development and knowledge but knowledge is power and knowledge is dynamic. The country must keep abreast with changes in knowledge. The main problem is that without the necessary facilities and knowledge, globalization is a mirage in the Nation’s economy.

Keywords: Globalisation, Economy, Effect, Development, Feature