Abstract
The study focuses on the macro-economic impact of leading economic globalization indicators on the Nigerian economy, during the period from 1980 to 2012. The findings from this study lend credence to the FDI-led growth hypothesis in developing economies. Moreover, migrants’ remittances inflow was found to be positively associated with economic performance, albeit in the short-run only. In contrast, the KOF dimension of economic globalization index (ECGI) was found to have an adverse effect on economic performance in the long-run and equally showed proof of a negative relationship in the short-run even though it was statistically insignificant. Similarly, real effective exchange rate and trade openness were found to be statistically insignificant in the short-run and long-run. Policy makers in Nigeria should endeavour to create robust legislation and credible institutional frameworks that would not only encourage more capital flows into the shores of Nigeria, but also would protect the country’s ‘interest’ in the midst of ongoing economic globalization. DOI: 10.5901/mjss.2015.v6n1p87
Highlights
The worldwide interconnectedness of countries especially after the 2nd World War has been changing the socioeconomic and political landscapes in different nations in recent time, thanks to globalization
The main objective of this article was to analyze the relationship between some leading indicators of economic globalization (e.g. foreign direct investment (FDI), migrants' remittances and, real effective exchange rate (REER)) and economic performance in Nigeria for the past three decades
The empirical results of this study provide strong evidence that FDI has the catalytic effect of spurring economic performance both within the short-run and long run in Nigeria
Summary
The worldwide interconnectedness of countries especially after the 2nd World War has been changing the socioeconomic and political landscapes in different nations in recent time, thanks to globalization. Institutions and scholars across the continents have embraced globalization, some are still sceptical about it. The integration of various national economies through trade liberalization, migration, technology transfers and governance have come with both benefits and challenges. It is widely presumed that, developed countries are the most beneficial of trade liberalization and deregulation as they have a greater share of the world trade, technical know-how, manufacturing and finance. Many poor countries have not been able to benefit sufficiently from globalization partly due to their inability to compete favourably with advanced economies at the global stage due to inadequate resources, insufficient utilization of its resources, imbalances of world trade policies and agreements
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