Abstract
This study empirically investigated the impact of globalization on economic security, with a reflection of the performance of the Nigerian manufacturing sector, using co-integration and error correction mechanism (ECM) techniques with annual time series covering the period between 1981 and 2010. The findings revealed that globalization has negative impact on the performance of the Nigerian manufacturing sector in the long run but positive effects in the short run. Therefore, it is recommended that since Nigeria cannot cease from participating in the globalization exercise, the Government and other policymakers should adopt a proactive and appropriate policy mix in economic, fiscal, monetary, political, institutional and risk management frameworks, in order to harness and maximize gains of globalization while minimizing the uncertainty shocks to the Nigerian economy. Key words: Globalization, economic security, co-integration and error correction model (ECM).
Highlights
Globalization in recent time had been widely perceived as a dual sided phenomenon which has been beneficial to many countries but has not helped matters in most developing countries
It is recommended that since Nigeria cannot cease from participating in the globalization exercise, the Government and other policymakers should adopt a proactive and appropriate policy mix in economic, fiscal, monetary, political, institutional and risk management frameworks, in order to harness and maximize gains of globalization while minimizing the uncertainty shocks to the Nigerian economy
This study empirically examined the impact of globalization on economic security, with a special reflection of the performance of the Nigerian Manufacturing Sector
Summary
Globalization and economic security in Nigeria: A reflection of the Nigerian manufacturing sector performance (1981 -2010). This study empirically investigated the impact of globalization on economic security, with a reflection of the performance of the Nigerian manufacturing sector, using co-integration and error correction mechanism (ECM) techniques with annual time series covering the period between 1981 and 2010. The findings revealed that globalization has negative impact on the performance of the Nigerian manufacturing sector in the long run but positive effects in the short run. It is recommended that since Nigeria cannot cease from participating in the globalization exercise, the Government and other policymakers should adopt a proactive and appropriate policy mix in economic, fiscal, monetary, political, institutional and risk management frameworks, in order to harness and maximize gains of globalization while minimizing the uncertainty shocks to the Nigerian economy
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