Abstract
The paper essentially interrogates the question as to whether globalization has promoted economic growth in Nigeria in line with the ambitious expectations of the promoters of the concept especially, the World Bank and the International Monetary Fund. The article both clarifies and demystifies the recentness of the phenomenon usually foisted on the mind, by beaming a search light through its evolutionary path. Evidences from literature were examined for a clue for a support of economic growth hypothesis in the particular instance of a local economy, Nigeria. It was found that whereas globalization may have improved the economies of advanced democracies, the domestic economy received marginal benefits but in the main was undermined owing to a host of factors including, weak technical base, unhealthy macro-economic environment and poorly diversified economic base. This has rendered her a net loser in the competitive struggle engendered by globalization. The paper recommends economic policy strategies that not only diversify her economic investments but allow her to selectively engage the world in a way that protects the investments of locals from undue competition from unregulated globalization.
Highlights
Globalization remains a subject of intense research and much heated debate among academics and economic development experts
It was found that whereas globalization may have improved the economies of advanced democracies, the domestic economy received marginal benefits but in the main was undermined owing to a host of factors including, weak technical base, unhealthy macro-economic environment and poorly diversified economic base
The paper has examined the concept of globalization in relation to Nigerian economy
Summary
Globalization remains a subject of intense research and much heated debate among academics and economic development experts. “Nigerian entrepreneurs under the auspices of Business Founders Coalition appealed to Nigerian President over what they considered hostile takeover bids of foreign private equity firms on their businesses...there are some who come into Nigeria literally to hijack the indigenous owned companies.” This may be regarded as a consensus opinion held by local business operators about the negative effect of unchecked globalization on the local economy and of the need to protect domestic industries. The implication of this, for trade related purposes, is succinctly captured by Aluko et al (2004) when they averred that the products of Nigerian manufacturing sector, for instance, cannot compete with goods from advanced countries of the world most especially Europe and America This is so because the combined effect of the hostile operating environment tended to make domestic products more expensive and inferior compared to the imported substitutes.
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