Abstract
Purpose of the study: The intensity of globalization has resulted in the near collapse of most manufacturing industries in Nigeria. Most products from Nigeria industries lack the ability to compete with similar products from developed countries. Such appalling competitiveness of the Nigeria economy has bequeathed untold hardship on the citizens of Nigeria. The rationale for undertaking this study is to determine globalisation's brunt on Nigeria's economic competitiveness empirically. Methodology: The Least Square method was employed to analyse the data collected from various statistical agencies such as the Nigeria statistical bulletin, World Economic Forum report and the United Nations Industrial Development report. The data collected is for the period spanning 2006 to 2017. Microfit 5.1 Statistical software is used in the analysis. Main Findings: The findings of the study shows that there is a negative relationship between globalization and Nigeria global economic competitiveness. The results further indicate that Nigeria’s participation in the global arena has not yielded the desired benefit associated with globalization with respect to the country’s competitiveness. Research limitations/implications: The study adds to earlier works on economic competitiveness as a sound pillar of globalization by carving out an empirical analysis of Nigeria experience with globalization. The implications of the study's findings show that Nigeria's innovation strategies significantly lag behind the innovation strategies in developed countries. Novelty/Originality of this study: This work put-forward a useful awareness into the existential challenge facing Nigeria and other developing economies in terms of equal capacity to confront their developmental problems as a result of globalization. The study further provides a pathway for Nigeria’s economic managers to overcome such challenges with dynamic strategies to achieve the desired benefits of globalization.
Highlights
Trade, communication and other forms of interaction between people from different parts of the world started more than a thousand years ago
Main Findings: The findings of the study shows that there is a negative relationship between globalization and Nigeria global economic competitiveness
The results further indicate that Nigeria’s participation in the global arena has not yielded the desired benefit associated with globalization with respect to the country’s competitiveness
Summary
Communication and other forms of interaction between people from different parts of the world started more than a thousand years ago. The driving force for such interaction has mainly been trading, the quest to annex more territories, demand for labour, missionary activities etc Such interaction laid the foundation for globalization as it is practised today; globalisation's renewed concept is increasingly hinged on trade and the need to have a peaceful and harmonious world. Shamgquan (2000) defined economic globalization as the increasing interdependence of world economies as a result of the growing scale of cross-border trade on commodities and services, the flow of international capital and the rapid spread of Please cite this article as: Obomeghie, M. It reflects the continued expansion and mutual integration of market frontiers, which is an irreversible trend for economic development in the whole world. The scenario portrays an ever-widening gap in the competitive abilities between developing economies such as Nigeria and the developed economies
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