Globalization and Nigeria’s Economic Development—A Study of the Interconnectedness

Abstract

Globalization, like many other concepts in the social sciences, has a variety of definition as there is no single definition for it. It is one of the few phenomena for which there is no accurate timestamp. Waters’ (1995) definition of globalization is used through the course of this work. Globalization is therefore defined as a social process in which the constraints of geography on economic, political, social and cultural arrangements recede in which people become increasingly aware that they are decreasing, and people act accordingly. Development, according to Todaro (1981), is a multi-dimensional process involving the reorganization and reorientation of the entire economic and social systems. Economic development is thus, the process in which a nation improves the living standard of its people as well as their political, social well-being. The research methodology employed for this work was exploratory methodology which is targeted at satisfying researcher’s desire about specific social phenomenon. Also, secondary sources of data and data collection were used. Secondary sources are secondhand information in which has been used by other people other than the researcher himself. The secondary sources of data collection used are library and historical works, published data, internet sources, government and public sector research. Modernization theory was also adopted in shedding more light to work. Modernization theory refers to a radical paradigm that is based on the bipolarity, from a pre-modern or conservative culture to an industrial or Western society. The product of this research concludes that there is interconnectedness between globalization and economic development in Nigeria, which in turn increases the rate of unemployment and hinders democratic development in Nigeria. Globalization was discovered to be the root cause of massive unemployment rate in Nigeria and the hindrance to democratic development in Nigeria. Globalization has an unequal relationship between developed and developing countries. While developed countries benefit massively from globalization, growing/undeveloped countries do not profit. Globalization, through its various symbols (World Bank, United Nations, and International Monetary Fund) and policies put in place by these symbols have negatively affected Nigeria and affected her development both politically and economically. Also, globalization, through colonization, the industrial revolution, Structural Adjustment Programme, privatization and commercialization, devaluation of the currency and so many unfavorable conditions put in place by the international financial institutions that represent globalization have furthered increased unemployment rate in Nigeria. It was also discovered that unemployment negatively affects democratic development in Nigeria as it causes social vices and criminal activities, electoral violence ethnic and religious intolerance, political corruption and poor living standard where the people lose faith in the government.