Abstract
Globalization is meant to efficiently allocate resources around the world to enable economic growth. Hence, the study took as its objective to examine the relationship between globalization and the Nigerian manufacturing sector. To achieve this, the study utilized annual time series data from 1986 to 2019. The analytical method followed the Paseran, Shin, and Smith (2001) ARDL approach. Bound cointegration test revealed that stable long run relationship exists among the variables. The result shows that overall globalization and economic globalization had negative and significant impact on manufacturing output growth in the long run. However, in the short run only economic globalization has a positive significant impact on manufacturing in Nigeria. Based on these findings, the study, therefore recommended that, the government should adopt proactive trade policies to protect and give competitive advantage to the domestic manufacturers.
Highlights
The concept globalization has attracted the attention of many scholars from diverse fields and has been explained differently by these scholars
5.0 SUMMARY AND CONCLUSION The study examined how globalization affects the performance of the Nigerian manufacturing sector between the period 1990 and 2019
The objective of the study was to estimate the effect of globalization on the Nigerian manufacturing sector output contribution to the GDP during the period under review
Summary
The concept globalization has attracted the attention of many scholars from diverse fields and has been explained differently by these scholars. The globalization phenomenon is a multi-dimensional process which includes political, economic, social, and cultural dimensions that have been variously explained in different terms and context (Akinboye, 2008). Globalization is the intensification of cross border trade, increased financial flows across border, and foreign direct investment (FDI) flows among nations, promoted by rapid advances in trade liberalization and in communication and information technology (Islam ,2002). It is the process of integrating economic decision making across the world and creating a global marketplace in which all nations participate. Globalization is the integration of the world economy, and it involves the interdependence of nations around the world through borderless transactions and increased financial flows
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