THE IMPACT OF GLOBALIZATION ON NIGERIAN RURAL-AGRICULTURAL ECONOMY

Abstract

Globalization in the pass decades has done significant impact on the agricultural as well as the economic sector of the third world nations particularly Nigeria. Nigeria is the most populous African Nation with the population of over 140 million according to the 2006 population census. Considering its position in Africa occupying number one position in terms of economic growth and development, over 52.7 percent of the nation population is living in rural areas and produced 90 percent of the food consumed. It is pertinent that any policy that would be introduced must positively have impact on these majority rural dwellers. Globalization has both negative and positive impact, to some, the changes are beneficial while to others are harmful. It eased international trade and commerce, facilitated foreign investment and the flow of capital. It also led to the cultural diffusion and the spread of new ideas and values, therefore it creates a global village out of the larger world. Despite these positive changes so introduced it neglects the African Nations in the political sphere to the extent that they have less control of their economies and fiscal matters as a result of the imposition of the policies by the International Monitory Fund (IMF) World Bank and World Trade Organization (WTO) among which Structural Adjustment Program (SAP) have impacted the Nigerian rural economy which might be considered as the extension of neocolonialism. Illicit and drug trafficking of children and women, facilitate brain drain because of the free labour policy. The entire domestic agricultural sector is affected due to the importation of foreign mechanized and subsidized farm produced from the develop countries which make it difficult for them to compute in Nigerian market. Article visualizations: