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Online ISSN: 2519-9722 | Print ISSN: 2522-6789
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Volume 5 Number 12 December 2020
GLOBALIZATION AND NIGERIA: CONSEQUENCES AND OPPORTUNITIES FOR NATIONAL DEVELOPMENT
Pages: 171-181Authors: E. Amah*, F. B. Tende
Abstract
There is a symbiotic relationship between national development and globalization, as national development work hand-in-glove within the social framework of a nation. On one hand, national development depends heavily on globalization to enhance global development. As final thoughts and implications, it was pointed out those developing economies especially those in Africa are in serious debts notwithstanding they are experiencing globalization whereas other economies in Europe are making huge profits. Thus, government in Africa in general and Nigeria in particular needs to device and put to play policies and stronger institutions for better governance at local, national, regional and international levels to ensure that globalization yield the expected benefit. The government notwithstanding, should put globalization into consideration when formulating policies and programmes because lack of this could result in policy instability and reversals in addition to high turnover and frequent changes in the business environment, which could have negative impact on the success of the primary institutions responsible for policy formulation, monitoring and implementation resulting in macro-economic distortions, and low productivity. In the light of these realities, the government should; Attract foreign relations through free flow of imports. This could potentially enhance, quality of life, drive competitiveness, and improve innovative production efficiency especially for manufacturing organizations.
