GLOBALIZATION AND SOCIOECONOMIC DEVELOPMENT IN NIGERIA 2020-2024
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GLOBALIZATION AND SOCIOECONOMIC DEVELOPMENT IN NIGERIA 2020-2024
Chapter one
INTRODUCTION
Background for the Study
Globalisation refers to the recent expansion of commercial operations beyond national and international borders, facilitated by breakthroughs in technology, communications, and socioeconomic, political, and environmental developments.
As a result, everyone in today’s world has reaped the benefits of globalisation in some form or another: the expansion of foreign trade has meant that vaccines and antibiotics manufactured in one country can be used elsewhere in the world to supplement medical cases and challenges.
Since 1900, life expectancy has increased in countries around the world, and the worldwide average has already doubled (Ospina, 2017). As a result, it is sufficient to remark that globalisation is one of the concerns and phenomena that has received a lot of attention around the world.
The process has existed from the beginning of human existence, and as it has modernized/developed at various times and phases, its impact has grown exponentially in recent years.
Globalisation is defined by the Committee for Development Policy as the growing interdependence of world economies due to cross-border trade, international capital flows, and rapid technological spread.
As developing countries have attempted to open up their economies in recent years, they are concerned about globalisation and its various implications on economic progress, particularly poverty.
Inequality, environmental degradation, and cultural supremacy are becoming more prevalent by the day. Nigeria, as a major developing country, is confronted with both the benefits and drawbacks of globalisation.
Although Nigeria is blessed with natural resources, they are not being used effectively. It is vital to note that finding innovative ways to better utilise Nigeria’s resource endowments is critical for the country’s economic predicament and global standing (Anwana and Affia, 2018).
When issues involving globalisation are raised or analysed, the link between economic development and globalisation frequently receives significant media attention. Policymakers want to ensure economic growth and development because it demonstrates a nation’s success.
As a result, understanding the structure of globalisation and assessing its impact on economic development is critical. This is based on the idea that globalisation has had (and continues to have) a significant impact on the world, as well as the way businesses and governments conduct business.
According to World Bank figures, commerce accounted for more than 70% of global GDP in 2017, up from less than 25% in 1960 (Trefler, 2019; Bartolucci et al., 2018).
In this regard, the nature of globalisation in the twenty-first century, fueled by postwar economic booms, global movements for liberalisation and freedom
and the emergence of dominant multinational corporations, has resulted in an ever-increasing connected world and interdependence among different economies around the world.
Thus, governments and businesses have responded to each wave of globalisation by leveraging technology advancements to refine their strategy and increase growth, introduce innovations, and evolve and adapt to a changing world (Chimobi 2010; Bartik, 2012).
Based on the breakdown of the good benefits of globalisation outlined above, it is sufficient to conclude that globalisation has had enormous positive influences and effects on the globe as a whole.
Erixon (2018) asserts that the period of globalisation between 1980 and 2010 is unusual since global trade expanded rapidly. International trade increased in the years prior 1980, and there has been some growth in the years following 2010, but none of these periods can compare to the expansion of trading activity during the globalisation era.
The same is true for Foreign Direct Investments (FDI), as the multiplier impact can be shown between 1980 and 2010 (Doguwa, 2012; Chirwa and Odhiambo 2016).
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