GLOBALIZATION AND ITS IMPACT ON ECONOMIC DEVELOPMENT IN NIGERIA

Abstract

The advent of globalization has witnessed increased interdependence in the last few decades, with technology, policy and competition remains the driving forces of this process. Thus, the process exacerbates inequality between the world’s regions and poverty particularly among developing countries. The research methodology employed for this work was exploratory methodology which is targeted at satisfying researcher’s desire about specific social phenomenon. The work adopt both primary and secondary method of data collection. Theoretically, the study adopts dependency theory as its points of departure in shedding more light to the work. Findings from the investigation show that there is interconnectedness between globalization and economic development in Nigeria, which in turn increases the rate of unemployment and hinders economic developmen. The study therefore recommends among others that collective action is needed by less developed countries toregulates the activities of most of these western countries. Nigerian government should see globalization as a challenge and find means to counter the deleterious effects of globalization.