Abstract:
The phenomenon of globalization is a multi-dimensional and multi-faceted process that
encompasses political, economic, social and cultural dimensions which have been variously
explained in different terms and contexts. This paper attempts to examine the impact of
globalization on the Nigerian economy. The paper focuses on the financial sector with particular
reference to the Banking sub-sector. The two strands of globalization are x-rayed while the
powerful forces that propel globalization are identified. Although the empirical studies point to the
fact that Nigeria's level of integration with the global capital market is still low, it is evident from
this study that globalization has a profound impact on recapitalization of Banks in Nigeria, which
precipitated a robust Banking regulation/supervision, remodeling of the Banking system, a rapid
expansion of the telecommunications and information and communication technology (ICT). The
paper concludes that the revolution in telecommunication and ICT has a profound impact on the
Nigerian Banking sub-sector. It is recommended that economic policy authorities put in place
appropriate macroeconomic policies that will deepen and hasten financial integration and
stimulate freer flow offunds into the economy.
