Analyzing Nigeria’s Develoment In The Context Of Globalization
Iorshe Akav, Fanen Akuraga
Keywords: Globalization, development, modernization theory, value chain, local institutions
Abstract
This study discusses on how global economic integration affects development outcomes through trade, foreign direct investment, technology transfer, and institutional change. It examines globalization and development in Nigeria. In order to analyze the relationship between globalization and development in
Nigeria within the larger African context, the study used a qualitative research approach and relied on secondary materials such textbooks, journal articles, policy papers, and development reports. Walt Whitman Rostow’s Modernization Theory serves as the study’s foundation. The results show that Nigeria has experienced a variety of developmental outcomes as a result of globalization, including increased foreign direct investment, technical innovation, the growth of the fintech and telecommunications industries, better market access, and the creation of jobs. But it has also increased economic reliance on crude oil, deindustrialization, wealth disparity, capital flight, environmental deterioration, and susceptibility to shocks to the world economy. Consequently, Nigeria trails behind several African nations like Mauritius, Kenya, and South Africa in terms of economic diversification, governance effectiveness, and human development indicators, despite the
country’s benefits from global integration, according to comparative analysis. The study’s findings established that globalization presents Nigeria with substantial chances for economic development and change. Though the resilience of local institutions, the execution of development policies and programmes aimed at structural changes that promote industrialization and the
development of human capital will determine how much of these advantages are realized. The study recommends that Nigeria should intensify economic diversification by expanding industrial production, agricultural value chains, and digital innovation in order to accelerate modernization and reduce dependence on oil.
Author Biography
Iorshe Akav, Fanen Akuraga
Department of Political Science, Rev. Fr. Moses Orshio Adasu University, Makurdi, Nigeria