Revista de Gestión y Administración Pública

Abstracto

Globalisation: The Nigerian Experience

Josephine Ivoma Orga

The world has witnessed increased interdependence in the last two decades, thanks to globalization. The main driving forces of this process are technology, policy and competition and it subordinates domestic economies to global market conditions and practices. Developed nations are the beneficiaries of globalization as their share of world trade and finance has been expanded at the expense of developing countries. Thus, the process exacerbates inequality between the world’s regions and poverty in the developing world. Nigeria has not benefited enough from globalization due to her largely dependence on crude oil, inability to attract increased foreign investments and her huge indebtedness. But globalization can be domesticated in the country through diversification of exports, debt reduction and expanded development cooperation with other countries. The Nigerian state also needs to be strengthened as a bulwark against the dictates of foreign capital. All this accomplished, Nigeria could join the league of nations in enjoying the benefits of globalization. This paper also examines the concept of globalisation and the place of Nigeria in the web of international relationships involving trade in goods and services and financial intermediation. The paper identifies two major categories ofglobalisation. These are the integration of goods and services markets across national boundaries and the integration of financial markets across the globe. The paper concludes that Nigeria has not benefitted enough from globalisation owing to the undue dependence on crude oil exports, low manufacturing exports and the underdevelopment of the domestic ,financiuI markets. The paper identifies a number of prospects and challenges of globalisation. Some of' the prospects include, increased specialisation and efficiency, economies of scale in production and increased global awareness. The challenges include: the design of appropriate .framework to ensure that domestic monetary management is not impaired, and that the domestic economy is not unduly destabilised owing to adverse developments in other parts of the world. The paper concludes that for Nigeria lo benefit maximally from globalisation and escape-from being marginalised, accountability and transparency must be enthroned through good governance and the application of market-friendly policies.