IMPACT OF GLOBALIZATION ON THE NIGERIA ECONOMY

IMPACT OF GLOBALIZATION ON THE NIGERIA ECONOMY (A CASE STUDY MINISTRY OF PETROLEUM)

CHAPTER ONE

INTRODUCTION

1.1    BACKGROUND OF THE STUDY

A brief look at Nigeria today one carryout find out that, like fashion and everything new in Nigeria, the spirit that greeted (the issue of globalization at its chmaxin 200) seems to have reduced. The word globalization also seen to have, gone into our  libraries as we  have the internet and cyber café, globalization has been defined by john vogi (vanguard 2003) means a world that is liberalized of barriers to trade and invest where corporation  can product and sell almost any services and product almost anywhere globalization also in recent time involves trillions of dollars of investment. Globalization whether for or against remains a subject on which, there has been comprehensive and unyielding misunderstanding especially concerning the constraints that it does   not place on the power of government.

Moreover, since globalization also means the growing inter-dependence and interconnectedness of the modern world. Furthermore, any nation or country globalization sets in the economic of that nation starts waxing stropping. According to Ayodele 1995), the increased of movement of goods, services, capital, people and information access national     borders is rapidly creating a single global economy. The process is driven by technological advance and reduction in the costs of international transactions, raise the share of trade in the world pf production and increase the mobility of capital. accounting  jack straw, British pronounced in the relationships between the developed western world, which are owners of the new technologies, and the poor developing counties` which are by large consumers of  the new capitalities Nigeria is in global village hence is an importer of goods and services.

1.2    STATEMENT OF PROBLEM

Globalization brings about economic development in an economy globalization, is termed to be  a systematic way which technological advanced countries  relate with non- technological  advanced countries to develop them by way of investing in the economy. However, the effect of globalization on developing and undeveloped countries can be vividly seen, as the developed nations (i.e. technological advanced countries) tend to use the undeveloped and developing countries as their dumpling ground, for their used products and their substandard products for example electronic.Also globalization has also faced the challenge of culture and language barrier, the variation in culture and languages of the different countries tend to affect the bilateral relations one of the challenges of underdevelopment is the inability of a country to produce and create unemployment for its citizenry, in order to meet up with economic needs and social economic needs of its members. However, the research study is geared towards using the research study to solve these challenges, in the Nigeria economy.

1.3    OBJECTIVE OF THE STUDY

The purpose of this study is to determine the relevance of globalization in the Nigeria economy. Specifically the study will determine the following.

a.  Determine the effect of globalization on economic development

b. to findout  how globalization can assist in Nigeria’s economic development

c. To examine the effects of globalization on the Nigeria economy

d. To identify the obstacles to globalization and economic development in Nigeria.

e. To suggest the possible strategies for curbing the and verse effects of globalization on Nigeria’s economic development in the globalized world.

1.4   RESEARCH QUESTION

1. What are the effects of globalization on the Nigerian economy?

2. What obstacles to development face Nigeria in the global community?

3. What are the possible strategies for enhancing the development of Nigeria in a globalized world?

4. Does the citizens have any role to pay in enhancing economic development in the globaized world?

5. What are the importance of globalization to Nigeria economy?

1.5  SIGNIFICANCE OF THE STUDY

The result of project research work will be significant to the worker as an individual, the Nigeria masses and the government in general.

1. The study give a clear explanation of the role and        importance of globalization in the economic development of Nigeria.

2. The research study will be suggest ways of improving Nigeria economy by ways of suggesting how globalization can be use to develop the economy in the country.

3. The study will assist the country on how to maximize the potential of globalization, in developing the Nigeria society.

4. the study will expose ways of improving economic development in Nigeria through globalization

5. They will suggest and make recommendation that will be use as a guide for further studies on this project, to any student that world carry out research on similar topic.