Benue State University, Makurdi

AN EMPIRICAL ASSESSMENT OF THE EFFECTS OF GLOBALISATION ON THE PERCEIVED PERFORMANCE OF OPERATORS IN THE BANKING SECTOR IN NIGERIA

Owoseni, Omosolape Olakitan
(Department of Psychology, Benue State University, Makurdi, Nigeria +2347062663826, uchoaondoaver@yahoo.com)

Abstract

Globalization has caused dramatic changes to business practices around the world. Globalization is an interesting phenomenon since it is obvious that the world has been going through this process of change towards increasing economic, financial, social, cultural, political, market, and environmental interdependence among nations. Virtually, everyone is affected by this process because globalization brings about a borderless world. This study investigated how sustainable global market uncertainty, global market opportunities and global competitive threat affect the performance of bankers in Nigeria which can lead to a competitive advantage and an enhancement of industrial development that can bring about global partnership for development which is one of the pivotal goals of the Millennium Development Goals (MDGs). Participants for this study were three hundred and one bankers in Lagos, Nigeria. Two hypotheses were tested and the findings of the study revealed that there was a significant relationship between performance of operators and global market opportunities. The result also revealed that global market uncertainty, global market opportunities and global competitive threat significantly and jointly predicted performance of operators. Conclusively, the findings from this study support the argument that globalization not only benefits firms in terms of increasing opportunities, but also hurts business performance due to higher competitive threats. This study also confirms that globalization is a universal phenomenon and that firms are inevitably affected either positively or negatively. While global market opportunities are likely to enhance firm performance, global competitive threats tend to worsen it. Therefore, managers must be aware of such double-edged effects, and try to capitalize on opportunities while converting threats into opportunities. Appropriate strategies, such as developing networking relationships with other firms, must be carefully designed and implemented in order to take advantage of global market opportunities and minimize the threats from increasing competitive intensity.

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