Benue State University, Makurdi

Globalisation and Its Attendant Consequences on The Nigerian Economy

Ishmael Ogboru

Abstract

The concept of globalization dates back to the 1500s. Itisa multidimensional concept that cuts across several disciplines. The scope and magnitude of attention the concept has assumed in recent times however, is a reflection of the rejuvenation of activities in terms of ideas/information dissemination, movement of goods and or services and technological advancement cum breakthroughs.

The resultant effect of these increased activities is the “villagization” of the globe or world. This paper views globalization as a marriage of unequal partners. The stronger partner being the already advanced and industrialized nations of the world, while the weak(er) partner being the developing countries of the world to which Nigeria belong.

The developed economies, seizing their position of advantage are exploiting the gains of globalization at the expense of the developing economies who are marginalized.

Due to this inherent weakness of the developing countries, their economies have become dumping ground for all types of goods and services which have turned out to have debilitating consequences on these countries. This paper therefore, posits that the overall effect of globalization on Nigeria and the Third World countries in general is much more negative than positive.

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