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Globalization and economic development in Nigeria is one of the results of colonialism. It widens the gap between the rich and the poor; hence it is force of inequality which enslave the African nations and it economy. Globalization is not a course in totality but it is relative on the impact it has for each economy, whether developed or underdeveloped since it opens an avenue for each economy to compete in global market without restriction. The research work on globalization and economic development in Nigeria uses analysis, exposition and evaluation as its method of inquiry. It is a burden of this research to suggest a best possible solution on how Nigeria will develop both material and human resources without any resources left unutilized just as the developed nations of the world. At the end, all Nigerians will have equal access to the national resources without robbing the future generation what nature has endowed to all mankind
Globalization is the process of making the world economically interconnected in the modern form. Globalization and economic is a twin brother of development . Globalization is a process by which free movement of ideas, capital flow, information and technology are moved across borders and national boundaries which result in the integration of the world economies. Just as Heraditus says that change is the only permanent thing in the world, globalization is a phenomenon that was brought by change. And man ever since creation has been craving for change.
Nigeria after the formal independence in 1960, the political elites saw that the pursuit of power as the dominant theme for politics, this had left the nation in bad condition. Consequently the ethnics of business has penetrated politics and politics was seen as equivalent warfare. This had added to the fact that Nigeria obtained political independence but not economic independence compounded problems for the young nation. Like in the colonial era, the economy still reacted to the vagaries in the international market. Nigeria incorporate into the international market as capitalist market as a junior partner which started with the supply of continued unaltered with supply of commodities like palm oil, cocoa, groundnut, cotton etc. even crude oil, then she later become the greatest foreign exchange in the nation Nigeria in Africa. But the context of dependence between Nigeria and it formal colonial master did not change with independence, only the context did. The structure of dependence on western nations and exploitation of peasant producers as well as the expatriate domination of investment opportunities. The indigenous entrepreneur became an intermediary between foreign interest and indigenous polity and economy and they turn to state as a source of capital and contract. The pursuit of power became easy and access to wealth and fame. Politics became a “dirty business”, its practioniers scheming and crafting. Access to resource including opportunity for profit making, thus require favour of those who control private and public institutions which allocate them.
Polities thus affords the “opportunity” to acquire wealth and prestige to be able to distribute benefits in the form of job, contracts, scholarship and gift of money and so on to the allies. The difference among region and ethnic group in the power equation, discrimination in favour of particular groups, where access to office and it spoils is the object of politics. It is on these compounded problem , that research on globalization and economic development in Nigeria is looking forward to suggest the best solution for the national development. And never to depend on dogmatically in the international policies which has utility in the short basis and consequential effect in a long run.
The economist has always maintained that man is always faced with the basic economic problems; what to produce? How to produce? For whom to produce? And how the available national resources are to be shared? likewise an ethical question like what ought do ? that is, should man do good everybody should benefit and avoid evil that will effect everybody will affect everybody? However it is on the above question that man battles every day to meet an end that he will maximize happiness all his life. German- Jewish born economist philosopher Karl Marx rightly said that, “the welfare of the society is governed by class struggle or economic force”[Omoregbe 1990:191
Now if globalization is to attain economic and sociopolitical status which will facilitate free movement goods and capital flow and then integrate the world economy. Then development is a measure on its structural change and capital accumulation that moves the society closer to the condition in which basic need of people are met; employment opportunity and social economic equality on the increase. Philosophically, questions may ask globalization in developed countries, is it the same in the third world like Nigeria bearing in mind the imperial and neo-colonization policy they have for underdeveloped countries?
Does IMF and world bank programme for Africa change and alleviate their predicament? The answer to the above question is phantom ( that is, the idea is phantasmagoria) if they can enslave us and colonize us and we struggle for independence then we are inferior to them. We can never be in the same economic status, hence their policies are imperial to Africans and other third world countries.
The fall in the countries oil earning from peak of about 10 Billion Dollars in the 1979 to about 5 Billion Dollars in 1982, at a time when Nigeria monthly import averaged 1 Billion Dollars, led to a major crisis in the economy, the heavily imported dependent manufacturing sector being hard hit. Capacity utilization in industries declined, workers are daily retrenched while unemployment reached unprecedented. The level of corruption in the public sector increased and as Geoffredo Coccia asserts:
Not only does theft go on in the state apparatus, but the state itself is the main apparatus of theft. In Nigeria, not only do the officials steal, but stealing is official.it is in the very principle of Nigeria class rule and subservience to the west.
It was an introduction of globalization policies in Nigeria through (S A P) made corruption become an order in Nigeria.
Globalization policies is not an even development because it is a winner takes all. “It looks at man as a means to an end not man as
an end itself as” [ Ekwutosi; 2006: 63].
Nigeria is nation bestowed with vast human and natural resources with oil exports accounting for about 95%of the foreign exchange income and some 80%of government income, with a population of about 158million people. Despite its enormous array of resource the Nigeria economy has witness a period of stagnant economic growth. This has been a blame on corruption and gross mismanagement of the country’s vast resources. Corruption is the western concept that was brought into Nigeria economy by globalization and it imperial policies. Ever since Nigeria accepted global policies of (IMF) and World Bank to introduce (SAP) into Nigeria economy, Nigeria economy crumbled. Following the devaluation of naira, unemployment increased, human trafficking increased, Nigeria debt increased, poor leadership, ethnic chauvinism and religious bigotry becomes order of the day. Nigeria and many Africa countries are regarded as failed state and nation. This is because nothing seems to be working in them. In spite of the existing favorable condition for development, these countries appears to be drifty back into the dark centuries of the past. The questions of whether Nigeria is underdeveloped, is not disputed. The facts are there for everyone to see. At present; the country is cogitating and nursing the idea of becoming one of the largest economy of the world by the year 2020. This is a wishful thinking, an idea that is ill conceived, a wide goose chase. Because according Chinua Achebe on weekly star newspaper of may 15, 1983 “ an every average Nigerian is corrupt and to stop them from being corrupt is like to starve a goat from eating yam or grasses”.
The purpose of this study is to investigate and elucidate the inherent problem that hinders the economic development of our great country Nigeria and suggest the possible solution to those problems. It is a matter of fact that economy is not static but flexible because some great nations sometimes have their economy shaking. As a human mind desires to know all the time, so we are transformed to a better knowledgeable person. So transformation is the gradual process by which human affairs; such as economic activities, cultural, political and social policies meet the needs and demand of people. We must strive to overcome the problem of the economic dependence of the country on the force of imperialism. So, also must the question of political, economic, regional ethnic and social inequalities in the nation be seriously addressed. If we must have political stability, the various nationalities in the federation should have a sense of equality with others. Given the increase polarization of the country along religious lines, the true status of the state to be truly upheld. To revive industrial production and increase agricultural output, the exchange rate need to be stabilize and actual encouragement ought to be given to the peasant producers. The question of liberalization of trade and massive devaluation of the nation’s currency would have to be reviewed.
The significance of this research work cannot be over emphasized as it will serve as an eye opener and it will go a long way in influencing the government policy makers, the general private sector, foreign investors and in general, it will enjoin scholars and spirit minded individual in Nigeria to rise up to the challenges of poor economic development in Nigeria. The problem of economic development is the problem of man and is left for man to solve it. This research work is my own effort in getting Nigeria in the same plain of economic status with developed countries of the world.
The activities of man in daily basis constitute basic economic problem like ; what to produce? For whom to produce? And how the available scarce national resources are to be shared? “We should act on duty through a good will because it is only absolute good in nature” says Immanuel Kant. [groundwork;1964:61]  This will help us to solve enigmatic economic problem
The scope of this study will be stretched as to take an indept study of globalization and economic development. And it will also take a cursory study of negative and positive implication of globalization on the economic and political development in Nigeria. finally it will comment on some of the scholars that have same or related views on globalization as well as some that have opposing views and subsequently hints on the possible ways forward to actualize economic independence and development in Nigeria.
The methods used in this work include analysis, exposition and appraisal for the authenticity of this project work. And also in keeping the mind with the nature of the research, we made use of library materials to include text-book, journals, articles, internet and also the lecture notes. This will help to enhance the efficiency of this work.
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