Title page
Approval page

1.1       Introduction
1.2       definition and origin of globalization
1.2       concepts & process                          
       End notes

2.1       Globalization and the third world
2.2       Globalization new version of colonialism

Globalization and Economic Development in Nigeria.
3.1       The concept of economics
3.2 The Nigeria socio- Economic situation
i.          political instability
ii.         Building a unified nation
iii.       Corruption
iv.        Unemployment
v.         Poverty
vi.        Illiteracy
viii.     Low standard of living

The impacts of globalization on the Nigeria economy.
4.1       information and communication technology system   
       (I C T S) positive impacts on
1.         Communication
ii.         Employment
iii.       Education
iv.        Health
v.         Agriculture and industrial development
vi.        Trade and commerce
4.2       The challenges of globalization in Nigeria
i.          Poverty
ii.         Lack of adequate infrastructural facilities
iii.       In adequate power supply
iv.        Misconception about globalization
v.         Lack of free competitive economy
vi.        Not embarking on serious Technological revolutions
End notes

End notes

1.1                                                   INTRODUCTION
            Globalization is a process of integration internationally; human interaction over long distance which has existed for thousand of years. The over land silk road that connected Asia, Africa and Europe is a good example of transformative power of international exchange, philosophy, religion, language, arts and other aspect of culture spread and mixed as nations exchanged products and ideas. Moreover, the word ‘globalization’ was derived from the root word “globe” which means” sphere” an English word from latin- globus meaning round mass sphere, ball, carrying the sense of planet earth or three dimensional map of it, from around 1550.1
            Globalization refers to an extension beyond national boundaries of age – old market forces. It refers sometimes to the mobilization of people (labour) and knowledge (Technology) across International borders and besides. It has a broader reference to cultural, environmental and political activities with world wide dimensions. Globalization process points to the effort of making the whole world a global community and in practical, it embarks on a bold programme of making the benefits of our scientific advances and industrial progress available for the improvement and growth of underdevelopment or underdeveloped areas of the world.2
            However, there are many economic impacts of globalization on the third world countries which will be discussed in a chapter of this work. For instance, there are both negative and positive impacts, example, in Nigeria, though the economy is not stable but the existence of Technology innovations through international integration, there have been an opening up of vast new possibilities for production and exchange. Innovations like internet have made it possible to access information and resources across the world and to coordinate activities in real time. On the other hand through this global technology Innovations our resources have been sapped, which helped to make the economy of the nation dwindled. Also the local industries could not even compete with other multinational foreign companies as it was recorded also in 2000 that ten multinational foreign companies control eighty six percent of two hundred and sixty two dollars of telecommunication business of the third world countries. The concept and process of globalization with regards to African economic development will be discussed.
            Among other things, the definitions, origin of globalization as well as the different views of globalization and the third world countries will be highlighted. For instance, an agreement was reached by major developed countries to lay down the framework for international monetary policy commerce and finance and the funding of several International institutions intended to facilitate economic growth multiple rounds of trade opening simplified and lowered trade barriers. This policy thus, was believed to promote global village and to put an end to economic repression, but on the other hand it made the rich countries richer and left the poor one poorer.
            Significantly, this work will be properly presented in a way that it would be of an immense help to students, individual, or group of individual as well as those who mighty be carrying out further research on the topic. Besides, the governments, economist, policy makers, multinational cooperators etc might through this work understand what globalization is, it’s process and concept as well as how it affects the economy of its nation.
1.2       Definitions and Origin of Globalization
            Globalization was earliest used as the noun term in 1930, in the publication entitled towards New Education, to denote a holistic view of human experience in education. Since the inception of the concept of globalization in the 19th century, it has inspired competitive definition and interpretations with antecedents dating back to the great movements of trade and empire across Asia and the India Ocean from the 15th century onwards. Thus, the word globalization is an English word derived from the root word “globe” which means “sphere”, and it’s a word gotten from Latin “globus”- round mass sphere, ball, carrying the sense of planet earth. However, globalization is the trend of time that involves the integration of countries at the International level to eradicate and remove barriers that hinders the free flow of trade, commerce e.t.c.3
            Roland Robertson, professor of sociology at the University of Aberdeen, was the first person to define globalization as the compression of the world and the Intensification of the consciousness of the world as a whole.4
            Globalization according to oxford advanced learned Dictionary is defined as the fact that different cultures and economic systems around the world are becoming connected and similar to each other because of the Influence of large multinational companies and of improved communication.5
            Martin Albow and Elisabeth king have defined globalization as “…………all those process by which the people of the world are incorporated into a single world society.6
            The Journalist Thomas L Friedman popularized the term “flat world”, arguing that global trade, out scouring, supply-chaining and political forces had permanently changed the world, for better and worse. He asserted that the pace of globalization was quickening and that its impacts on business organization and practice would continue to grow.7
                In the consequences of modernity, Anthony Giddens uses the following definitions in explaining globalization, globalization can thus be defined as the intensification of world wide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa.8
            Swedish Journalist Thomas Larsson, in his book the race to the top defined globalization as the process of world shrinkage of distance getting shorter, things moving closer. It pertains to the increasing ease with which somebody on one side of the world can interact to mutual benefit, with somebody on the other side of the world.9
            The United Nations Economic and social commission for Western Asia defined globalization as a widely used term that can be defined in a number of different ways. When used in an economic context it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods and service, capital, and labour, although considerable barriers remain to the flow of labour….10
            Globalization is not a new phenomenon it began towards the end of the nineteenth century, but it slowed down during the period from the start of the First World War until the third quarter of the twentieth century. This slow down can be attributed to the inward-looking policies pursed by number of countries in order to protect their respective industries…. However, the pace of globalization picked up rapidly during the fourth quarter of the 20th century.
            Tom G. Palmer of the Cato institutes defines globalization as the diminution or elimination of state enforced restrictions on exchanges across borders and the increasingly integrated and complex global system of production and exchange that has emerged as a result”.11
            Globalization has existed from the early history of the world with the rise of trade links between summer and the Indus valley civilization in the third millennium B.C.E; according to German historian, an economist and Sociologist Andre Gunder Frank argument. The modern globalization was born and bred at the Breton woods conference with its’ institutional agents in 1945. By this time, almost all the third world countries were under colonial domination, subjugation and control. This immediate post-war economic conference which plotted the trading arrangements of the world was established by Core countries with the G8 and the United states in Particular. An agreement was to lay down the frame work for international monetary policy, commerce and finance, and the founding of several International institutions intended to facilitate economic growth, multiple rounds of trade opening, simplified and lowered trade barriers. Also they aimed to conquer the third world countries economically, culturally, psychologically and socially, however, making globalization a western driven paradigm for extending economic plunder, political domination, and social inferiority etc of the third world countries. Africans argue that they are not against the normal existence of globalization but loathe corporate driven globalization. This is because the multinational company’s objective is to make profit and to repatriate hard capitals to the metropolis. What the core countries fail to understand is that globalization demands work for both the poor and the rich counterpart. It means that the world is a global village, a term which captures the independence of the global and local.12
            According to the oxford dictionary, the world Globalization was first employed in the 1930. It entered the Merriam-Webster dictionary in 1951. It was widely used by economist and social scientist by the 1960s Marshall Mcluhan, Canadian who analyzed the impact of mass media on society, coined the term” global village” in 1962.13
            Following the fall of the Berlin wall and the end of the cold war, globalization became a buzzword as we seemed to have become one world, one planet or one globe. The word globalization was ready to become a buzzword because it was already popularized by “Ted Levitt’s’’ powerful thinking which is still studied and talked about today to such an extent that many truly believe that he invented the world. Unfortunately, globalization also became a lightening rod for anyone who was unhappy about something. The word was most usually applied to the economy when different national economies became integrated through flow of goods and services, capital and labour, that is global market. The world can also be applicable to global culture, society, community, ideas, beliefs e.t.c.14
            This growing world wide integration has produced a whole series of consequences-economically, politically, culturally, and environmental, unfortunately some of these consequences can be negative. The United Nations publications on Human Development Report 1999, explained people live around the globe are linked more deeply, more intensely, more immediately than ever before. This opens many opportunities giving new power to good and bad.15
            Afro-centric scholars query the intentions of multinational companies whose strategy of course dictated from their home countries in the metropolis is based on the criteria of prodigality and market slave. This is against the development needs of the periphery countries. For example, the chairman of a U.S owned British subsidiary put the duties and loyalties of a multinational company executive very dearly. This arrangement under the United States led imperialism against the poorest of the world’s poor. Many developing countries remain marginalized on any significant benefits form the globalization of trade. If globalization means the free movement of people (Labour) goods and services across borders, then why is it that it doesn’t apply to African expatriate who wants to work abroad?16
            According to the New Africa magazine today, economic migration is a dirty term because the white man who came to Africa as an economic immigrants (without any visa), who settled, worked and send money home (gold, diamonds, cowries, slaves and more) in his case to develop his country is now pulling the leader.17 Globalization existed from the beginning to ensure economic integration though it left much to be desired.
            In conclusion, globalization is the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications. The emergence of a single world market dominated by multinational companies since 1980s, leads to a diminishing capacity for national governments to control their economies. It’s the process by which a company expands to operate Internationally.18
1.3       Concepts and Process of Globalization
            The last few decades have witnessed the growing impact of the two distinct global trends. It has a profound implication for the world economy-rapid growth of information technology, and the increased global integration of trade and capital flows. Countries at various stage of development are increasingly forced to take account of an ever expanding interconnection of economies in the management of their national economies. It is however, important to note that the history of interconnection of national economies is as old as the history of organized nation states. In a sense, globalization process can be dated to the late 19th and early 20th Century. Some historians have insisted that there was something very special about the imperialism which was conventionally dated from 1870 to 1914. That it was not simply a linear continuation of previous national expansions. This period witnessed the rapid expansion of Europe into other parts of the world. Africa was simply divided up early by open agreement among the powers that exist in Berlin in 1884 and 1885 conference. The colonization process created a more integrated world economy controlled by the metropolitan countries this was the first globalization process.19
            This process followed revolutionary changes in the way production was organized in Europe that gave it a competitive edge over the rest of the world. It is clear that the present trend of globalization differed form the earlier globalization process.
            Participation in the earlier one was shallow and often based on unfavorable terms especially in Asia and Africa. They reported exclusively primary products and capital flow mainly to support such enterprises to develop capacity in natural resources extraction and maintain the support of friendly government. The development today can also not be seen as a linear continuation of the process of interconnection of the world’s economies in the second part of the century. We are witnessing a sudden jump in the process fuelled by the development in information technology. Today, developing countries have the opportunity to play a far active role. Those promoting the globalization process would argue that it had led to better products, lower costs, more jobs and rapid increase in productivity and that is increasing global welfare even if such improvements are not evenly distributed. They argued that the potential for large gains is enormous. It is generally acknowledged, however, that whether these gains are realized or not will depend on the number of critical factors. The Policy of choice made by developing countries governments for example would determine the extent to which they can benefits form the dividends of globalization. The world is witnessing ever strong links within the global market caused by a combination of powerful, cost reducing and technological changes, induced policy changes and political developments. The emergence of uni-polar world power following the collapse of the Soviet Union has created a global environment in which western hegemony is going unchallenged. The political force behind the globalization process is presently very strong and dominant globally. A new world order is being created with clear international division of Labour. The harsh reality of the resulting global market is that policy failures are punished hard. Developing countries can no longer remain docile, waiting for grants and aids for their developments. The emerging consensus is that they must stand on their own within the global market place. Political transformation, structural adjustments are dictated by the global market of which they have no control. The agents of globalization argue that the new global market place is a source of opportunity where private initiative and industry bring swift rewards. Developing countries are expected to appreciate these facts and to develop the internal capacities to respond to them. In parts of the industrial and developing world, however, there remains a great deal of concern as their processes still regarded a threat to social and economic security.20
            According to Mike Kwanashie, “Globalization as a process of integration economic decision making such as the consumption, investment and saving process all across the world aims at creating a global market place in which increasingly, all nations are forced to participate”.21 Key elements of this process are; the interconnection of sovereign nations through trade and capital flows, harmonization of the economic rules that govern relationships between sovereign nations creating structures to support and facilitate dependence, inter connection and creation of a global market place. Another perspective of globalization goes beyond the economic sphere. The opening which information technology has created impact on most aspect of human life (culture, religion and values) are exposed more than ever before to different alternative views. The fear of cultural imperialism under scores a point that globalization could also be seen as a process of harmonization of different culture and beliefs.22
            Some elements of hype can be said to be associated with the concept of globalization. There is the misconception that this process would eventually result in a borderless world. The world of separate nation sates is said to be ending if the process of globalization is allowed to run its logical course. The fact that the process aims at increasing inter-border relationship does not automatically mean an elimination of the existence of nation states. Globalization is a process of expanding economic integration among states and this does not necessarily imply future breakdown of borders looking at it from an economic perspective, it does not even required harmonious or integration of social and political systems. It is simply a process of intensified and broadened Interdependence among nations. The process simple creates a global market place, which with the development in communication technology can be accessed by virtually anyone from any location. Internal laws of nations would still have to operate, regulating how individuals and groups would be affected. The process opens up a world of opportunities for business. It links them to markets which were hitter to unknown to them and provides prospects for growth. The changing structure of the world’s economy has been observed and how it facilitated the growing trend of globalization. However, the dynamics system of globalization process should be examined with the collapse of the Soviet Union and an apparent domination of the world economic system by the western capitalist economies. The logic of capitalist expansion leads to the creation of a global market in which western capital seeking more profitable outlets need the integration of the world economy and access to all parts of the world. Ironically, the first step towards the present trend of globalization led by the developed countries of the world started with regionalization. The intention of regionalization was to provide a common market to the exclusion of others. It was to protect the interest of domestic capital within the region and confer on it advantages that would make it strong to compete around the world. Capital needs a secure environment to thrive. It requires stability and harmonization of laws. Common markets, however seem to have reached their limits for Western capital so increasingly the focus has shifted to regional blocs collectively doing business with the outside world. Initially, this process was seen as contradictory to the free Trade doctrine preached by western world them selves. But it has now become clear that it is strategy for breaking into a group. Regional blocs often tend to encourage common laws which enable business once. It establishes in one country to gain access to all others in the blocs. The fact today is that while pushing for greater trade liberalization, which in most cases means opening up of new markets in developing countries for western capitals and goods. This is a deliberate strategy by the industrialized world to maintain their hegemony over the new world order. This process of globalization has fundamental implication for the developing countries who on the one hand are being asked to open up while on the other hand, find the world market impossible to penetrate. Reconciling the process of globalization with the guest for regionalization for example the North Atlantic free Trade Area (NAFTA) involving the United States, Mexico and Canada, the European Union and Association of South East Asian nations (ASEAN) involving some nations in South East Asia. The logic of globalization has to be explained to the developing countries. Is globalization leading Nigeria to a nation without borders-The regional blocs sought to protect local capital by providing secured environment. They see the growth of the region as predicted on their ability to collectively protect the interest of capitals, common laws, integrated markets, liberalized environment attract capital flow and spur growth in the region. The experience so far has been that while the developed countries are projecting their regionalization projects, business organization within these countries are already taking advantage in telecommunication to build global companies. One important aspect of the globalization process is the spread of global companies. Regionalization has provided bases for the emergence of strong global companies with interest allover the world ready to exploit any advantages provided23.
            The phenomenon of the “emerging markets” and emerging economics” in recent years it show the extent of the penetration of western capital into new areas. The response of this economy to the urge for the international finance agencies, opened up as led by the massive penetration of western capital. Global companies take advantage of openings to increase their share of the world market. Multi-national corporations have been a major vehicle for the globalization of manufacturing, in which relatively cheap Labour in developing countries has been equipped with capital and modern techniques of production. Events in recent years in south East Asia raises question as to the sustainability of this process for the growth and development of individuals countries.24
            The role of the financial markets in the process of globalization is also very important. The globalization of the financial market means gain for private capital, which can now flow around the world in search of higher returns. Developed countries have for long recognized the importance of the financial markets for financial development. Financial capital now responds rapidly to new profits opportunities. They equally recognized that financial capital is attracted on the basis of sound economic fundamentals. The industrialized countries are very selective in those aspects of globalization which allow international migration of people in search of work. Globalization of Labour markets should be a logical part of the globalization process but this is the slowest process of all. Countries are still very reluctant to liberalize the flow of population between borders.25

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2.         Http://www.tigweb.Org/youth-media/Panorama
3.         Http://www.lares net/levit.pdf
4.         Robertson Roland, (ed) Globalization social theory and global culture (London 1992): sage.
5.         Oxford Advanced learner’s dictionary 7th ed.
6.         Albrow, Martin and Elisabeth King (ed.) Globalization, knowledge and society (London 1990), p.8.
7.         Http//
8.         Giddens Anthony, ‘The consequences of modernity’ (Cambridge; polity press 1991), P. 64.
9.         Larsson Thomas, ‘The Race to the Top: the real story of globalization’ ( Washington D.C. Cato Institute), P.9.
10.       The “battle of Armageddon” October, 1879. page 365  
12.       John Ronnie short, An introduction of political Geography, (Rutledge 1954),  p.11.
13.       “Globalization”, Oxford English Dictionary on line September 2009. Retrieved July 2012.
14.       Levitt Theodore, ‘the globalization of market’ Harvard Review. May-June 1983.
15.       The United Nations Publication on human Development
        Report. (1999), p.2
16.       Ibid. p 24
17.       Baffour Ankomah, ‘New African’ (IC publications May,
18.       Collins English Dictionary, version 2. 17. O. Vendor Mobile systems. July 2011.
19.       Akujoobi A.I …. ‘Globalization and its concepts’ a term
        paper presentation. (Imo State University, Owerri,
        2003), p.20
20.       Mike Kwanashe, C.B.N, ‘economic and financial review’,
       (1998), vol. 36, No. 4.
21.       Ibid. p. 341
22.       Ibid. P. 342
23.       Ndu L. Njoku, Eric C. Njoku, ‘Nigeria and the rest of Africa in a globalize world order’. (Avan Global  Publication Owerri, 2002), p.4
24.       Ibid p. 10.
25.       Ibid p. 11

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