Globalization which is the rapid integration of trade relations and productive, and investment decisions across the globe by the economic agents; which employs and move investment capital and technology around have created a great impact in the development of economy of Nigeria. Today, some third world countries can now boast of improve technology, easy communication, effective passage of information irrespective of the distance. They are all products of the trends of time known as globalization. All these out come of globalization encourages and improves the economic standards of nations.1 In other words, they increase out put in production.

            Although, some countries are revolting against globalization haven see it from the negative angle. For instance, they see it as some thing that is expensive and imperialistic in nature, due to the fact that their economy is poor and cannot keep pace with its requirement. But it should be called in mind globalization does good more than harm for example, the existence of global market helped Nigeria to have business contact of the world. Though it has its ugly effects on Nigeria’s economy, but it also helped to solve problems of unemployment, brought the existence of some technology, infrastructural facilities etc in Nigeria. Therefore, all nations should put on their best and embrace it so as to be on line of development like the western counterparts. Hence, when a country is not modernized, it’s marginalized. Also involvement in the global market should be done with caution because the wrong application of global market or interaction principles can lead to repression, inflation or deflation in a nation’s economy.2
            Economic development entails those structural reforms or processes put in order to develop any dilapidated economy. Economic development leads to development which is a multi- dimensional as well as a multi- disciplinary concept. When I talk about development the same time I’m talking about it anti-thesis - underdevelopment because they are two sides of the same coin. Economic development can be measure through various statistical indices or methods such as gross domestic product (GDP), gross national product (GNP), standard of living, per capital income and thorough economic growth. Moreover, economic growth brings about economic development although not all economic growth leads to economic development. Thus, when a country is investing, establishing and growing economically it is as well developing respectively. There are two common measures of economic growth first is the rate of growth of nations real Gross National product or net National product which tells us how rapid the economy’s total real out put of goods and services is increasing. Second, is the rate of growth of per- capital real gross National product which is a better measure of the rate of increase of nation’s standard of living. This measure is only a very crude approximation to the rate of increase of economic welfare.3
            Small difference in the annual rate of economic growth can make very substantial difference in living standard of a nation. Thus, for economic growth to extend to development, it requires continuous transfer of economic activity, exploration of the mechanism that causes development. In fact, it requires elements of constant and careful plan, involving the choice of goods or goals and charting of the means of attaining such goals.4 Nigeria and some African countries is currently undergoing an economic crisis of a magnitude unprecedented in its recent history. Overall economic stagnation and a drastic fall in economic growth, population exploration, food crisis, deforestation and growing external debt burden have marked the African scene over the past few years. The continent is rich in natural resources and has all the necessary properties which are essential for economic development. The areas stretching from the south tip of South Africa to the Northern borders of Zaire has been described as the “gulf of minerals”. There is abundant agricultural land and a huge potential river for irrigation, yet there is dearth of human resources which could be a great asset. As a result of its economic problems, most of the sub-Saharan African countries are poor and belong to the low-income gap.5
            According to the World Bank report, more than half of the sub-Saharan African population which are in the category where the GDP per head is less than 400 U.s dollar. Thus, the situation in this region is not only hampering the economic development process but also affecting the very survival of millions of people.6
            Similarly, development which hinges on economic development should be therefore perceived as a multi-dimensional process involving the re-organization and reorientation of entire economic and social system. In addition to improve income and out put there should be radical changes in institutional, social and administrative structures, popular attitudes and even customs and beliefs. Also theories that concern primary with exploration of mechanism that causes development should be adopted. This is because there are activities that spark off development while others does not, such theories assume that societies or nations develop as a result of the work of exceptional and occasional forces. And where such factors are present, development occurs.7

            Nigeria as a country in African continent consists of over millions of people. Nigeria is one of the richest African countries when it comes to the abundance of national resource available to the citizens of the country. She is endowed with vast and largely untapped natural resources –minerals such as petroleum, lime stone, Tin, Columbine, kaolin, gold, silver, coal, lead etc. It had many institutions of higher learning with which it can provide research and development to the region of the world. Nigeria has many rivers apart from River Niger which is the third largest river in Africa which provides fishery occupation and serves as a means of transportation. However, in agriculture, Nigeria has vegetation and climatic factors suitable for agriculture.8
            Prior to 1986, Nigeria was operating more of a mixed economy in which government owned and ran most public enterprises as well as mining, iron, and steel etc. Indeed, the introduction of the IMF, World Bank, backed structural adjustment programmes in 1986 the country turned into a capitalist economy with its major public enterprises either privatizes or commercialized .also, the oil boom of 19705 brought with it fundamental changes in the Nigeria economy such that prior to 1986, Nigeria witnessed a traumatic economic crisis. For instance, there was a heavy dependence of the economy on crude petroleum export as the main sources of foreign exchange earner, and government revenue. By 1980, the oil sector which accounted for 22% of the GDP provided 80%of government revenue and over 96%of export earning.9 with all this in mind, one would think that Nigeria would become an economic, political, and social successful country. But Nigeria unfortunately is not rather it is classified as a third world country because of her dependency on the economic development of other developed countries. They struggle to implement democracy and to keep pace with the globalization world. Nigeria economy is characterized as being a mixed economy (market) by policy markers.
            However, Nigeria has so many problems that Hindus the economic development of their country they include:
1          Political instability
2          Building a united nation
3          Corruption
4          Unemployment
5          Poverty
6          Illiteracy
7          Low standard of living 

1.         Akujobi A. I ------- ‘Globalization and it’s concepts’, a
       term paper presentation. Imo state university, Owerri
       (2003), p. 18.
2.         Ibid p. 19
3.         Edwin Mansfield, ‘Economic principles, problems and
        decision’( W.W Norton and company, inc. London,
4.     Ibid p.76.
5.         Harjinder Sigh, ‘The Economic of Africa’, ( Kalinga       
         publication, Delhi, 1992), p. 37- 38.
6.         The world Bank, sub-Saharan African- from crisis to
         substantial growth- along term perspective study,   
         (Washington, November, 1989), p.213.
7.           NDU L. NJOKU,ERIC. C. NJOKU, ‘Nigeria and the rest
          of Africa in a Globalize world order’ (Avan Global
          Publication Owerri, 2002), p. 7
8.            J.C. Anyanwu, ‘Monetary Economics: Theory, policy
            and institutions’, (hybrid publishers ltd. 1993), p. 4.
9.            Ibid p. 5
10.           Gabriel Almond et al, comparative politics today: A
            World view, 7th ed. (New York, Longman,2000),p.2.
11.          Williams, Pat and Falola Toyin, Religions impact on the
               nation state, (Ashgate publishing company Vermont,
              1995), p.2
12.       J. C. Anyanwu, Monetary Economics: Theory, policy
       and institutions, (hybrid publishers ltd 1993), p.6
13.       Ibid p.5
14.       World development report, 1990.
15.       Anthony o’connor, poverty in Africa: a geographical
       approach. (Belhaven press, London 2000),p.3.
16.       Ibid p.15.

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