Globalization is the act of integrating the economy of the world, in order to help the world improve in their economy as they interact with one another economically.1. However, in this era of globalization the efforts and aims of integrating worlds’ economy are not bad when it comes to the issue of development, communication and relating economically. On the other hand the third world countries are not at advantage, for instance, country like Nigeria, where they have so many obstacles that hinders its progress in global market as listed in the previous chapter.

Indeed, Globalization existence in the 1980 as the main increasing integration of economies around the world especially by way of trade and financial flows across the globe. This integration of financial market on a globe scale is very much enhanced by modern electronic communication technologies. However, the third world countries are expected to improve their Agricultural development and technologies in order to help eradicate the increase in poverty as well as scarcity of foods. For instance in Nigeria, where the masses find it difficult to feed once there is economic crisis. The people could not meet up to the standard of living for instance, during the flood, economic repression etc. The period was a difficult time because it was noticed that some food items their prizes increased. Nigeria lacked the adequate equipments and technologies that would have help the nation’s economy blossom. This is because of poverty. The third world countries could not afford to improve their technologies to the latest as in the case of the developed countries. Thus, these new invented technologies helped to improve and speed up the economic growth of the developed countries. Moreover, the developing countries are still struggling to have the outdated technologies which they can afford at the moment. And this indeed did not help their economy.

            Additionally, it will be better if the rate or measure placed by the IMF and the world Bank on area of tariff which makes it difficult for the third world countries to obtain loans and as well pay back should be lowered or reconsidered. This should be in favour of the developing countries so that with those loans they will meet up with the trend of technological development which will boast their economy. Moreover, the developed countries should not be allowed to only seek for how to enrich them selves from the resources of the developing countries, but however, should help to improve their economies. They can do these through education, recognized that those countries needs their supports in areas of aids and grants without much interest, technological improvement etc.

            Consequently, the issue of opening ones boarder should be carefully done by the developing countries. They should be prudent in their relationship with the developed countries economically. They should minimize, if possible stop importation of household materials in order to patronize, and promote their local products. For instance, any country that depends on other country for their household materials, food items etc. will always experience repression as well as inflation. Thus there is need for them to improve their Agriculture and the federal government should at this point encourage the people in the area of Agriculture – farming. There should be supply of machineries at cheaper rates, water supply and power supply so that the farmers could do excellent production. 

            Again, the federal government is expected to instruct the people of its country never to be biased about globalization. For instance, in Nigeria where globalization is seen as a new version of imperialism by the Northern counter parts. Here, the benefits and profit should be made known to the people encourage them to it because globalization is to help improve once economy. And until we follow it systematically we will be marginalized. The only option left for Nigeria and other African nation to maximize their profit is to properly locate and situate their economy through selective and well sequence abolition of rules and regulations that inhibit competition. Summarily, we cannot afford to shy away from the requirement of globalization. The industrial sector should be encouraged to take Nigeria from the consuming market to a producing one. Purposeful political leadership that is accountable and focused is quite imperative in achieving any success. Popular participation in government process is vital. Bad characterized the Nigerian leadership which had promoted unending violence conflict and crisis should be confronted. Again, the government should be careful about general sense of urgency, which is so wide spread today. It should not compromise the need for adequate strategies and well informed choices whiled drawing blue prints for a digital future. Also, corruption should be eradicated because where corruption is systematic nothing works. Even, countries with extensive natural resources experiences that issue. However, globalization ought to be rigorously encountered, because it is a task that cannot be ignored without ugly repercussions.3

In Conclusion, this research work has discussed the origin of globalization, its definition by different authors, how many third world countries see it as a new version of imperialism, its concepts and process, it’s socio- economic conditions on Nigeria as well as it’s impacts on the economy of Nigeria. Globalization though helped in the development of many third world countries economy but at the same time left much to desire. 

In general, globalization was initiated to help positively position the economy of the world as they all relate peacefully in the global market. However, its impact on the third world countries is nothing to compare to that of the developed world. Thus it is so because of the inability of these Third world countries to sit up technologically which will help improve their economy. The modernization which the world experiences today is as a result of interaction that exist at the global market, therefore the developing countries should not see globalization as a new version of imperialism but should arise and embrace it. Globalization helped to ensure industrial development, communication, technological advancement etc. which help a nation relate well with the outside world. Therefore, the third world countries are urged to sit up in this age of technology and be part of globalization because if they are not modernized, they will be marginalized, thus, if they cannot beat the trend, they should encourage and join it4.

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3.         ITU, world telecommunication development report, 2001.
4.         ADEBAYO WILLIAMS, “A long walk to freedom Africa Today”.     July 2001, p.20.

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