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have the outdated technologies which they can afford at the moment.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.
END NOTES
1. Http//www.tigweb.org/youth.media/parnorama
2. http//www. Jordanian conference to
highlight internet
Advantages August, 1996.
3. ITU,
world telecommunication development report, 2001.
4. ADEBAYO
WILLIAMS, “A long walk to freedom Africa Today”. July 2001, p.20.
BIBLIOGRAPHY
TEXT BOOKS
Albrow, Martin and Elisabeth King: Globalization
knowledge and society. (ed) London, 1990.
Anthony O’connor: poverty in Africa, A geographical
Approach. Belhaven press, London, 1991.
Anyanwu Ogechi, Issues in African diplomacy, Tony Ben
publishers, Owerri, 2000.
Edwin Mansfield: Economic principles, problems and
decision. W. W. Norton and company, INC London, 1980.
Gaberial Almond et al: comparative politics Today: A
world view, 7th Edition, New York, Longman, 2000.
Giddens, Anthony: The consequences of modernity
Cambridge polity press, 1991.
Harjinder Signh: the economy of Africa, Kalinga publication
Dlli, 1992.
J. C. Anyanwu: Monetary Economics; theory policy and
institutions Hybrid publishers ltd. 1993
John Ronnie Short: An introduction of political
Geography Rutledge 1954.
Levitt, Theodore; the Globalization market Harvard
Review, May – June 1983.
NDU L. Njoku, Eric .C. Njoku: Nigeria and the rest of
Africa in a Globalized world order, Avan Global publication, owerri 2002.
Peter Zorkoczy, Information Technology Affliated East
– West press put ltd New Delhi 1989.
Robertson, Roland: Globalization social theory and
global culture (Reprint, ed.) London, 1992.
Shakmika Sirimanne: Information technology, what about
the developing countries? International Development information center (IDIC)
Canada; 1996.
William, PAT and Folala Toyin: Religious impact on the
nation state, Ashgate publishing company Vermont, 1995.
Journals/Periodicals
African Today, 2000.
Akujiobi A. I: Globalization and it’s concepts, A term
paper presentation, Imo State University Owerri 2003.
Awake: Globalization – curse or cure? May 2002.
Bafour Ankomah: New Africa IC publication, May 2001.
Harjinder Sigh: The Economy of Africa, Kalinga
publication Delhi, 1992.
Larson, Thomas: the race to the top, the race story of
Globalization Washington D.C. 2001.
Mike Kwanashe, CBN sonomic and financial review, 1998.
Egware
I. E.: Institutional Agents of Globalization CBN, Economic and financial
reports vol. 36.
The Battle of Armageddon, October, 1897
The World Bank, sub- Saharan Africa – from crisis to
substantial growth – a long term perspective study, Washington, 1989.
UNDP Human Development Report. 1999
United Nation publication on Human Development Report,
1999.
World Bank Policy Research Bulletin, 1992.
World Development Report, 1990.