Globalization which has been taken
to mean the increasing integration of national economics with that of the rest
of the world has added quality to the economic status of Nigeria. Globalization
thus, presents economics new challenges. It is however, multi-dimensional, but
it can be better understand starting with its economic dimension. It is
therefore a “new historical reality, one inscribed in the process of
capitalists restricting, innovation and competitions, and through the powerful
medium of new information and communication technology. The United Nations
Human development Reports states that people living around the globe are linked
more deeply more intensely, more immediately than ever before.1
This
process of locking countries together, bringing them into a global village have
been aided by the ingenuity in the development of communication technology
called the internet. The technological invention especially in communication is
an important impact of globalization. The invention of telephone, vision- phone,
satellite, fax machines, Email as well as computer have made significant mark
in the process of globalization, bringing the globe to our door steps such that
people in different cities can now interact physically and even shake hands Via
the internet.2