Globalization and the search for economic growth and development in Nigeria

The purpose of this study is to evaluate the economic implications of globalization on the economies of developing countries in general and the Nigerian economy in particular. Globalization as an economic phenomenon affects nations and peoples either positively or negatively depending however on each country's readiness to embrace globalization dynamics. This is often achieved through the operations of multinational corporations in developing countries. The study showed that though globalization promises numerous and outstanding benefits to Nigeria, its practice has however exposed the economy to greater or even higher level of dependence through the abandonment and/or neglect of the inward looking initiatives of the government. It was also observed that due to lack of preparedness and appropriate measures to control the excesses of globalization, countless political, economic, social and cultural upheavals across the country often ensued with the loss of properties worth billions of Naira and other unaccountable number of resources. Because globalization is exploitative, the Nigerian Government should therefore position the economy well enough with sound policies to embrace globalization for economic growth and development.