THE IMPACT OF GLOBALIZATION ON INDUSTRIAL GROWTH OF NIGERIA (1985-2011)

CHAPTER ONE

1.0      INTRODUCTION

Globalization  remains  one  of  the  most  controversial

subjects of our time. Several authors and ideological applications. Globalization is the close interaction between national economics through trade investment and capital flows made possible by technological development and advancement in telecommunication world to a global village. Globalization has evolved over the years but its rapidly intensified after the end of the world war.

According to Giddens (1990) Globalization can be defined as “the intensification of world wide social relation which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice-versa, irrespective of the ongoing controversy and measures of ambiguity in its uses, it often depicts the transformation of the relations between states, institutions groups and individuals, it describes the growing economic, political, technological and cultural linkages that connects individuals, business and Government around the world.

Globalization slowed during the world war as a result of protectionist policies applied to defend ideological interest by the major protagonists.

The main driving forces of this process are technology, policy and competition and its subordinate domestic economics to global market conditions and practices. Developed nations are the beneficiaries of globalization as their share of world trade and finance has expanded at the expenses of developing countries. Thus, the process has worsened inequality between the world’s region and providing in the developing world. Nigeria has not benefited from globalization due to mono culture export, inability to attract increased foreign investment and huge indebtedness. But globalization can be domesticated in the county through diversification of exports debt reduction and expanded development co-operation with other countries. The Nigerian states also need to be strengthene as a bulwark against the dictates of foreign capital. All these accomplished, Nigeria could join the league of countries enjoying the benefits of Globalization.

1.1      BACKGROUND OF THE STUDY 

Globalization  is  a  system  that  confers  benefits  and

posses challenges and risks to countries across the globe and has gained momentum from the last quarter of the twentieth (20^th) century. It is the intensification of cross border trade and increased financial and foreign direct investments flows among nations, promoted by rapid advances in and liberalization of communication and information technology. Technology, polling and competition are the forces during globalization. This is attested to, for example, by advances in computing technology, which enables traders to meet their demands for financial instruments such as swaps and future with relative ease. Globalization constitutes a mega trend in...

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