TITLE:
Globalization and Nigeria’s Economic Development—A Study of the Interconnectedness
AUTHORS:
Juliana Popoola
KEYWORDS:
Globalization, Unemployment, Development, Economy, Privatization
JOURNAL NAME:
Open Journal of Political Science,
Vol.10 No.3,
July
9,
2020
ABSTRACT: Globalization,
like many other concepts in the social sciences, has a
variety of definition as there is no single definition for it. It is one of the
few phenomena for which there is no accurate timestamp. Waters’ (1995) definition of globalization is used through the course of this work.
Globalization is therefore defined as a social process in which the constraints
of geography on economic, political, social and cultural arrangements recede in
which people become increasingly aware that they are decreasing, and people act
accordingly. Development, according to Todaro (1981), is a multi-dimensional process involving the reorganization and reorientation
of the entire economic and social systems. Economic development is thus, the
process in which a nation improves the living standard of its people as well as
their political, social well-being. The research methodology employed for this
work was exploratory methodology which is targeted at satisfying researcher’s
desire about specific social phenomenon. Also, secondary sources of data and
data collection were used. Secondary sources are secondhand information in
which has been used by other people other than the researcher himself. The
secondary sources of data collection used are library and historical works,
published data, internet sources, government and public sector research.
Modernization theory was also adopted in shedding more light to work.
Modernization theory refers to a radical paradigm that is based on the
bipolarity, from a pre-modern or conservative culture to an industrial or
Western society. The product of this research concludes that there is interconnectedness
between globalization and economic development in Nigeria, which in turn
increases the rate of unemployment and hinders democratic development in
Nigeria. Globalization was discovered to be the root cause of massive
unemployment rate in Nigeria and the hindrance to democratic development in
Nigeria. Globalization has an unequal relationship between developed and
developing countries. While developed countries benefit massively from
globalization, growing/undeveloped countries do not profit. Globalization,
through its various symbols (World Bank, United Nations, and International
Monetary Fund) and policies put in place by these symbols have negatively
affected Nigeria and affected her development both politically and
economically. Also, globalization, through colonization, the industrial
revolution, Structural Adjustment Programme, privatization and
commercialization, devaluation of the currency and so many unfavorable
conditions put in place by the international financial institutions that
represent globalization have furthered increased unemployment rate in Nigeria.
It was also discovered that unemployment negatively affects democratic
development in Nigeria as it causes social vices and criminal activities,
electoral violence ethnic and religious intolerance, political corruption and
poor living standard where the people lose faith in the government.