The Effects of Globalisation
The Effect of Globalization on the Nigerian Economy
INTRODUCTION
An economy refers to the full network of distributors, producers and consumers of goods and services within local, regional or national communities. Globalization refers to the process of the increase in economic, political, social and ethnic relations across international boundaries. Globalization is aimed primarily at the constant theories that shape the political and socioeconomic development of nations across the globe. It looks at the continued increase in the collapse of trade barriers and increased world trade and integration; globalization can be seen as an extension that regularly restructures the way nations interact amongst themselves by breaking down their individual barriers in areas of culture, commerce, finance, communication, and several other fields of struggle. This on-going change can be seen from its thrust of legitimate governance, liberal democracy, gender equality, environmental stability, and free market economy among other aggregate values for people of the member states.
Globalization creates a compelling inclination for the systematic development in the modern world today as a result of the problems it poses to the states in the form of challenges.
This essay looks at the definition of globalisation, the concept of the process of globalization, and how it affects the Nigerian economy.
THE CONCEPT OF GLOBALISATION
Many theories have been put forward as to the explanation of globalization some of these are positive while some are negative, but all of them have a general term used in the definition of globalization, they describe it as 'a process '. This process can be classed in three dimensions, the first being the definition of globalization as a regular trade or exchange of labour, skill, capital or goods between existing units or nations. The second element defines globalization as a process of change that affects an economy political and socially. And
INTRODUCTION
An economy refers to the full network of distributors, producers and consumers of goods and services within local, regional or national communities. Globalization refers to the process of the increase in economic, political, social and ethnic relations across international boundaries. Globalization is aimed primarily at the constant theories that shape the political and socioeconomic development of nations across the globe. It looks at the continued increase in the collapse of trade barriers and increased world trade and integration; globalization can be seen as an extension that regularly restructures the way nations interact amongst themselves by breaking down their individual barriers in areas of culture, commerce, finance, communication, and several other fields of struggle. This on-going change can be seen from its thrust of legitimate governance, liberal democracy, gender equality, environmental stability, and free market economy among other aggregate values for people of the member states.
Globalization creates a compelling inclination for the systematic development in the modern world today as a result of the problems it poses to the states in the form of challenges.
This essay looks at the definition of globalisation, the concept of the process of globalization, and how it affects the Nigerian economy.
THE CONCEPT OF GLOBALISATION
Many theories have been put forward as to the explanation of globalization some of these are positive while some are negative, but all of them have a general term used in the definition of globalization, they describe it as 'a process '. This process can be classed in three dimensions, the first being the definition of globalization as a regular trade or exchange of labour, skill, capital or goods between existing units or nations. The second element defines globalization as a process of change that affects an economy political and socially. And
References: A. H. Ekpo & 0. J. Umoh. 2011. An Overview of the Nigerian Economic Growth and Development. [ONLINE] Available at: http://www.onlinenigeria.com/economics/. [Accessed 20 August 11]. El-Rufai, N, 2011. Nigeria: Rich Country Poor People. THISDAY, 19 August. 64 Khor, M, 2000. Globalization and the South, some critical issues National Bureau of Statistics. 2011. Consumer Price Index 2011. [ONLINE] Available at:http://www.nigerianstat.gov.ng/uploads/latestRelease/8bbeb6e0de7c6e9e5c22d7dd6639be7a26056898.pdf. [Accessed 21 August 11]. National Bureau of statistics. 2011. 2011 GDP forecast for Nigeria. [ONLINE] Available at:http://www.nigerianstat.gov.ng/uploads/latestRelease/77453f2463e9e78a10afffe27091935bdf45f12a.pdf. [Accessed 21 August 11]. World Bank. 2005. An Overview of the Nigerian Economic Growth and Development Today. [ONLINE] Available at: http://siteresources.worldbank.org/INTPRS1/Resources/Nigeria_PRSP (Dec2005).pdf. [Accessed 21 August 11]. UNCTAD. 2002. World Investment Report 2002:Transnational Corporations and Export Competitiveness. Geneva: United Nations. Based on three-year average for 1985 (1984–1986) and two–year average for 2000 (1999–2000).These three regions add up to 100 per cent for each export category. APPENDIX C: SNAPSHOTS OF THE ACTIVITES ON THE NIGERIAN ECONOMY FOR THE YEAR 2010 AND PROJECTIONS FOR THE CURRENT YEAR 2011 (NATIONAL BUREAU OF STATISTICS, 2011). 2010 Highlights: (National Bureau of Statistics 2011)) ● Q1 growth - 7.36 percent Expectations in 2011: (National Bureau of Statistics 2011) ● Increased Crude Oil Production Agriculture (National Bureau of Statistics 2011) ● “Agric sector projected to grow at 5.68 percent in 2011 lower than 5.74 percent recorded in 2010” Manufacturing (National Bureau of Statistics 2011) ● “The manufacturing sector is expected to benefit from increased credit delivery by availability of petroleum products across the country” Services (National Bureau of statistics 2011)