IMPACT OF GLOBALIZATION ON THE ECONOMIC SECURITY OF AFRICAN COUNTRIES

Abstract

Globalization, as a concept and process is central to the development of nation-states. Globalization has different effects on the participating states as it provides economic security and financial prosperity to those who are able to compete favorably in the process while impoverishing other countries that are less competitive. This paper used secondary data to appraise the impact of globalization on the socio-economic development of African countries. Findings of the study reveal that globalization has lifted many African countries from shackle of absolute poverty and positively enhanced their efforts at achieving sustainable development. Conversely, the process has undermined development efforts in Africa due to unjust global trade rules, weak technical know-how and dilapidated social infrastructure. The study therefore recommend that Africa should not delink from the process because no nation can escape from it; especially within the contemporary Uni-polar neo-liberal world order that has inescapably coerced developing countries into the Globalization process. Africa should fix her dilapidated infrastructure and seek mutually rewarding trade relations with her development partners to guarantee sustainable development within the globalization process.