THE IMPACT OF GLOBALIZATION ON UNDERDEVELOPED ECONOMIES: THE CASE OF NIGERIA IN THE 21ST CENTURY

Abstract

This paper is an attempt to examine the effect of globalization on underdeveloped economies with particular focus on Nigeria since the turn of the century. As a result of Globalization the world has witnessed increased interdependence in the last two decades; the main driving forces being technology, policy and competition. Developed nations with more advanced technologies are the major beneficiaries of globalization as against the developing countries. However, a review of the existing literature is undertaken on the implications of globalisation on the economic development of underdeveloped economies with particular attention on Nigeria. Globalization can be domesticated in the country through diversification of exports, technological advancement and expanded development cooperation with other countries in addition to strengthening the state against the dictates of foreign capital. All these accomplished, Nigeria could avail herself the benefits of globalization.