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The Impact Of Globalization On Industrial Growth Of Nigeria (1985-2011)
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1.2 STATEMENT OF THE PROBLEM
Globalization is a process of
intensified inter dependence which makes it possible for any one
(country) to isolate itself and expect to develop, the argument is that
globalization makes it possible for all nations to benefit from
interdependence. Interdependence is manifested in the increasing
economic linkages among countries through trade and financial flow, it
has been argued that interdependence entails amplified risk and
uncertainties and one major challenge of most countries especially
developing countries like Nigeria is “How to Manage this Risk and handle
Uncertaintiesâ€, more profoundly, interdependence mean that
opportunities for collective gains are enhances but vulnerability is
also greatly manifested. Developing countries are thus faced with the
magnification of vulnerability and opportunity.
Globalization is a
very uneven process with unequal distribution of its benefit and losses.
This imbalance leads to polarization between the developed countries
that gain and developing countries that lose out (OBADAN, 2001). In this
regard, the place of Nigeria in the globalization agenda requires some
indepth study. To begin with, Nigeria s economically weak due to
inadequate domestic economic capacity and social infrastructure needed
to boost the country’s productivity, growth and competitiveness.
Secondly,
the economy is made weaker by mono-cultural dependency and infavourable
terms of trade in its export trade as well as excruciating debt and
debt service burdens. Thirdly, by (1986), economic regimes were
regulated and the country pursued an expansionary fiscal and monetary
policy in its development effort (Obadan 1998). The problems were
exacerbated by political instability and corruption as a result,
investment choices were distorted, which eroded the confidence
especially for foreign investors.
Globalization is a dynamic process,
the stronger countries are adjusting rapidly as the process advances,
while the weaker ones find themselves further marginalized. The
Nigerians inability to benefit from internalization is limited by
numerous factors which includes poor domestic management of the economy,
interest structural considerations of the economy and some policies of
western industrial countries. The state of backwardness made Nigeria to
be heavily reliant on foreign supplies of industrial inputs such as
capital equipments, raw materials, spare parts and other intermediate
materials. The challenges now is for Nigeria to use the enormous
resources one has build to coherent, internally, consistent self
sustaining economy which will be competitive in the world market.
Nigeria must develop the essential physical and human infrastructural to
compete.
Nigeria cannot expect to benefit from the process f
international corporation without radical restricting of her economy,
policies and society.
1.3 RESEARCH QUESTIONS
The following questions were posed guiding my research for solution to the each problems:
1. How does globalization affect industrial growth in Nigeria?
2. How has export affect the industrial output in Nigeria?
3. Why is the rate of globalization in industrial growth of Nigeria very low?
1.4 OBJECTIVE OF THE STUDY
The
main objective of the study is to investigate the impact of
globalization the industrial growth of Nigeria. Specifically, the
objective are:
1. To examine the impact of globalization on industrial; growth in Nigeria
2. To determine the impact of export on the industrial performance in Nigeria
3. To examine if foreign investment affects that growth of the Nigerian industries
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