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Globalization And Nigeria’s Sovereignty
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In the wealth of nations, Smith (1976) identifies the global character
of western capitalism form as the “mutual communication of knowledgeâ€
and “an extensive commerce form all countries to all countries that
would be of benefit to all parts of the worldâ€.
The International
Monetary Fund (IMF) in its own line of thinking sees the concept
globalization as the rapid integration of economies world-wide through
trade, financial flows technology-spillover, information networks and
cross cultural currents.
The world bank o its own side contends that
it is about the increasingly interconnected and interdependent world, it
is about the increasingly interconnected and interdependent world, it
is about international trade investment and finance that has been
growing far faster than national income.
It is all about technologies
that as already transformed out abilities to communicate in ways that
would have unimaginable in far years ago. It is all about our global
environment, communicable diseases, crime, violence and terrorism. It is
all about workers of all countries to develop their potentials and to
support their families and job created by the greater economic
integration.
However, it is crucial to ides behind his concept are
very dangerous for the Nigeria as third world country, this is as a
result of the fact that participation in any international affair in
this new world order is justice, like a wrestling competition where the
stronger would always show the weaker one way out of the ring either in
life or death.
1.2 Statement of the research problem
Politically,
economically, socially and culturally globalization plays an
influential role in Nigeria. Its activities has resulted in the
crippling of the economy, because globalization to some extent determine
the price of the Nigerian commodities in the international market.
Nigeria needs to develop but due to extensive dominance by the foreign
powers through the activities of globalization in territorial boundaries
of Nigeria (Giddens, 1999).
Nigeria as a state lacks the sovereign
power to control its economy due to the lack of good governance of the
Nigerian leaders, lack of control over MNCs, dependency over
technological aspect, dependency over foreign powers economies,
political aspect, foreign aid which resulted to indebtedness of the
country. Therefore, it must be controlled by the capitalist economy
through the term globalization (miller, 2003).
Similarly, with the
aid of globalization capitalist economy throw Nigeria in a state of
confusion on how to administer the political affairs of our country by
bringing the political disruption to make Nigeria’s political and
economic system ineffective and inefficient.
The primary role of
globalization is to create for capitalist accumulation and ensure steady
and cheap sources of raw materials and expanding markets for finished
goods from the capitalist economies. Therefore, this research examines
how globalization erodes the sovereignty of Nigeria.
1.3 Aim and Objectives of the Study
i. To examine the nature of globalization in Nigeria.
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