INTRODUCTION
1.1 Background to the Study
With the evolution of globalization, most especially since the end of the world war 11, the world has become a much global place where interaction between different countries has led to a situation in which country’s economy and development are not only in the hands of government, but also highly influenced by international organizations and international trade where international laws and legislations pre- dominate (Gabriel, 2012).
Globalization has been a highly controversial process that has been placed under serious criticism in its current capitalist form and comes to a surprised economics and policy makers who are believed to be highly convinced of the benefit this form of globalization can bring to the developing countries like Nigeria (Adesoye, Ajike, & Maku, 2015). Globalization is the process of international integration arising from the interchange of world views, products, idea and other aspect of cultures (Akunbi, 2013).
According to Francis, (2010), globalization refers to the increasing integration among nations which has accelerated sharply over the past half a century, gotten largely by the remarkable expansion in international trade and extra ordinary advances in information and communication technologies.
Globalization is the term used to describe the growing worldwide interdependence of people and countries, a process which has grown tremendously in the past decade, mainly because of great innovation in technology (Okpokpo, Ifelunini, & Osuyali, 2014).
Williams, (2010), maintains that the main essence of globalization is to move the economy towards external liberation, focusing on market- oriented economic system export-led strategy and stabilization of the economy. Utuk, (2015) stated that there are two views on globalization, one given by anti-globalist and the other by supporters of globalization or simply globalist. The ant-globalist view globalization as controlling and influencing force used by overseas cooperation’s to dominate international trade. This criticism has given rise to theories such as Dependency theory and new colonialism.
According to the globalist, globalization is the only true way to beat poverty, they argue that foreign direct investment will help developing nations to industrialize, create job opportunity and acquire manufacturing skills. Economic growth implies a change in the way goods and services are produced, not merely an increase in production achieved using the old method of production on a wider scale. But, it also involves improvement in a variety of indicators such as literacy rate, life expectancy and in addition poverty rates, in line with increasing private income, economic growth also generate additional resources that can be used to improve social services such as health care, social amenities, and safe drinking watered (Shuaib, Ekeria, & Ogedengbe, 2015).
Over the years, globalisation has proven to be the most adopted mechanism in dealing with economic development, improving the social welfare of states and strengthening political ties between countries. Globalisation development theory adopts policies such as liberalisation, privatisation, deregulation and capitalism for effective results (Barry, 2010). However, United Nations Conference on Trade and Development (2015) report shows that globalization policies are much more favourable to North America, Europe and some part of Asia compared to African countries whose economic, political and social growth has been stunted by some of these policies, hence their failure in benefiting from globalisation.
Globalisation as the World Health Organisation (2017) puts it, is "the increased interconnectedness and interdependence of peoples and countries generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows."
Nigeria being the giant of Africa has long accepted globalisation as a means to achieving rapid economic development. Paradoxically, with so much natural resources at its disposal, 53.5% of Nigerians were living in absolute poverty (World bank data 2009) and Nigeria's human development index reportedly ranks 152nd position (United Nations Development programme 2016). Given these figures, coupled with her high unemployment rate, vulnerable economy, bad policies, unhealthy investment climate, high level of indebtedness and corruption, it is clear that Nigeria is one of the most disadvantaged countries engaged in globalisation.
The concept of globalisation is not a new concept in Nigeria. It has always existed and has been embraced in most frameworks of the country (Akunbi, 2013). Nigeria has since been engaging in the globalisation process, adopting policies such as disinvestment, privatisation, commercialization and devaluation. However, recent data from the Economic Report on Nigeria (2015) shows that Nigeria has been experiencing slow growth. Some of the reasons for this challenge includes the Naira devaluation which ultimately led to higher cost of purchasing goods and services, structural problems that result in lack of transparency, low oil prices and revenue caused by liquidity, restricted fiscal policies and tighter monetary policies which engenders high interest rates and reduced activity in the capital market.
1.2 Statement of the Problem
Globalization fringes economic development in economy globalization is faced to be a systematic way which technological advanced countries to develop them by way of investing in the economic. However ,the effect of globalization on developing and undeveloped countries can be vividly seen, as the developed nations (i.e. technological advanced countries) tend to use the undeveloped and developing countries as their dumping, ground, for their used products and their sub-standard products for example electronic.
Also globalization has also faced the challenge of culture and language barrier, the different variation in culture and language of the different countries tend to affect the bilateral relations. One of the challenges of underdevelopment is the inability of a country to produce and create unemployment for its citizenry, in order to meet up with the economic needs and social economic needs of its members. However, the research study is geared toward using the research study to solve these challenges in Nigeria economy.
Globalization as the World Health Organisation (2017) puts it, is "the increased interconnectedness and interdependence of peoples and countries generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows."
Unemployment rate: Nigeria has long been engaged in the process of globalisation which implies, integrated economies, removal of trade barriers, increased cross-border relations amongst countries and interdependence between nations. The benefits of the above mentioned have been achieved by developed countries and leading democracies in the world.