Globalization and Economic Development In Nigeria: A Philosophical Analysis
Globalization and Economic Development In Nigeria: A Philosophical Analysis
ABSTRACT
Globalization and economic development in Nigeria are some of the results of colonialism. It widens the gap between the rich and the poor; hence it is a force of inequality that enslaves the African nations and their economy.
Globalization is not a course in totality but it is relative to the impact it has on each economy, whether developed or underdeveloped since it opens an avenue for each economy to compete in the global market without restriction.
The research work on globalization and economic development in Nigeria use analysis, exposition, and evaluation as to its method of inquiry.
It is a burden of this research to suggest the best possible solution on how Nigeria will develop both material and human resources without any resources left unutilized just as the developed nations of the world.
In the end, all Nigerians will have equal access to the national resources without robbing the future generation of what nature has endowed to all mankind
INTRODUCTION
Globalization is the process of making the world economically interconnected in the modern form. Globalization and economic is a twin brother of development. Globalization is a process by which free movement of ideas, capital flow,
information, and technology are moved across borders and national boundaries which result in the integration of the world economies. Just as Heraclitus says that change is the only permanent thing in the world, globalization is a phenomenon that was brought by change. And man ever since creation has been craving for change.
Nigeria after the formal independence in 1960, the political elites saw that the pursuit of power as the dominant theme for politics, this had left the nation in bad condition. Consequently, the ethics of business has penetrated politics and politics was seen as equivalent warfare.
This had added to the fact that Nigeria obtained political independence but not economic independence compounded problems for the young nation. Like in the colonial era, the economy still reacted to the vagaries in the international market.
Nigeria incorporates into the international market as the capitalist market as a junior partner which started with the supply of continued unaltered with the supply of commodities like palm oil, cocoa, groundnut, cotton, etc, even crude oil. Then she later becomes the greatest foreign exchange in the nation Nigeria in Africa.
But the context of dependence between Nigeria and its formal colonial master did not change with independence, only the context did. The structure of dependence on western nations and exploitation of peasant producers as well as the expatriate domination of investment opportunities.
The indigenous entrepreneur became an intermediary between foreign interest and indigenous polity and economy and they turn to the state as a source of capital and contract.
The pursuit of power became easy and access to wealth and fame. Politics became a “dirty business”, its practitioners scheming and crafting. Access to resource including the opportunity for profit-making thus requires favor of those who control private and public institutions which allocate them.
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