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 is one of the results of colonialism. It widens the gap between the rich and the poor; hence it is force of inequality which enslave the African nations and it economy. Globalization is not a course in totality but it is relative on the impact it has for each economy, whether developed or underdeveloped since it opens an avenue for each economy to compete in global market without restriction. The research work on globalization and economic development in Nigeria uses analysis, exposition and evaluation as its method of inquiry. It is a burden of this research to suggest a 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. At the end, all Nigerians will have equal access to the national resources without robbing the future generation what nature has endowed to all mankind

General Introduction on Globalization and Economic Development in Nigeria

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 Heraditussays 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 thenation in bad condition. Consequently the ethnics 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 incorporate into the international market as capitalist market as a junior partner which started with the supply of continued unaltered with supply of commodities like palm oil,cocoa, groundnut, cotton etc. even crude oil, then she later become the greatest foreign exchange in the nation Nigeria in Africa. But the context of dependence between Nigeria and it 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 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 practioniers scheming and crafting. Access to resource including opportunity for profit making, thus require favour of those who control private and public institutions which allocate them.

Polities thus affords the “opportunity” to acquire wealth and prestige to be able to distribute benefits in the form of job, contracts, scholarship and gift of money and so on to the allies. The difference among region and ethnic group in the power equation, discrimination in favour of particular groups, where access to office and it spoils is the object of politics. It is on these compounded problem , that research on globalization and economic development in Nigeria is looking forward to suggest the best solution for the national development. And never to depend on dogmatically in the international policies which has utility in the short basis and consequential effect in a long run.