Globalization and Development Backwardness of Nigeria: Ventilating a Suffocating Nation

Isaac Udofia Inwang, Johnson O. Odohoedi and Victoria S. Umana
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Isaac Udofia Inwang: Dept of Business Mgt, University of Uyo, Nigeria
Johnson O. Odohoedi: Dept of Business Mgt, University of Uyo, Nigeria
Victoria S. Umana: Dept of Business Mgt, University of Uyo, Nigeria

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 5, 121-128

Abstract: Attempt to revive and strengthen Nigeria’s economy over the past three decades has led to the implementation of some national and international economic policies. This study focuses on assessing the influence of globalization on Nigeria’s economic backwardness. Specifically, two objectives were investigated; to examine the influence of trade openness (TRO) on Nigeria’s economy and to investigate the influence of financial openness (FNO) on Nigeria’s economy. The data used were extracted from the Central Bank of Nigeria (CBN) statistical bulletin and the World Bank. Both co-integration and Ordinary Least Square (OLS) techniques were used in data analysis. The findings of the study indicated that Trade openness (TRO) has a negative influence on Nigeria’s economy. Results also showed that financial openness (FNO) had an inverse influence on Nigeria’s economy. Based on these results, it was concluded that Nigeria was yet to gain from its embrace of globalization. It was however, recommended that Nigeria should improve upon its trade relations with its trading partners with relevant policies to give the country a chance of benefiting from globalization; it was also recommended that the government through the Central Bank of Nigeria (CBN) should speed up efforts at fully integrating the country’s financial system with the rest of the world, to be in a position to gain from financial openness.

Date: 2024
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