GLOBALIZATION AND THE NIGERIAN ECONOMY: THE BABANGIDA PERIOD
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- Qualitative
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- NGN 5000
ABSTRACT
This study was carried out to examine Globalization and the Nigerian economy the Babangida period. Specifically, how globalization has affected the economic and political status of the Nigerian economy,The role of global institutions in the globalization process as it concerns Nigeria,how the dependency of the less developed economy on the western economy has led to underdevelopment of the less developed countries, through evaluation of the dependency theory.the study conclusion revealed that General Ibrahim Badamosi Babangida governed Nigeria at a very critical junction in the country’s political history as There is no gain saying that the socio-economic development of Nigeria has been characterized by a stunted trend over the decades.it is clear the Nigerian economy portray an unproductive, externally oriented, dependent and a monolithic structure that lacks not the potential to develop forward and backward linkages of production and consumption patterns but the political will to produce the necessary goods and services for domestic consumption over time. The Nigerian economy which has been colonially structured to be externally oriented has been designed to produce what is not locally consumed and consume what is not locally produced. The production of cash crops and raw materials exported to European and American markets remains the pattern obtainable. With an import-driven consumption pattern mainly composed of final goods, the country has become import-dependent and economically defective.
The study recommend that the less developed countries break free from the chain of dependency, it is recommended that the less developed countries should encourage internal trade among among themselves as this will increase their comparative advantage in the international market and make the economy stronger, There should be encouragements from the part of the government for developing local industries instead of over-reliance on western developed nation, Production-Consumption disarticulation can be corrected with an overhauling and redirection of the economy through a back ward and forward linkage of all the sectors of the economy especially agriculture and manufacturing as this will ensure self-sufficiency, employment creation and capital flight reduction
