THE IMPACT OF ECONOMIC DEVELOPMENT AND GLOBALIZATION IN NIGERIA: A PHILOSOPHICAL ANALYSIS

THE IMPACT OF ECONOMIC DEVELOPMENT AND GLOBALIZATION IN NIGERIA: A PHILOSOPHICAL ANALYSIS

INTRODUCTION

The process through which the economies of the world are being brought into modern interdependence is referred to as globalization. The twin brother of development is globalization and economic globalization (Omeregbe, 2021). The free flow of ideas, cash flow, information, and technology across international borders and national boundaries is one of the primary drivers of globalization, which in turn leads to the integration of national economies throughout the world (Ekwutosi, 2021). Globalization is a phenomena that was brought about through change, in the same way as Heraditus claims that change is the only thing that is permanent in the world. And ever since the beginning of time, man has had a need for progress (Babawale, 2022).

After Nigeria attained its official independence in 1960, the country's political leaders saw that the quest for power had become the preeminent focus of political discourse; as a result, the country was in a deplorable state. As a result, ethnic considerations in business have made their way into politics, which was once considered akin to combat (Omeregbe, 2021). The fact that Nigeria gained its political independence but not its economic independence aggravated the difficulties already faced by the new nation. As was the case throughout the time of colonial rule, the economy continued to be subject to the whims of the global marketplace. After Nigeria's entry into the international market as a junior partner in the capitalist market, which began with the supply of continued unaltered with supply of commodities such as palm oil, cocoa, groundnut, cotton, and so on, even crude oil, she went on to become the nation with the greatest foreign exchange in Nigeria in Africa (Babawale, 2022). The framework of reliance that existed between Nigeria and its former colonial ruler did not shift, even after the country gained its freedom; only the setting shifted. The system of dependency on western nations, the exploitation of rural producers, and the dominance of expatriates in the market for investment possibilities are all aspects of this arrangement. They resort to the state as a source of cash and contract, and the indigenous entrepreneur has become a middleman between foreign interest and indigenous polity and economy. The quest of power, along with access to riches and celebrity, became more simpler. Politics evolved become a "dirty business," with practitioners engaging in plotting and maneuvering. Access to resources, including the possibility of generating a profit from those resources, thus requires the favor of those who govern the commercial and public organizations that are responsible for allocating such resources (Babawale, 2022).

The "potential" to amass riches and status in order to be in a position to provide advantages to supporters in the form of jobs, contracts, scholarships, and gifts of money, among other things, is made possible by the existence of political systems (Omeregbe, 2021). The disparity in power that exists between regions and ethnic groups, as well as prejudice in favor of certain groups, in situations where gaining access to government and the perks that come with it is the goal of politics. Research on THE IMPACT OF ECONOMIC Growth AND GLOBALIZATION IN NIGERIA is looking forward to suggesting the best answer for the nation's development. This research is focusing on the problems that have been aggravated by globalization and economic development. And to never, ever count on dogmatically in the foreign policies that have usefulness on the short basis and consequential impact in the long run (Omeregbe, 2021).

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