An investigation of economic globalization’s effects on local production in Nigeria: A case study of Lagos State (2000–2020).
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Background of the study:
Economic globalization has transformed production systems and market dynamics by integrating national economies into the global marketplace. In Lagos State, the impacts of globalization are evident in both opportunities and challenges for local production. Increased foreign direct investment, access to international markets, and advanced technologies have stimulated local industries; however, competition from global players and the pressure to conform to international standards have also created significant challenges. This study investigates how economic globalization has affected local production in Lagos State by examining changes in production efficiency, quality standards, and competitiveness. While globalization offers avenues for technology transfer and capacity building, it also exposes local producers to volatile global market conditions (Chukwu, 2023). In addition, regulatory frameworks and domestic policies may not always support the competitiveness of local industries (Ike, 2024). The discussion emphasizes the need for a balanced approach that maximizes the benefits of globalization while mitigating its adverse effects on domestic production. By exploring the interaction between global economic trends and local production capacities, this research aims to provide evidence-based insights for policy formulation that enhance the sustainability and resilience of local industries.
Statement of the problem:
Local production in Lagos State faces significant challenges as a result of economic globalization. Although globalization has introduced advanced technologies and expanded market opportunities, local industries struggle with increased competition, regulatory mismatches, and the pressure to meet international quality standards. These challenges have led to decreased production efficiency and a loss of market share for domestic producers (Uche, 2024). This study addresses the need to understand the specific effects of globalization on local production and to identify strategies for strengthening the competitiveness of Nigerian industries.
Objectives of the study:
- To investigate the effects of economic globalization on local production in Lagos State.
- To identify challenges faced by local industries in the global market.
- To recommend strategies to enhance the competitiveness of domestic producers.
Research questions:
- How has economic globalization affected local production in Lagos State?
- What are the major challenges confronting local industries due to globalization?
- What measures can be implemented to improve the competitiveness of local production?
Research Hypotheses:
- Economic globalization has a significant impact on local production.
- Increased competition from global markets adversely affects domestic industries.
- Strategic policy interventions can mitigate the negative impacts of globalization.
Significance of the study:
This study is significant as it examines the complex interplay between economic globalization and local production in Lagos State. By identifying key challenges and proposing effective strategies, the research aims to assist policymakers and industry stakeholders in enhancing the competitiveness of domestic production. The findings will contribute to sustainable industrial growth and provide a roadmap for integrating local industries into the global economy while safeguarding their interests.
Scope and limitations of the study:
This study is limited to investigating the effects of economic globalization on local production in Lagos State, focusing on production efficiency, competitiveness, and policy implications.
Definitions of terms:
- Economic Globalization: The process of increasing economic interdependence and integration among countries.
- Local Production: The manufacturing and production of goods within a specific geographic area.
- Competitiveness: The ability of a company or industry to compete effectively in the global market.
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