The impact of global economic integration on national industrial policies: An evaluation in Lagos State
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Background of the Study
Global economic integration has redefined the interplay between domestic industrial policies and international market forces. In Lagos State, as one of Nigeria’s foremost economic hubs, the drive toward integrating with the global economy has influenced national industrial strategies significantly (Okafor, 2023). This integration has manifested through increased foreign direct investment, the adoption of advanced technologies, and the implementation of regulatory reforms aimed at aligning local industries with international standards. Economic integration promotes competitiveness by exposing domestic industries to global best practices, thereby fostering innovation and productivity improvements. However, this process also presents challenges, such as the risk of overwhelming local enterprises with intense international competition and the potential loss of policy autonomy. Scholars have highlighted that while global integration can stimulate industrial modernization, it may also force domestic policymakers to reconcile global market imperatives with local economic realities (Chukwu, 2024). In Lagos State, the evolution of industrial policies is thus closely linked to the dynamics of global economic forces. This study explores the extent to which global economic integration shapes national industrial policies in Lagos, considering both the positive impacts and the inherent challenges faced by local industries.
Statement of the problem
Lagos State’s national industrial policies are continuously pressured by the forces of global economic integration. While integration promises technological transfer and increased competitiveness, local industries often struggle with compliance to international standards and face stiff competition from multinational companies (Adebola, 2023). Additionally, policy reforms designed to attract foreign investment sometimes conflict with the needs of domestic enterprises, leading to uneven industrial growth. This study aims to identify the critical challenges posed by global integration and evaluate their effects on the formulation and implementation of industrial policies in Lagos State.
Objectives of the Study
To analyze the influence of global economic integration on industrial policies in Lagos State.
To identify challenges faced by domestic industries in adapting to global standards.
To recommend policy measures that balance international integration with local industrial development.
Research questions
How does global economic integration affect national industrial policies in Lagos State?
What challenges do local industries encounter due to increased international competition?
What policy measures can ensure that global integration benefits domestic industrial growth?
Significance of the Study
This study is significant as it examines the impact of global economic integration on domestic industrial policies, offering insights that will help policymakers design strategies that support local industry competitiveness while engaging with international markets. Its recommendations aim to bridge the gap between global standards and domestic industrial capabilities (Okafor, 2023; Chukwu, 2024).
Scope and Limitations of the Study
The study is limited to assessing the impact of global economic integration on industrial policies in Lagos State. It does not extend to other economic sectors or regions outside Lagos.
Definitions of terms
Global Economic Integration: The process by which national economies become interlinked through trade, investment, technology transfer, and policy coordination.
Industrial Policies: Government strategies aimed at promoting and regulating the development of domestic industries.
Foreign Direct Investment (FDI): Investment made by a firm or individual in one country into business interests located in another country.
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