THE IMPACT OF GLOBALIZATION ON THE INDUSTRIAL GROWTH OF NIGERIA (1980 - 2010)
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ABSTRACT
This study is meant to investigate the impact of globalization on the Industrial Growth of Nigeria covering the range of 31years (1980-2010). It is obvious that Nigeria as a country still depends on the importation of productive inputs despite all efforts to develop her local resources. Thus, the objective of this study is to determine the impact of globalization on the industrial growth of Nigeria. The study reveals that for Nigeria to benefit from globalization her productive capacity, economic structure, political stability, macroeconomic policy and technology should be enhanced. Since we found out that trade openness has a negative impact on industrial growth. Therefore, it should be handled with caution, policies should be directed to decrease trade openness, especially where Nigeria has a comparative advantage due to the fact that we have abundant labour, we should promote labour intensive method of production and export commodities to earn foreign currency for use in other sector. In that case, the government should take agriculture seriously and also encourage local producers by giving them incentives in the form of tax rebates.
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