THE IMPACT OF GLOBALIZATION ON INDUSTRIAL GROWTH OF NIGERIA (1985-2011)
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BACKGROUND OF THE STUDY
Globalization is a system that confers benefits and posses challenges and risks to countries across the globe and has gained momentum from the last quarter of the twentieth (20th) century. It is the intensification of cross border trade and increased financial and foreign direct investments flows among nations, promoted by rapid advances in and liberalization of communication and information technology. Technology, polling and competition are the forces during globalization. This is attested to, for example, by advances in computing technology, which enables traders to meet their demands for financial instruments such as swaps and future with relative ease. Globalization constitutes a mega trend in 4 global political economy and has assumed a new phase in contemporary international economic relations, given the merged socio-political and economic transformation as well as the technological economic transformation as well as the technological advancement in communication, information transportation etc. The process seems to be irreversible. Nations, states have indeed consistently intensified efforts towards engaging in business across national borders and constructing production and distribution network on a global production and distribution network on a global scale. The international institution that overseen world trade and finance like the IMF, the world Bank, WTO play an increasingly important role in this era of globalization. Globalization has both negative and positive impacts, amongst the negative impacts are the rapid spread of diseases, crime, illicit drugs, terrorism and uncontrolled migration, which is one of the greatest problem facing Nigerian economy. The problem became more pronounced 5 and aggravated by the structural adjustment programme (SAP) and more recently by globalization. Given the low level of industrialization and the SAP. Induced under utilization of industrial capacity in the Nigeria economy, globalization has translated into the restriction of Nigeria to primary production even with this the price of primary commodities is extremely determined. This transport Nigeria into a powerless situation where she lacks direct control over the crisis in her economy because her hands are tied by the terms and dictates of globalization. The most drastic evidence of globalization is the increase in trade and the movement of capital stocks, bonds, currencies and other volume of investments from the period of (1950-2001). The volume of worlds export rose by 20 times and by 2011, world trade amounted to a quarter of all the goods and services produced in the world. In the early (1970’s) only $10 billion to $20 billion in national currencies were exchange daily, by the early part of the 21st century. 6 More than $1.5million worth of ten, Euros, dollars, pounds and other currencies were traded daily to support the expanded levels of trade investment which is as a result of globalization.
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