ABSTRACT

The promoters of globalization are unwavering on its capacity to bring benefits to all. However, it is noted sadly that globalisation is discriminatory on allocating benefits as the advanced industrial states benefit more from globalisation while states of the South including Nigeria are cheated in the process. The study therefore examined globalization and Nigeria's economic development with particular attention to the periods between 2015 and 2021; and poised to investigate the contributions of globalization to Nigeria's economic development. A qualitative study, and anchored on dependency theory as its theoretical frame of analysis to interrogate the nexus of the two variables-globalisation and economic development of the Nigeria state. The findings of the study revealed that Nigeria economy has not been spared from the phenomenon of globalisation as Nigeria has become relatively more integrated with the global economic system. This is seen as Nigeria is highly dependent on external trade while rapid inflow of capital has been stemmed largely as a result of the relatively undeveloped state of the financial market. It also reveal that they have been negative benefit of Globalisation to Nigeria economy which Nigeria has been lagging behind in change, growth and development in which globalisation has been a driving force for this development in some countries. The study concluded that the gross mismanagement of fund, deficient educational system, corrupt public official and high unemployment rate, to say the least, are factors that needed to be resolved before the positive impact of globalisation can fully engulf the Nigeria polity. The study recommended that the government should also enforce stiffer anti-corruption laws in the task sectors if it wants to improve transparency and accountability in this sector.