The Waves of Globalization on Economic Development in Africa: The Nigerian Experience

Abstract

The massive revolution in the use of information and communication technology has gradually eliminated state-enforcement restrictions on goods and services across borders and integrated of national economies in the areas of trade, culture, finance, investment and technologies as a means of promoting economic development among countries especially developing countries. Unfortunately, this does not seem to reflect in many African countries, including Nigeria. Therefore, the paper intends to focus on economic liberalization aspect of globalization. This has to do with the process of achieving unobstructed economic activities that are fully integrated and open for free inter-penetration and inter-state access, as well as transfer of economic- technology to African countries, among others. The paper will dwell more on the ways that globalization has failed to contributes to economic development in Africa and the paper will project on how globalization can be projected to achieve economic development in Nigeria and Africa beyond.