Discuss the impact of globalisation on an African country. (Nigeria) - Essay Example

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Although there are many definitions that describe the term, According to Daly 1991, “Globalization refers to the increasing…
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Discuss the impact of globalisation on an African country. (Nigeria)
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Download file to see previous pages There is not only economic aspect to globalization, as it also has an impact on the political, cultural and ideological aspects of countries and their relations. In the case of underdeveloped countries it is often viewed that Globalization helps in their development however this tends to vary as there are certain positive and negative effects of globalization in case of underdeveloped countries.
In the eighties Globalization came out as a liberating force freeing the world from the military politics. In the nineties, with the advent of information technology it further gave the concept of turning the world into global village. It was with globalization that led to the adoption of western models by the underdeveloped countries such as Nigeria (Bigman). In Nigeria today there is a socio-economic flux that has been aggravated due to the cultural legacy (Bigman). Its economic position is quite weak mainly because of the inadequacy in its economic capacity as well as its infrastructure. This economic weakening is also attributed to the monoculture dependency and the terms of export trade which are quite unfavorable. There is also agonizing burden of debts. Also before 1986 the country had expansion policies for its monetary and fiscal policies due to its regulated economic regimes in order to develop the economy (Obadan). However due to the political instability and rise in corruption these factors were worsened leading to less investment choices for foreign investors.
In view of the globalization, Nigeria has followed a liberalizing trend whereby it has taken measures to facilitate its economy but due to the unfavorable macroeconomic conditions, credit facilities and technology the sectors could not produce accordingly. Also, despite opening its economy Nigeria has depended mainly on its oil exports where its foreign ...Download file to see next pagesRead More
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