Impact of Globalization on Economic Growth in Nigeria :1986 – 2016

Abstract

Globalization has increased the integration and interdependence of economies among one another. It has come to be seen as a panacea for improved economic growth. This is made possible by an integrated global market marked by improved technology, investment and competition. The research work examined the impact of globalization on economic growth in Nigeria from 1986 to 2016, a period of 34 years. Data sourced from Central Bank of Nigeria (CBN) statistical Bulletin and National bureau of statistics (NBS). The total export (EXPT), import (IMPT) and degree of trade openness (DTOP) were proxy for globalization while the
real domestic growth (RGDP) was used as proxy for economic growth. Using ARDL it was discovered that they have long run and short run relationship on economic growth. The study concluded that if Nigeria is to benefit from the global integration, it has to address a number of challenges and implement appropriate strategies and policies in order to maximize the benefits of globalization and minimize the risks of destabilization and marginalization, as well as promote rapid economic growth and achieve substantial poverty reduction. It was recommended that necessary policy instrument should be put in place to harness the human resources so as to maximize the benefits of openness and the economy also has to fight seriously against the monocultures export syndrome among others.