THE IMPACT OF GLOBALIZATION ON SOCIO-ECONOMIC DEVELOPMENT IN THE 21ST CENTURY (A STUDY OF NIGERIA)

CHAPTER ONE

1.0 INTRODUCTION

The chapter gives a brief overview of the word “Globalization” which is found in the background of study as well as the problems of globalization and the objectives of this study.

Also, you’ll find in this chapter, some research questions and significance of the study, scope and definition of the study and terms.

• BACKGROUND OF STUDY

The dominant feature of global economic trend in contemporary world system is globalization, which is being driven particularly, by a new wave of information technology that is unparalleled in the history of humankinds. Nation states have consistently intensified efforts towards engaging in business across national borders and constructing production and distribution networks on a global scale. Thus, the world today is a ‘global village’ given the unprecedented love of interconnectedness of political, economic, social and technological forces that permeates contemporary international system.

This project recognizes the existence of a global environment that is deeply embedded in interdependency and the necessity for Nigeria to minimize the adverse effects of globalization while harnessing whatever its benefits for national development. It concludes that Nigeria should completely restructure and transform its political economy in order to frontally confront contemporary global challenges.

This is followed by the analysis of the powerful forces that propel globalization in contemporary world environment. It also discusses the challenges that the current globalization process poses for Nigeria.

1.2 STATEMENT OF THE PROBLEMS

Basically, there are different problems associated with globalization, especially when it comes to its effect on socio-economic development in Nigeria. Some of these include;

• Poor administration of the public organizations through which globalization is effected.
• Over dependency and less of independency
• Lack of trained and skilled personnel’s
• Insincerity on the part of government officials
• Marginalization of the peripheral economic of the third world countries.
• Lack of technology know-how.
• Low focus on information and communication technology (ICT)
• Low investment climate that can be cashed by foreign investors.
• Overdependence on crude oil.
• Economic liberalization which helps in internationalizing of capital, opening news markets and attracting new investments.

• OBJECTIVES OF THE STUDY

The following are the purpose of the study:

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