IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH (IJSSMR )

E-ISSN 2545-5303
P-ISSN 2695-2203
VOL. 11 NO. 2 2025
DOI: 10.56201/ijssmr.vol.11no2.2025.pg.343.354

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Prospects and Challenges of Globalization: The Nigerian Context Obiekwe, Onyebuchi (PhD)

Obiekwe, Onyebuchi PhD, Dr Nnenna Gladys Madu, G

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Abstract

This study examined the prospects and challenges of globalization in Nigeria through the review of existing literature. The aim was to ascertain the gains of globalization and the issues it poses to the Nigerian economy and State. Literature reviewed attests that although globalization has created huge economic opportunities for many countries, Nigeria is still crawling to catch up with its realities, implying that its economic growth may take some time due to factors such as overdependence on imported goods and services, rising gap of inequality among nations, inability to initiate the process of economic growth and development etc. This study concludes that globalization indeed creates new global economy, provides opportunities to launch into new markets and compete with other global producers of goods and services, and for Nigeria to be on the same level of economic growth with developed nations, it has to set up business friendly policies that would trigger and sustain economic growth and development, restructure and transform its technological, political, social, and economic spaces and encourage production of goods for consumption, commerce and exports and at the same time widen its markets. This study therefore, recommends that Nigerian government should set up policies that encourage economic growth such foreign direct investment in strategic sectors of the nation, encourage technological and economical industrial development amongst others.

keywords:

Globalization, Economic Development, Economic Prospects, Economic Challenges

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