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Impact of Globalization Induced Economic Integration on Nigeria's Economic Growth

Nwabuatu, Emmanuel Nnajiubah. Ph.D

Abstract

Globalization has significantly influenced Nigeria's economic growth through increased trade liberalization, foreign direct investment (FDI), and technology transfer. While these factors have contributed to industrial expansion, infrastructure development, and job creation, they have also led to economic disparities, external vulnerability, and environmental degradation. This study examines the effects of globalization-induced economic integration on Nigeria's economic growth by analyzing key economic indicators, policy responses, and recent empirical findings. The research highlights the dual impact of globalization; its role in driving economic opportunities and its challenges in creating unequal economic benefits. Strategic policy measures, including improved industrial policies, social safety nets, and environmental sustainability initiatives, are recommended to optimize the benefits of globalization while mitigating its adverse effects. By implementing these measures, Nigeria can harness the full potential of economic integration to foster sustainable and inclusive growth.

Keywords

Globalizationeconomic integrationforeign direct investmenttrade liberalizationNigeriaeconomic growthindustrialization.

References

African Development Bank Group. (2024). Nigeria Economic Outlook. Retrieved from https://www.afdb.org/en/countries-west-africa-nigeria/nigeria-economic-outlook Central Bank of Nigeria. (2023). Economic Report on Trade and Investment in Nigeria. Abuja: CBN. International Monetary Fund. (2021). Nigeria: Economic Impact of COVID-19. IMF Reports. Jarigbe, U., Oladipo, J., & Yusuf, W. (2024). Effect of Globalization on Economic Growth in Nigeria. Open Journal of Social Sciences, 12(7), 433-447. National Bureau of Statistics. (2023). Nigeria Gross Domestic Product Report Q2 2023. Retrieved from https://www.nigerianstat.gov.ng/elibrary/read/1241369 Nigerian Bureau of Statistics. (2024). Labour Market Data Report. Lagos: NBS. Nigerian Environmental Protection Agency. (2023). Annual Report on Environmental Challenges in Nigeria. Abuja: NEPA. Onwuka, E. C., &Eguavoen, A. (2007). Globalization and Economic Development: The Nigerian Experience. Journal of Social Sciences, 14(1), 45-51. United Nations Conference on Trade and Development. (2023). World Investment Report. UNCTAD Publications. World Bank. (2024). Nigeria Economic Outlook. Washington, DC: World Bank.

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