The effects of globalization on African Economic Development: The Nigerian experience

Abstract

The growing global economy which was fastened mostly by international trade and technology has no doubt crated a global dual phenomenon where regions continued to experience  economic development at the expense of others. This paper argued that though third world countries of Africa are fully incorporated into global capitalist economy, the benefit of this inescapable global phenomenon is not evenly distributed.  Secondary sources of data were used as essential methodology for this work. With the help of Marxist theory of political economy and review of literature, the paper further posited that Nigeria economy in the current wind of globalization remains the clienteleeconomy in the competitive global market. The country remained an exporter of raw materials and importer of finished products thus, making the country potential market for foreign investors. The work therefore recommended economic diversification and control of activities of Multi-national Corporation to checkmate their penchant for flouting state laws especially in employment, developing local workplace and neglect of the environment among others.