Globalization and the imperativeness of local development in Nigeria

Abstract

Purpose – The study seeks to determine how Nigeria can increase its positive impacts rather than negative ones, such as neo-colonialism, on the imperatives of globalization in the areas of the local economy, sociocultural factors, customs, among others. Methodology/approach –This study employed a qualitative research design, gathering and analysing qualitative data from contemporary and archival sources. Findings – It was found that a number of factors, including Nigeria’s share in global trade, investment, and finance in terms of the total quantum of inward and outward flows of resources, can be used to determine and measure the contribution of the Nigerian economy to the global economy and the benefits accruing to the economy from Nigeria’s interactions with other nations. The competitive advantage of Nigeria in the global economy is dependent on what Nigeria has to offer to the rest of the world. Practical implications – This study provides sufficient insights into how Nigeria can increase the positive outcomes rather than the negative ones, particularly in terms of the development of local content and production.