Globalization and its importance in economic growth of Nigeria

Abstract

Globalization of financial markets has changed the structure and the scope of investible funds. Emphasis is fast shifting from the domestic financial market to the International financial markets. Countries with weak and inefficient financial system seem to have been grossly affected by the growing influence of the international global trend. In other words, tie country benefits from the trend can be said to be directly linked to the state of its financial markets. The Nigerian financial system, in particular, cannot be said to be very developed, seek to concretize the view that despite the excitement generated by globalization as invitation to a world that is increasingly interconnected and borderless, Nigeria (like every other African countries) comes out at a disadvantage. Developed nations are the beneficiaries of globalization as their share of world trade and finance has been expanded at the expense of developing countries. Thus, the process exacerbates unequally between the world regions poverty in the developing world. This study recommends that basic infrastructure, enabling environment should be provided by the government so as to ensure efficient financial system. Besides, the government should make a conscious effort towards promoting information communication technology in Nigeria.