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Globalization and Development Backwardness of Nigeria: Ventilating a Suffocating Nation

Author

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  • Inwang, Isaac Udofia

    (Dept of Business Mgt, University of Uyo, Nigeria)

  • Odohoedi, Johnson O.

    (Dept of Business Mgt, University of Uyo, Nigeria)

  • Umana, Victoria S.

    (Dept of Business Mgt, University of Uyo, Nigeria)

Abstract

Attempt to revive and strengthen Nigeria’s economy over the past three decades has led to the implementation of some national and international economic policies. This study focuses on assessing the influence of globalization on Nigeria’s economic backwardness. Specifically, two objectives were investigated; to examine the influence of trade openness (TRO) on Nigeria’s economy and to investigate the influence of financial openness (FNO) on Nigeria’s economy. The data used were extracted from the Central Bank of Nigeria (CBN) statistical bulletin and the World Bank. Both co-integration and Ordinary Least Square (OLS) techniques were used in data analysis. The findings of the study indicated that Trade openness (TRO) has a negative influence on Nigeria’s economy. Results also showed that financial openness (FNO) had an inverse influence on Nigeria’s economy. Based on these results, it was concluded that Nigeria was yet to gain from its embrace of globalization. It was however, recommended that Nigeria should improve upon its trade relations with its trading partners with relevant policies to give the country a chance of benefiting from globalization; it was also recommended that the government through the Central Bank of Nigeria (CBN) should speed up efforts at fully integrating the country’s financial system with the rest of the world, to be in a position to gain from financial openness.

Suggested Citation

  • Inwang, Isaac Udofia & Odohoedi, Johnson O. & Umana, Victoria S., 2024. "Globalization and Development Backwardness of Nigeria: Ventilating a Suffocating Nation," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(5), pages 121-128, May.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:5:p:121-128
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    References listed on IDEAS

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    1. Basco, Sergi, 2014. "Globalization and financial development: A model of the Dot-Com and the Housing Bubbles," Journal of International Economics, Elsevier, vol. 92(1), pages 78-94.
    2. Mahyudin Ahmad, 2019. "Globalisation, Economic Growth, and Spillovers: A Spatial Analysis," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 13(3), pages 255-276, August.
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