The Political Implication Of Globalization On Economic Meltdown in Nigeria: A Comparative Analysis

Abstract

Globalization which is conceived as the universalization of capitalism has imposed on Africa alien processes and practices that have either enriched or corrupted its socio-cultural, political and economic system.      We live in a global system whose transformation in modern times has affected almost every aspect of what we do, how we live and our hopes and dreams. We are today caught up in the web of globalization, an era of clones, the era of information, the era of the borderlessness and the era of global village phenomenon. While globalization is nothing new, the features of the current trends is that the basis of livelihood on our planet has been roundly redefined and restructured with the aid of globalization. Indeed, the change has come about as a result of the exponential revolution in the most basic form of relationship between man and his environment especially with the aid of improved technology. There is no doubt that globalization reflects man's common humanity, a desire to explore and break barriers among nations. This paper therefore will address globalization as a challenge, with potential for good and evil depending on policy responses. The paper will examine the implications of globalization on industrialization and the attendant problems of globalization on the Nigerian economy in comparison with other countries of the world. The paper concludes relying on secondary data that globalization contributed to the woes of economic problems militating against economic and political development of Nigeria.