Full Project – Impact of globalization on economic growth in Nigeria

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CHAPTER ONE

INTRODUCTION

1.1   Background to the Study

One of the objectives of policy makers in Nigeria has been the maintenance of economic stability and sustenance of economic growth. The world is experiencing a major transformation which is multidimensional. This transformation is both technological, economic, social, cultural, political and geopolitical.Basically international trade has been regarded as an engine of growth of any economy either advanced or less developed economy.

Various policy regimes most of which have to do with structural adjustments on external equilibrium, trade liberalization and trade policy have been introduced by successive governments in Nigeria since 1986 to address these challenges, such policy include Economic Stabilization Act and the Structural Adjustment Programme (SAP) launched in 1982 and 1985 respectively to lay basis for sustainable growth. Also, there were the National Rolling Plans, National Economic Empowerment and Development Strategy (NEEDS I) (2004 -2007) and National Economic Empowerment and Development Strategy (NEEDS II) (2007- 2011).  These policy shifts were meant to revamp the external sector of the Nigerian economy.

The Central Bank of Nigeria (CBN) partly continued to play the traditional role of attaining economic stability, low inflation and sustainable growth and development through trade policy measures.Some of the trade policy and exchange rate policy regimes adopted by the CBN to balance the external sector include export incentive and miscellaneous provisions decree of 1986, customs, excise and tariff consolidation decree of 1988, gradual liberalization strategy, import prohibition, duty exemptions and concessions, all these policies were aimed at achieving specific objectives such as balance of payment viability and export promotion.

However, the ability of the CBN to achieve her targeted objectives depends largely on the effectiveness of globalization.Globalization connotes the tendency of moving towards the integration of a nation into the world economy (Okpokpo, Helenian and Osuyali 2014). The essence of globalization is to move the economy towards external liberation, focusing on market-oriented economic system, export-led strategy and stabilization of the economy. Following the globalization trend, Nigeria has been liberalizing its economy since 1986.

Many scholars believe that in attempt to harness whatever benefit of globalization for the growth of the economy, the country exposes its economy to external aggressions and the adverse effects ofglobalization, while others emphasis caution and complete restructure and transformation of the economyin order to confront contemporary global challenges.However, it has also been argued that the consequence of globalization has improved due to many factors, several of which are country and time specific, acountry’s trade protection pattern, the flexibility of domestic market or its ability to adjust to changes in economic environment (Afzal, 2007 and Obadan, 2008).

Thus this researchseek to study the impact of globalizationon economic growth in Nigeria from 1986 to 2018 this is because a proper understanding of this impacts will be useful in the settings of trade policy.

• Statement of the problem

Despite the various trade policy such as export incentive and miscellaneous provisions decree of 1986, customs, excise and tariff consolidation decree of 1988, import prohibition, among others, macroeconomic challenges such as inflation, disequilibrium in external balances continued to threaten the Nigeria’s economic growth.

The failure of trade policy to address macroeconomic challenges has been blamed on policy gap. Also, the premature implementation of the trade liberalization policy denied the economy the opportunity to acquire the much desired technological transfer.

Added to the above is the problem knowing precisely, which measure of trade policy is most effective in addressing macroeconomic fluctuation in Nigeria. Most previous studies seemed to be divided on this issue. Thus this study seeks to empirically examine the impact of globalization on economic growth in Nigeria.

• Research Questions

This study will be based on the following Research Questions:

1. What is the impact of globalization on economic growth in Nigeria?
2. What is the impact of globalization on the level of technological transfer in Nigeria?

1.4. Objectives of the Study

The general objective of this study was to determine the extent to which globalization has led to economic growth in Nigeria. To achieve this general objective, the following specific objectives will be examined.

1. To examine the impact of globalization on economic growth in Nigeria.
2. To examine the impact of globalization on the level of technological transfer in Nigeria.

1.5      Research Hypotheses

1. H₀: Globalization has no significant impact on economic growth.
2. H₀: Globalization has no significant impact on technological transfer.

1.6 Significance of the Study

This study will be of utmost importance to investors, government and the researchers because it will provide policy recommendations to the various Nigeria stakeholders taking adequate measures in the economy for rapid growth and industrialization.  It will contribute to existing literature on the subject matter by investigating empirically the role, which globalization plays in economic growth and development of the country. This study will be of benefit to;

The Academia: members of the academia will find the study relevant as it will also form basis for further research and a reference tool for academic works.

Government: this study will reveal to the government happenings in the global market. Formulation and implementation of policies based on this findings would ensure growth.

Investors: this study shall also be valuable to the investors especially those who may have research interest as it shall guide their private investment decisions.

1.7 Scope of the Study

This research work is to examine the impact of globalization on economic growth in Nigeria. The study covered the period of 1986-2018. This is due to the Structural Adjustment Period of 1985/86 where the country went through a major structural changes and economic data could be recorded from that period.

1.8 Organization of the Study

This study is divided into five chapters. Chapter one is introduction which consists of the background to the study, statement of problem, research questions, research  hypotheses,  objectives  of  the study, the  significance  of  the  study,   the scope  and  limitations  of  the  study  and  finally the  organization of the study. Chapter two deals with the literature review which consists of the conceptual literature, theoretical literature, empirical literature, theoretical framework, gaps in literature. Chapter three gives the methodology including techniques of analysis of data, types and sources of data, method of estimation and model specification. Chapter four is presentation and analysis of results which contains the presentation of results, interpretation of results and summary of major findings. Finally, Chapter five gives the summary, conclusion and recommendations.

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Full Project – Impact of globalization on economic growth in Nigeria