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Journal of Emerging Trends in Economics and Management Sciences (JETEMS)

ISSN: 2141-7024

 

Article Title:
Globalization and Economic Development: The Nigerian Experience and Prospects. 1980 - 2008
by M. A. Loto

Abstract:
This paper investigates the impacts of globalization on Nigeria?s Economic growth. It adopts the Mundel-fleming model of open macroeconomics based on the notion of one price. Trade, according to economic literature, may influence growth via catch-up, in addition to other causal links. The openness model that provides for some impetus for financial integration was estimated using Nigerian data and OLS regression analysis was also used in conjunction with other tests of stability. The regression results shows that the inflation rate is negative, exchange rate is negative, and also is openness indicator. Violation of the a priori expectation of these variables may not be far from the fact that their levels are not right. For example, the openness indicator which was calculated as total volume of trade divided by the GDP. If for example, the level of the numerator is low; the regression outcome could violate the a priori expectation. It has been established that the level of trade in Nigeria is low: The sign of the coefficient of the openness variable (for example) violated the a priori expectation. This was because, the level of trade in Nigeria fell short of the minimum level needed for the coefficient to be positive. Nigeria needs to improve on her trade with the rest of the world for the country to benefit from globalization. Also sound macroeconomic policies are needed to reinforce the globalization exercise for a better result. Fiscal discipline, coupled with good functioning financial framework are necessary tools for better results. Nigeria could also look beyond oil. Nigeria needs to get out of the mono-product type of business and research into other types of products that could be effectively and competitively sold in the international market.
Keywords: globalization, economic, development, cointegration analysis, trade, Nigeria
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Editor in Chief
. Alistair Anderson Ph.D
Director of the Centre for Entrepreneurship
Aberdeen Business School,
Robert Gordon University,
United Kingdom.

 

 

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