Globalization, poverty and national development: the Nigeria situation

Abstract

The interaction between poverty and socio-economic development, particularly in the developing countries of the world has posed challenging problems. This is because the inequality existing between the developed and Third World countries continues to deepen while the dependency relationship overstretches the widening gap between the economic blocs through the internationalization of the capitalist system. The interaction and dependency relationships have created challenges to finding the root cause of poverty and its eradication to the extent that questions are now asked whether poverty is indigenous to Africa or it came into existence as a result of colonization. This paper examines the linkage between colonization, globalization and poverty taking Third World countries as point of reference. It examines the incidence of poverty in Africa in relation to the forces of globalization. The paper critically explores how Nigeria‘s participation in globalization processes can institute plausible strategies to stimulate foundation for economic regeneration and national development. It is the position of this paper that the strategies recommended would stem the tide of poverty incidence in Nigeria particularly and stimulate national socio-economic development.

Key words: Globalization challenges, Poverty incidence, Economic polarization, Dependency, Global trading environment.