The impact of globalization on the industrial growth of developing economics (evidence from Nigeria)

Abstract

This paper is an attempt to investigate the impact of globalization on the industrial growth of developing economies with special reference to Nigeria. Globalization has facilitated the increased flow of ideas; people, goods and services across national frontiers. Some developing countries as a result of globalization have recorded appreciable increase in per capita income and marked improvement in living standards. Some others recorded stunted growth because of prevalent poor investment climate. Nigeria falls into this last category. In this paper we argue using empirical data, that what Nigeria requires most, particularly at this stage of its development, is foreign participation, in the form of portfolio and direct foreign investment. This has been proved to have greater impact on Nigeria's economic growth.

Keywords: Globalization, Industrial Growth, Sustainable Development

International Journal of Agriculture and Development Vol. 9 2007: pp. 100-107