The Effects Of Globalization In Economic Development In Nigeria (A Case Study Of Ministry Of Petroleum)
This study is on the effect of globalization in economic development in Nigeria. The total population for the study is 200 staff of ministry of petroleum, Abuja. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made front production human resource managers, administrative staff, senior staff and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
1.1 Background of the Study
A brief look at Nigeria today one carryout find out that, like fashion and everything new in Nigeria, the spirit that greeted (the issue of globalization at its chmaxin 200) seems to have reduced.
The word globalization also seen to have, gone into our libraries as we have the internet and cyber café, globalization has been defined by john vogi (vanguard 2003) means a world that is liberalized of barriers to trade and invest where corporation can product and sell almost any services and product almost anywhere globalization also in recent time involves trillions of dollars of investment. Globalization whether for or against remains a subject on which, there has been comprehensive and unyielding misunderstanding especially concerning the constraints that it does not place on the power of government.
Moreover, since globalization also means the growing inter-dependence and interconnectedness of the modern world. Furthermore, any nation or country globalization sets in the economic of that nation starts waxing stropping. According to Ayodele 1995), the increased of movement of goods, services, capital, people and information access national borders is rapidly creating a single global economy.
The process is driven by technological advance and reduction in the costs of international transactions, raise the share of trade in the world pf production and increase the mobility of capital. accounting jack straw, British pronounced in the relationships between the developed western world, which are owners of the new technologies, and the poor developing counties` which are by large consumers of the new capitalities Nigeria is in global village hence is an importer of goods and services.
1.2 Statement of Problem
Globalization brings about economic development in an economy globalization, is termed to be a systematic way which technological advanced countries relate with non- technological advanced countries to develop them by way of investing in the economy. However, the effect of globalization on developing and undeveloped countries can be vividly seen, as the developed nations (i.e. technological advanced countries) tend to use the undeveloped and developing countries as their dumpling ground, for their used products and their substandard products for example electronic.
Also globalization has also faced the challenge of culture and language barrier, the variation in culture and languages of the different countries tend to affect the bilateral relations one of the challenges of underdevelopment is the inability of a country to produce and create unemployment for its citizenry, in order to meet up with economic needs and social economic needs of its members
However, the research study is geared towards using the research study to solve these challenges, in the Nigeria economy.
1.3 Objective of the Study
The purpose of this study is to determine the relevance of globalization in the Nigeria economy. Specifically the study will determine the following.
- Determine the effect of globalization on economic development
- To find out how globalization can assist in Nigeria’s economic development
- To examine the effects of globalization on the Nigeria economy
- To identify the obstacles to globalization and economic development in Nigeria.
- To suggest the possible strategies for curbing the and verse effects of globalization on Nigeria’s economic development in the globalized world.
1.4 Research Hypotheses
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
- H0: there is no effect of globalization on economic development
H1: there is effect of globalization on economic development
- H02: there are nothe obstacles to globalization and economic development in Nigeria
H2: there are obstacles to globalization and economic development in Nigeria
1.5 Significance of the Study
The result of project research work will be significant to the worker as an individual, the Nigeria masses and the government in general.
- The study give a clear explanation of the role and importance of globalization in the economic development of Nigeria.
- The research study will be suggest ways of improving Nigeria economy by ways of suggesting how globalization can be use to develop the economy in the country.
- The study will assist the country on how to maximize the potential of globalization, in developing the Nigeria society.
- The study will expose ways of improving economic development in Nigeria through globalization
- They will suggest and make recommendation that will be use as a guide for further studies on this project, to any student that world carry out research on similar topic.
1.6 Scope and Limitation of the Study
The scope of the study covers the effects of globalization in economic development in Nigeria. The researcher encounters some constrain which limited the scope of the study;
a) Availability of Research Material:
The research material available to the researcher is insufficient, thereby limiting the study
The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational Privacy:
Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.
1.7 Definition of Terms
Globalization or globalization is the process of interaction and integration between people, companies, and governments worldwide. Globalization has grown due to advances in transportation and communication technology.
Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries.
1.8 Organization of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
- Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study
Summary, Conclusion and Recommendation
It is important to ascertain that the objective of this study was to ascertain the effects of globalization in economic development in Nigeria. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of the globalization in economic development in Nigeria
This study was on the effects of globalization in economic development in Nigeria. Three objectives were raised which included:Determine the effect of globalization on economic development, to find out how globalization can assist in Nigeria’s economic development, to examine the effects of globalization on the Nigeria economy, to identify the obstacles to globalization and economic development in Nigeria, to suggest the possible strategies for curbing the and verse effects of globalization on Nigeria’s economic development in the globalized world. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of ministry of petroleum, Abuja. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made front production human resource managers,administrative staff, senior staff and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
After looking at the analysis of our work, we can see that the effects of Shell in Nigeria are not as positive as Shell is often trying to broadcast. Shell has some positive effects on the Economic Development of the country by for example increasing the workforce although overall the intention of Shell to increase the Economic Development of Nigeria is rather low sometimes because Shell is profiting from the unstable political structure or because Shell’s basic responsibility has been to maximise returns on invested wealth for shareholders. Furthermore, Shell as an oil production company is always having a negative effect on nonrenewable resources, and is also having hindering effects on Economic Development through its impact on natural resources. As Shell has changed its attitude to a more sustainable approach towards Economic Development, we must look at the effects of Shell in the times before the 1990´s and after. In the former instance, Shells negative effects were clearly stronger than the positive ones, whilst in the latter, Shell is trying to change the negative effects it is having on the country into positive ones. However up to now, Shell even if producing a lot of wealth in Nigeria, has left the common people in poorer conditions than they were prior to the beginning of their operations. So as a conclusion, Shells effects differ from variable to variable. In relation to structural change, Shell is having a positive effect, while on the two other variables the effects could be improved with the aim of having an overall positive effect on Economic Development.
We think that Shell should try to return more of the wealth it has been taking from the country to the people. This could be done by paying higher wages or more importantly, paying the royalties directly to the people. With this they would also minimise the influence they have on the Government which in turn would have a positive effect on stability. Shell through the SNG, is having a positive effect but we think Shell needs to increase their investment in the economic infrastructure of Nigeria and should include this in their business operations. Furthermore, they need to improve their environmental responsibility policies. As long as it is cheaper for Shell to pay ransom for kidnapped workers rather than helping the area through striving towards lasting Economic Development, Shell will always face security problems. In the end Shell should see itself as a good citizen and part of the country.
According to Ibrahim (2005, p.19) “Economic Development is attained through the utilisation of available resources to enhance the social and economic well-being of the society, it is only the people in any society that can generate and sustain Economic Development”. The IMF is an international financial organisation based in Washington and controlled by the developed World although it imposes its conditions on the developing world. How effective can this organisation be if directly affected parties are not involved in decision making? It is possible to suggest that if this situation persists, where directly affected people are kept out from the decision making process, then from our point of view the results of IMF involvement will remain the same: a failure. This however is not a problem just for Nigeria but for the entire developing world. It is our belief that although the IMF and other supranational bodies are above State governments this should not mean that they are above the law, and therefore should be accountable for their actions
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