CHAPTER ONE

1.0 INTRUDUCTION
Globalization remains one of the most controversial
subjects of our time. Several authors and ideological
applications. Globalization is the close interaction between
national economics through trade investment and capital
flows made possible by technological development and
advancement in telecommunication world to a global village.
Globalization has evolved over the years but its rapidly
intensified after the end of the world war.
According to Giddens (1990) Globalization can be
defined as “the intensification of world wide social relation
which link distant localities in such a way that local
happenings are shaped by events occurring many miles away
and vice-versa, irrespective of the ongoing controversy and
measures of ambiguity in its uses, it often depicts the
transformation of the relations between states, institutions
groups and individuals, it describes the growing economic, political, technological and cultural
linkages that connects
individuals, business and Government around the world.
Globalization slowed during the world war as a result of
protectionist policies applied to defend ideological interest by
the major protagonists.
The main driving forces of this process are technology,
policy and competition and its subordinate domestic
economics to global market conditions and practices.
Developed nations are the beneficiaries of globalization as
their share of world trade and finance has expanded at the
expenses of developing countries. Thus, the process has
worsened inequality between the world’s region and providing
in the developing world. Nigeria has not benefited from
globalization due to mono culture export, inability to attract
increased foreign investment and huge indebtedness. But
globalization can be domesticated in the county through
diversification of exports debt reduction and expanded
development co-operation with other countries. The Nigerian states also need to be strengthene
as a bulwark against the
dictates of foreign capital. All these accomplished, Nigeria
could join the league of countries enjoying the benefits of
Globalization.

1.1 BACKGROUND OF THE STUDY

Globalization is a system that confers benefits and
posses challenges and risks to countries across the globe and
has gained momentum from the last quarter of the twentieth
(20th) century. It is the intensification of cross border trade
and increased financial and foreign direct investments flows
among nations, promoted by rapid advances in and
liberalization of communication and information technology.
Technology, polling and competition are the forces during
globalization. This is attested to, for example, by advances in
computing technology, which enables traders to meet their
demands for financial instruments such as swaps and future
with relative ease. Globalization constitutes a mega trend in global political economy and has
assumed a new phase in
contemporary international economic relations, given the
merged socio-political and economic transformation as well as
the technological economic transformation as well as the
technological advancement in communication, information
transportation etc. The process seems to be irreversible.
Nations, states have indeed consistently intensified efforts
towards engaging in business across national borders and
constructing production and distribution network on a global
production and distribution network on a global scale.
The international institution that overseen world trade
and finance like the IMF, the world Bank, WTO play an
increasingly important role in this era of globalization.
Globalization has both negative and positive impacts,
amongst the negative impacts are the rapid spread of
diseases, crime, illicit drugs, terrorism and uncontrolled
migration, which is one of the greatest problem facing
Nigerian economy. The problem became more pronounced and aggravated by the structural
adjustment programme
(SAP) and more recently by globalization. Given the low level
of industrialization and the SAP. Induced under utilization of
industrial capacity in the Nigeria economy, globalization has
translated into the restriction of Nigeria to primary production
even with this the price of primary commodities is extremely
determined. This transport Nigeria into a powerless situation
where she lacks direct control over the crisis in her economy
because her hands are tied by the terms and dictates of
globalization.

1.2 STATEMENT OF THE PROBLEM

Globalization is a process of intensified inter dependence
which makes it possible for any one (country) to isolate itself
and expect to develop, the argument is that globalization
makes it possible for all nations to benefit from
interdependence. Interdependence is manifested in the
increasing economic linkages among countries through trade
and financial flow, it has been argued that interdependence
entails amplified risk and uncertainties and one major
challenge of most countries especially developing countries
like Nigeria is “How to Manage this Risk and handle
Uncertainties”, more profoundly, interdependence mean that
opportunities for collective gains are enhances but vulnerability is also greatly manifested.
Developing countries
are thus faced with the magnification of vulnerability and
opportunity.
Globalization is a very uneven process with unequal
distribution of its benefit and losses. This imbalance leads to
polarization between the developed countries that gain and
developing countries that lose out (OBADAN, 2001). In this
regard, the place of Nigeria in the globalization agenda
requires some indepth study. To begin with, Nigeria s
economically weak due to inadequate domestic economic
capacity and social infrastructure needed to boost the
country’s productivity, growth and competitiveness.

CHAPTER TWO
LITERATURE REVIEW
2.1 THEORETICAL LITERATURE REVIEW
This study has a simple point to make the major today,
hold to strike the night balance between the demands of
development and the goals of globalization. The two
paradigms of globalization and development appear to have
some opposing tendencies and it is better to attempt a
snapshoot of what the two concept entails. According to
Brund Hand commission, sustainable development is
development that meets the needs of present without
compromising the ability of future generation to meet their
own needs (Weeds, 1989).
This automatically subsumes some notion of fairness to
access basic resources, needs of all populations both in the
present and in the future. There is a consensus that
“sustainability is the capacity for continuance into the
future”. (Barbies, 1989). The implication of this conclusion is that while ensuring the welfare of
all, a path of economic and
social development should not seek to maximize gain for the
generation if it’s so doing; it reduces the capacity of future
generation of provide for their own needs.
On the other hand, globalization is the trend of
increasing integration of economics in terms of goods and
services, ideas, information and technology. Globalization
means free capital mobility, trade, liberalization,
commercialization and the employment of transnational
cooperations (TCS) with the strong wave of globalization
sweeping across the globe today, new world, economy is fast
emerging, globalization remain one of the controversial
subjects of our time. As a rule, globalization is portrayed as
unavoidable and irreversible process which is rolling over us
to some major natural phenomenon and drastically reshaping
our lives. The current wave of globalization can be violated as
a desperate bid of international capitalism to recover lost
grounds due to ideological shifts towards alternatives paradigms which African countries
adopted since
independence especially with the collapse of the soviet union
and the unchallenged hegemony of capitalism and new-libral
ideology (Sawyer, 1998). This bid was facilitated by the debt
crisis expericned by African mentored institutions especially
the international monetary fund (IMF) and the World Bank to
facilitate their globalization and neo-liberalism.
Globalization is both a cause and a consequence of the
information resolution. It is derived by dramatic
improvements in telecommunication and advancement in
technology. In order to participat4e in the global economy.
African Nations are supposed to open up barriers to foreign
investments, reduce corporate regulations, taxes and so on.
Globalization with emphasis to liberalization represents a very
different approach it advocates the reduction or concentration
of state regulations on the market, letting free market forces
region on the large corporations that dominate the market
(Bakwin, 2002) international mobility of capital resulting from advances in communication
technology and liberation of
financial economy witnessed the unleashing of market forces.
Deregulations of domestic market their openness to
competition privatization and the retreat of the state from
economic management are also features of the current global
order. The paradigm advocates or international marketing,
breaking down national economic barrier and rights of
corporation to sell and invest in any country of their choices
without restrictions. Government should not interfere with
the free play of the market (for instance obtaining grants from
developed countries to aid development in developing
countries) should be down graded. Globalization thus
simultaneously increases the demand to social insurance
while decreasing the capacity to provide it.

2.2 HISTORICAL PERSPECTIVE

The process of globalization has come along way since
the marshal plan of Europe Second World War lather the
vogue was the dismantling capital control in a bid to create a
conductive international environment for economic
development. The post world war II of globalization has in
many ways be yielded as a result of the trend observed in the
global economy in the 19th century. Furthermore,
international financial market are characterized by much
larger gross flows with a much larger variety of financial
instrument being traded across borders.
The period from the mid 19th century to world war I
exhibited relatively rapid growth in world trade as the expansion of expert significantly surfaced
that of real output.
The share of exports in the world output reached at peak in
(1913) (Knight, 1996). The growth in trade occurred partly
because of reduced tariff and reduced transportation costs,
reflecting the proliferation of rail road and stream ship (Irwin,
1993). The process of trade liberalization in Europe began
with Britain’s unilateral movements to free trade with the
lobden chevalier treaty of (1860) between Britain and France.
The network of bilateral commercial treaties constituted a
liberal multi-lateral trade regime. However, the system had
two major shortcomings, it did not guaranteed tariff
reductions and treaties were subject to renegotiation upon
expiration. These two defects were rectified in the multilateral
arrangements instituted after World War II (Forest cap, 1983).
The First World War led to series of quantitative
restrictions on trade by the belligerents, after war, many
countries reduced their restrictions but substituted tariff
instead. Some countries instituted quantitative restrictions and other trade barriers in an attempt
to stimulate their
economies. They devalued their currencies and pursed
expansionary policies. On the other hand, the gold finance
(Italy, Belgium, the Netherlands and Switzerland stayed on
gold but raised tariff. A third group (Germany, Australia and
central Europe countries) used charge.

2.3 BENEFITS OF GLOBALIZATION

The continuing global tendency towards the tree flow of
business and monetary infusions across nations described
globalization which helps in the formation of international
financial system. It provides economic independence and
triggers competition stimulating globalization to elevate the
living standard of people in the nation that offer themselves to
the worlds trade, “we have moved from a world where thte big
eat the small to a world where the fast eat the slow” as
observed by Klaus Schwas of the Dawob World economic
forum. All economic analyst must agree that the living standard of people have considerably
improved through the
market growth with the development in technology and their
introduction in the global markets, there is not only a steady
increasing demands but also has led to greater utilization.
Investment sector is witnessing high infusion by more
and more people connected to be world’s trade happenings
with the help computers. As per statistics every where and
everyday more than $1.5million (trillion) is now swamped in
the worlds currency market and ground one fift of products
and services are generated per year are brought and sold.
Another factor which is often considered as a positive
outcome of globalization is the lower inflation. This is
because the market rivalry stops the business from increasing
prices unless guaranteed by steady productivity.
Technological advancement and productivity expansion are
two other benefits of globalization because since (1970s)
growing international rivalry has triggered the industries to
improvise increasingly.

2.4 PROBLEMS OF GLOBALIZATION

Even though globalization is a positive or powerful force
for the improved material wellbeing of human kind, that
would aid developing countries to create better “economic
environment” to “leap flog” into the information age, improve
their access to technology speed development and enhance
global harmony. Its effect on the political economic social and
cultural nerves of the weaker member states cannot be
ignored without severe consequences in other words the
securing neaconsensus on the agenda of globalization not
withstanding the unrelenting encouragement of its “ uneven
thesis” does not give room for comfort as it is exorbitantly
costly to the developing nations. This is particularly so that
globalization affects development thinking and actions of the
developing polities relegated ethnical equity and social
concerns behind markets consideration and reduced the out
coming of the interdependence states. According to Ohiorhenuan, it challenges the meditative
role of the state vise-a-vis external pressures. It threatens the
discretion of the state everywhere, not only this according to
Tanon (1998) globalization encourages decreasing national
control and increasing control over the (internal) economy )of
the state) by outside players. In fact, the gospel of
globalization though position of the absolute truth, a sort of
single alterative.
Concretely put, the planetary phenomenon of
globalization is nothing but a new order of marginalization of
the African continent, its universalization of communication,
mass production, market exchange and redistribution rather
than engendering in African subverts its autonomy and power
to self determination. It is rather by design than by accident
that poverty has become a major institution in Africa despite
this continent’s stupendous resources indeed; the developing
countries/world burden of external debts has reached two
trillion dollars (World Bank, 1994). In the process, it has enlivered that venomous potency of
mass poverty and its
accompanying multimensional depravity of the citizenry of all
the requisite essence of meaningfully living.

2.5 EFFECT OF GLOBALIZATION ON THE

INDUSTRIAL SECTOR IN NIGERIA
We could observe that the negative effect of globalization
overshadows its positive side, being a less developed country
to her importation, this is because of our backwardness in
technological development. Nigeria was formally one of the
major exported of raw materials such as cocoa, rubber,
groundnut etc, but presenting most developed countires in
which we supply those raw materials, rendering ours useless but up till date Nigeria still
depends on foreign product due to
the quantitativeness of their products.
Under globalization, the products of the Nigeria
industries cannot compete with goods from the advanced
countries of the world most especially Europe and America.
Globalization has led to the creation of parasitic
economic relationship and has systematically pushed the
Nigerian industries in crises because of globalization. The
dependency culture created and entrenched has thus made
Nigeria a country which does not produce but only consume
“so Nigeria imports every thing and anything that anybody
cares to advertise”.
2.6 GLOBALIZATION AND THE NIGERIAN ECONOMY
Nigeria, Africa’s populous country has an estionated
population of 120million people. The country emerged from
the civic war of (1967-1970) with a devastated economy. A
meaningfully recovery process started with the advent of
petroleum in the mid (1970s). The economy was basically
agrarian. The relative share of agriculture including livestock
forestry and fishing in the GDP, which was 65.6% in
(1960/1961) declined sharply to about 32% per annum in the
(1990s). This inspite of the source of employment and
livelihood for about three-quarters of the population. Up till
the early (1980s) Nigeria has reasonable amount of foreign
reserve with insignificant record of foreign debt. Its currency,
the Naira, was competing strongly with other foreign
currencies by mid (1980s); the economy started declining as
foreign reserves become almost exhausted also foreign debt
started accumulating at an alarming rate while the Naira lost
its value relative to their currencies.
The world Bank development report indicated that the
country’s GDP in 1980 was US $91.3 billion which put it at
the 20th position in terms of GDP size from 1986-1987 the
country was hit by the triple disaster of political instability,
economic stagnation and the pursuance of an inappropriate
and ill-fated structural adjustment programmes (SAP). This
devalued the country’s currency, assets and productive
resources available for use and left the country’s economic
managers with the problems of
1. Correcting distortion affecting any of the fair major
prices, exchange rate, interest rate, domestic price, level
and wage rate
2. Avoiding regression in employment and external
balance.
3. Creating a market based incentive, and opportunity
system as a way of improving the economy.
The level of industrialization and technology
development is so low that it whittles the competitiveness of the economy in a globalized world
and foreign actors would
have to give more and have little or nothing to receive since
globalization is the channel of redistributing technology. This
is to say that with the challenges of industrialization, the
Nigerian economy is poised to encounter a Herculean task.
CHAPTER 3: METHODOLOGY AND ANALYTICAL FRAMEWORK

3.1 Introduction

Understanding the impact of globalization on Nigeria’s industrial growth requires a robust and
multi-dimensional analytical framework. This chapter explores the conceptual and qualitative
methodologies adopted to unravel the complexities of Nigeria’s industrial sector, emphasizing
the interaction between global forces and domestic realities. The chapter focuses on key
globalization variables, including trade openness, foreign direct investment (FDI), and exchange
rates, presenting an interpretative analysis of their role in shaping industrial performance.

3.2 Historical Context as a Framework

To appreciate Nigeria’s current industrial realities, one must examine the historical context within
which globalization unfolded. Following the end of colonial rule, Nigeria inherited an economic
structure heavily reliant on raw material exports. This dependency was exacerbated by the
adoption of structural adjustment policies in the 1980s, which sought to liberalize trade and
attract foreign investment. These policies, while aligning with global economic trends, exposed
the vulnerabilities of a mono-product economy and limited industrial base.

3.3 Analytical Framework

The methodological approach adopted in this study relies on the following thematic explorations:

1. Trade Openness as a Measure of Globalization

Trade openness, defined as the ratio of trade (exports and imports) to gross domestic product
(GDP), serves as a key indicator of globalization. Nigeria’s industrial sector, which relies on
imported machinery and inputs, reflects the mixed blessings of openness. While globalization
facilitated the inflow of advanced technologies and global market access, it also heightened
competition, marginalizing local industries incapable of competing with cheap imports.

2. Foreign Direct Investment: A Dual Role

FDI has been viewed as a conduit for technological transfer, managerial expertise, and capital
inflows. However, Nigeria’s experience with FDI has been fraught with challenges. The study
investigates how inconsistent government policies, security concerns, and infrastructural deficits
have discouraged sustained foreign investments in the industrial sector.

3. Exchange Rate Dynamics

The exchange rate is another critical variable analyzed in this study. With a largely
import-dependent manufacturing base, fluctuations in exchange rates significantly affect
production costs. By examining periods of currency stability and volatility, this chapter reveals
the implications of exchange rate management for industrial sustainability.

4. Export Growth and Industrial Output

Globalization emphasizes the importance of export-led growth. However, Nigeria’s export profile
remains dominated by raw materials, such as crude oil and agricultural produce, with limited
contributions from value-added industrial goods. This imbalance is examined as a fundamental
barrier to the development of a competitive industrial sector.

3.4 Qualitative Data Sources

Secondary data from authoritative sources, including reports from the Central Bank of Nigeria,
the World Bank, and scholarly articles, inform this analysis. These sources provide insights into
macroeconomic trends, trade volumes, FDI inflows, and exchange rate policies over the study
period (1985–2011).

Policy Context

This chapter concludes by contextualizing Nigeria’s industrial policies within the broader
framework of globalization. It evaluates policy initiatives such as the Structural Adjustment
Program (SAP) and subsequent liberalization efforts, assessing their impacts on industrial
productivity, export diversification, and technological advancement.

CHAPTER 4: GLOBALIZATION AND INDUSTRIAL GROWTH: A CRITICAL ANALYSIS

4.1 Introduction

Globalization has fundamentally reshaped economic landscapes worldwide, creating

opportunities and challenges for industrial growth. In Nigeria, the industrial sector serves as a
barometer for the nation’s integration into the global economy. This chapter provides a critical
analysis of how globalization has influenced industrial development in Nigeria, focusing on trade
openness, FDI, exchange rate dynamics, and export performance. It also highlights the
socio-economic and policy factors that have either enhanced or hindered industrial progress.

4.2 The Positive and Negative Dimensions of Globalization

Globalization’s impact on Nigeria’s industrial growth is twofold. On the positive side, it has
opened up new markets, introduced advanced technologies, and created opportunities for
international partnerships. On the negative side, it has exposed structural weaknesses in the
industrial sector, including over-reliance on imported inputs, limited domestic capacity, and
susceptibility to external shocks.

Trade Openness and Its Impacts

Trade openness has been a cornerstone of Nigeria’s globalization experience. Liberalized trade
policies have allowed Nigeria to import advanced machinery and technology, which are critical
for industrial production. However, these benefits are offset by the influx of cheap foreign goods,
which undermine local manufacturing. For instance, the textile industry, once a thriving sector,
has suffered significant declines due to competition from imported fabrics.

Foreign Direct Investment and Industrial Growth

While FDI has the potential to drive industrial growth, Nigeria’s experience highlights the
limitations of relying on foreign capital. The country has struggled to attract and retain significant
FDI inflows due to issues such as policy inconsistency, corruption, and inadequate
infrastructure. Case studies of failed industrial ventures, such as the Ajaokuta Steel Company,
illustrate the challenges of leveraging FDI for sustainable growth.

Exchange Rate Volatility and Industrial Competitiveness

The analysis reveals that Nigeria’s industrial sector is highly vulnerable to exchange rate
volatility. During periods of currency depreciation, the cost of imported inputs rises, eroding profit
margins for manufacturers. Conversely, a stable exchange rate environment enhances industrial
competitiveness by reducing production costs and fostering investment.

Export Performance and Global Integration

Nigeria’s export profile remains skewed towards raw materials, particularly crude oil, which
accounts for the bulk of foreign exchange earnings. This dependence limits the industrial
sector’s contribution to export revenue. The chapter explores the challenges of diversifying
Nigeria’s export base and the opportunities presented by value-added production.

Case Studies of Globalization’s Effects

Specific examples, such as the decline of the textile industry and the struggles of the steel
sector, illustrate the uneven impacts of globalization. These case studies highlight the need for
targeted policies to protect nascent industries while promoting competitiveness.

4.3 Challenges of Industrialization in a Globalized Economy

Several factors have impeded Nigeria’s industrialization within the context of globalization:
[Link] Deficits: Poor transport and energy infrastructure limit industrial efficiency and
increase production costs.
[Link] Inconsistencies: Frequent changes in trade and investment policies create uncertainty
for investors and disrupt industrial planning.
[Link]-Reliance on Imports: The lack of a robust domestic supply chain makes Nigeria’s
industrial sector dependent on expensive imported inputs.
[Link] Weaknesses: Corruption and bureaucratic inefficiencies hinder the effective
implementation of industrial policies.

4.4 Policy Recommendations

To maximize the benefits of globalization, Nigeria must adopt a holistic approach to industrial
development:
[Link] Export Diversification: Policies should focus on adding value to raw materials and
expanding the production of manufactured goods for export.
[Link] Infrastructure: Investments in energy, transportation, and communication
infrastructure are essential to reduce production costs and enhance competitiveness.
[Link] Local Content Development: By promoting the use of locally sourced inputs,
Nigeria can reduce dependency on imports and foster the growth of domestic industries.
[Link] Policy Stability: Consistent and transparent policies are critical for attracting
long-term investments in the industrial sector.
[Link] Regional Partnerships: Nigeria should actively participate in regional trade
agreements to expand market access for its industrial products.

Globalization has significantly influenced Nigeria’s industrial trajectory, offering both

opportunities and challenges. While trade openness, FDI, and technological transfer have the
potential to drive industrial growth, structural weaknesses and policy failures have constrained
progress. A strategic focus on export diversification, infrastructure development, and policy
consistency is essential for harnessing globalization’s benefits and achieving sustainable
industrial growth.

CHAPTER FIVE
SUMMARY, CONCLUSION AND POLICY
RECOMMENDATION
5.1 SUMMARY OF FINDINGS
The summary of the result drawn from the empirical
findings are itemised below
1. The trade openness according to the empirical findings
have a positive and significant impact on industrial
grown of Nigeria.
2. Foreign direct investment has a positive and
insignificant impact on the industrial growth of the
economy.
3. There is a positive and significant impact of export
earnings on industrial growth of Nigeria.
4. Exchange rate has a positive and significant impact on
the industrial sector of the country.
5.2 RECOMMENDATIONS
Based on the research findings of this study, this
recommendation are hereby advanced:
1. The research findings showed that trade openness has a
positive but insignificant impact on industrial growth of
the economy, so government should improve on free
trade policy, trace liberalization and other policies that
will enhance economic and industrial growth of the
nation.
2. Government should stabilize exchange rate as this
would attract more foreign investors to enhance great of
industrial sector as it has a positive impact on the
economy.
3. Government and policy makers should also make
appropriate decision in the aspect of foreign direct
investment in the industries in Nigeria, as it will help to
enact growth of the industrial sector of the country.
4. From the result of our findings, export earnings have a
positive and insignificant impact, the policy makers
should enact policies that will help to develop local or
domestic industries will help to improve exports in the
country.
5.3 CONCLUSION
This study economically analyzed the impact of
globalization on the industrial growth of Nigeria which covers
the period from (1985-2011). Based on the findings and
recommendations, the researcher concludes that, Trade
openness, exchange rate, export earning and foreign direct
investment are industrial growth factors.
Globalization and export have a significant impact on
industrial output in Nigeria. In Nigeria industries special
attention and care should be given to the sustenance,
maintenance and development of these variables.
If all the above findings mentioned are implemented,
then globalization would not only have a positive impact on
industries, but also in the economy as a whole.

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