GLOBALIZATION AND ECONOMIC DEVELOPMENT IN NIGERIA, 2020 TO 2025
Globalization has emerged as one of the most significant forces shaping the economic, and social, landscapes of nations. This study examines the impact of globalization on Nigeria’s economic development. Specifically, the research aimed to assess the economic effects of globalization in terms of trade, foreign direct investment, and technological advancement; analyze its social implications, including employment, income inequality, and cultural transformation The study adopts the Modernization Theory as its theoretical framework, which posits that development is achieved through the adoption of modern practices, technologies, and institutional reforms that enable societies to transition from traditional to modern systems. This theory guided the examination of how globalization facilitates economic growth and social progress, in Nigeria. A descriptive research design was adopted, and data were collected through structured questionnaires administered to 366 respondents in Lagos State, as well as interviews conducted with six key informants. The data were analyzed using descriptive statistics and Chi-square (χ²) hypothesis testing to examine the relationship between globalization and economic development. The findings revealed that globalization has a significant positive impact on Nigeria’s economic development, promoting trade, attracting foreign direct investment, and enhancing technological capacity. Socially, globalization has contributed to employment creation, knowledge sharing, and cultural exchange, although it has also exacerbated income inequality in some sectors. The study concludes that globalization, when guided by modern institutional practices and policies, is a major driver of economic development in Nigeria.
Keywords: Globalization, Economic Development, Social Implications, Nigeria,
