THE IMPACT OF ECONOMIC DEVELOPMENT AND GLOBALIZATION IN NIGERIA: A PHILOSOPHICAL ANALYSIS

CHAPTER ONE

GENERAL INTRODUCTION ON THE IMPACT OF ECONOMIC DEVELOPMENT AND GLOBALIZATION IN NIGERIA

The process through which the economies of the world are being brought into modern interdependence is referred to as globalization. The twin brother of development is globalization and economic globalization (Omeregbe, 2021). The free flow of ideas, cash flow, information, and technology across international borders and national boundaries is one of the primary drivers of globalization, which in turn leads to the integration of national economies throughout the world (Ekwutosi, 2021). Globalization is a phenomena that was brought about through change, in the same way as Heraditus claims that change is the only thing that is permanent in the world. And ever since the beginning of time, man has had a need for progress (Babawale, 2022).

After Nigeria attained its official independence in 1960, the country's political leaders saw that the quest for power had become the preeminent focus of political discourse; as a result, the country was in a deplorable state. As a result, ethnic considerations in business have made their way into politics, which was once considered akin to combat (Omeregbe, 2021). The fact that Nigeria gained its political independence but not its economic independence aggravated the difficulties already faced by the new nation. As was the case throughout the time of colonial rule, the economy continued to be subject to the whims of the global marketplace. After Nigeria's entry into the international market as a junior partner in the capitalist market, which began with the supply of continued unaltered with supply of commodities such as palm oil, cocoa, groundnut, cotton, and so on, even crude oil, she went on to become the nation with the greatest foreign exchange in Nigeria in Africa (Babawale, 2022). The framework of reliance that existed between Nigeria and its former colonial ruler did not shift, even after the country gained its freedom; only the setting shifted. The system of dependency on western nations, the exploitation of rural producers, and the dominance of expatriates in the market for investment possibilities are all aspects of this arrangement. They resort to the state as a source of cash and contract, and the indigenous entrepreneur has become a middleman between foreign interest and indigenous polity and economy. The quest of power, along with access to riches and celebrity, became more simpler. Politics evolved become a "dirty business," with practitioners engaging in plotting and maneuvering. Access to resources, including the possibility of generating a profit from those resources, thus requires the favor of those who govern the commercial and public organizations that are responsible for allocating such resources (Babawale, 2022).

The "potential" to amass riches and status in order to be in a position to provide advantages to supporters in the form of jobs, contracts, scholarships, and gifts of money, among other things, is made possible by the existence of political systems (Omeregbe, 2021). The disparity in power that exists between regions and ethnic groups, as well as prejudice in favor of certain groups, in situations where gaining access to government and the perks that come with it is the goal of politics. Research on THE IMPACT OF ECONOMIC Growth AND GLOBALIZATION IN NIGERIA is looking forward to suggesting the best answer for the nation's development. This research is focusing on the problems that have been aggravated by globalization and economic development. And to never, ever count on dogmatically in the foreign policies that have usefulness on the short basis and consequential impact in the long run (Omeregbe, 2021).

 1.1 BACKGROUND  OF  STUDY

The economist has always maintained that man is constantly faced with the fundamental economic dilemma of what to create, and they have been right all along. How to produce? Whom does one make goods for? And how are we going to divide up the national resources that are already available? Similarly, an ethical inquiry such as "what ought to be done" That is, should man do good, from which everybody should gain, and avoid doing bad, which will impact everybody, which will influence everybody? On the other hand, it is on the aforementioned question that man fights each day to reach an end that will maximize his enjoyment over the entirety of his life. Karl Marx, an economist and philosopher who was born in Germany and was of Jewish descent, famously and accurately stated that "the wellbeing of the society is regulated by class warfare or economic power" (Omeregbe, 2021)

If globalization is to reach its economic and sociopolitical potential, it must first achieve the status that will enable unrestricted movement of commodities and capital before it can successfully integrate the global economy. Then, development can be understood as a measurement of the society's structural shifts and its accumulation of capital, both of which bring the society closer to the condition in which people's fundamental needs are met, while also bringing about an increase in employment opportunities and social and economic equality (Babawale, 2022). There are some philosophical questions that can be asked about globalization in developed countries, such as whether or not it is the same in the third world, such as Nigeria, taking into consideration the imperial and neo-colonization policy that developed countries have for less developed countries.

Does the International Monetary Fund and the World Bank's programme for Africa improve or help ease their situation? If they are able to enslave and conquer us, despite our efforts to be independent, then we are less capable than they are. This is why the answer to the question that was posed before is a phantom (that is, the concept is phantasmagoria). Due to the fact that we will never be in the same economic position, their actions are imperialistic against Africa and other nations in the third world (Ekwutosi, 2021).

At a time when Nigeria's monthly import averaged 1 billion Dollars, the decline in the country's oil earnings from its peak of approximately 10 Billion Dollars in the year 1979 to approximately 5 Billion Dollars in the year 1982 led to a major crisis in the economy, with the heavily imported dependent manufacturing sector being hit the hardest. The use of capacity in industries has decreased, people are being laid off on a daily basis, and unemployment has reached an all-time high (Ekwutosi, 2021). The amount of corruption in the public sector rose, and according to Geoffredo Coccia's assertions:

In addition to the fact that theft occurs within the apparatus of the state, the state itself serves as the primary apparatus of theft. Not only do the authorities steal in Nigeria, but theft itself is sanctioned by the government. It is fundamental to the system of class dominance in Nigeria, as is its subservience to western culture. [2]

It was the implementation of globalization policies in Nigeria through the SAP that caused corruption to become institutionalized in that country.

The policies of globalization are not an even development since they are based on the principle of "winner takes all."

It views man not as an end in and of himself but rather as a means to a goal an end itself as" (Ekwutosi, 2021)

1.2 STATEMENT OF PROBLEM

Nigeria is nation bestowed with vast human and natural resources with oil exports accounting for about 95%of the foreign exchange income and some 80%of government income, with a population of about 158million people. Despite its enormous array of resource the Nigeria economy has witness a period of stagnant economic growth. This has been a blame on corruption and gross mismanagement of the country’s vast resources. Corruption is the western concept that was brought into Nigeria economy by globalization and it imperial policies. Ever since Nigeria accepted global policies of (IMF) and World Bank to introduce (SAP) into Nigeria economy, Nigeria economy crumbled. Following the devaluation of naira, unemployment increased, human trafficking increased, Nigeria debt increased, poor leadership, ethnic chauvinism and religious bigotry becomes order of the day. Nigeria and many Africa    countries are regarded as failed state and nation. This is because nothing seems to be  working in them. In spite of the existing favorable condition for development, these countries  appears to be drifty back into the dark centuries of the past. The questions of whether Nigeria is underdeveloped,  is not disputed. The facts are there for everyone to see. At present; the country is cogitating  and nursing the idea of becoming one of the largest economy of the world by the year 2020. This is a wishful thinking, an idea that is ill conceived, a wide goose chase. Because according Chinua Achebe on weekly star newspaper of may 15, 1983 “ an every average Nigerian is corrupt and to stop them from being corrupt is like to starve a goat from eating yam or grasses”.[4]

1.3 PURPOSE OF STUDY

The purpose of this study is to investigate and elucidate the inherent problem that hinders the economic development of our great country Nigeria and suggest the possible solution to those problems. It is a matter of fact that economy is not static but flexible because some great nations sometimes have their economy shaking. As a human mind desires to know all the time, so  we are transformed to a better knowledgeable person. So transformation is the gradual process by which human affairs; such as economic activities, cultural, political and social policies meet the needs and demand of people. We must strive to overcome the problem of the economic dependence of the country on the force of imperialism. So, also  must the question of political, economic, regional ethnic and social inequalities in the nation be seriously addressed. If we must have political stability, the various nationalities in the federation  should have a sense of equality with others. Given the increase polarization of the country along religious lines, the true status of the state to be truly upheld. To revive industrial production and increase agricultural output, the exchange rate need to be stabilize and actual encouragement ought to be given to the peasant producers. The question of liberalization of trade and massive devaluation of the nation’s currency would have to be reviewed.   

1.4 SIGNIFICANCE OF STUDY

The significance of this research work cannot be over emphasized as it will serve as an eye opener and it will go a long way in influencing the government policy makers, the general private sector, foreign investors and in general, it will enjoin scholars and spirit minded individual in Nigeria to rise up to the challenges of poor economic development in Nigeria. The  problem of economic development is the problem of man and is left for man to solve it. This research work is my own effort in getting Nigeria  in the same plain of economic status with developed countries of the world.

The activities of man in daily  basis constitute basic economic problem like ; what to produce?  For whom to produce? And how the available scarce national resources are to be shared? “We  should act on duty through a good will because it is only absolute good in nature” says Immanuel Kant. [groundwork;1964:61] [5]  This will help us to solve enigmatic economic problem

1.5 THE SCOPE OF  STUDY

The scope of this study will be stretched as to take an indept study of globalization and economic development. And it will also take a cursory study of negative and positive implication of globalization on the economic and political development in Nigeria. finally it will comment on some of the scholars that  have same or related views on globalization as well as some that have opposing views and subsequently hints on the possible ways forward to actualize economic independence and development in Nigeria.

1.6 METHODOLOGY

The methods used in this work include analysis, exposition and appraisal for the authenticity of this project work. And also in keeping the mind with the nature of the research, we made use of library materials to include text-book, journals, articles, internet and also the lecture notes. This will help to enhance the efficiency of this work