Impact Of Globalization On Economic Growth Of Nigeria
Uruakpa, Peter Chinyere, Ph.D
Department of Banking & Finance, Abia State University, Uturu, Abia State-Nigeria
Keywords: Globalization, Economic growth, Trade Liberalization, Foreign Direct Investment (FDI), Trade Openness
Abstract
The literature extensively documents the benefits derived from interdependence and integration among nations, along with the opportunities they offer. This research focuses on examining the relationship between globalization and economic growth in Nigeria. Secondary data were extracted from the CBN Statistical Bulletin spanning the years 1981-2021. An ex-post facto research design was employed, and regression analysis was utilized to establish the relationship between the dependent and independent variables. The results indicate, among other findings, that globalization significantly impacts economic growth in Nigeria. The research recommends, among other measures, the following: i. The Nigerian government should reassess the degree of trade openness, ensuring it is set at a level that guarantees a sufficient and sustained inflow of capital into the country. ii. The government agency responsible for export promotion should be strengthened with experienced technocrats to effectively explore new avenues for promoting goods made in Nigeria
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