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THE NEXUS OF GLOBALISATION AND ECONOMIC DEVELOPMENT: THE NIGERIA EXPERIENCE
Abstract
The research work studies the relationship of globalisation on economic development of the Nigerian economy. It uses the time series data over the period 1980 to 2012. The researchers therefore reviewed the existing literature on the implication of globalisation on the economic development of Nigeria. Thus the concepts of globalization and development as well as some components of Nigeria development and the impact of globalisation on the world economy are critically examined. The study make use of co-integration analysis to verify the long run relationship between globalisation and economic development and granger causality test was conducted to examine the direction as well as the nature of causality between the variables of globalization and economic development that is GDP growth rate. The regression result shows that all variables used have negative relationship except for foreign direct investment (FDI) and political instability (POL) but their parameter estimates are not statistically significant at 5% percent and only about 78% variation in the GDP growth rate (proxy for economic development) is explained by the independent variable that is variables used to capture globalisation and the control variables. Finally the test confirms weak relationship existing between globalisation and economic development in Nigeria.
Keywords: Globalisation, Economic Development, Variables of Globalization, Co- integration, Causality test, Nigeria