Globalisation, The Economy and Social Conditions of Nigeria

Abstract

Globalization has generated varied scholarly positions particularly as it relates to its meaning and impacts on the third world states. This Essay argues that economic globalisation encapsulated in market orientation is rather harsh and incapable of addressing the yearning and aspirations of Nigerians. It emphasizes that globalisation has impacted more negatively on the Nigeria's economy with its citizens' standard of living dwindling in the face of biting austerity measures and recurring plans by the state to de-subsidise the price of petroleum products occasioned by the agents of international capital, and the vested interest of the political class. It is recommended that with a committed, patriotic and visionary leadership the effects of economic globalisation could be approached with caution. This will involve measures such as diversification of the mono-economy of the state; provision of social welfare services and the occasional intervention by the state, so that economic globalisation does not extremely expose the marginal groups and the vulnerable citizens to more excruciating pains.