GLOBALISATION AND THE THIRD WORLD COUNTRIES: NIGERIA’S EXPERIENCE

Abstract

This paper examines the impact of globalisation on third world countries, with reference to Nigeria. Globalisation has brought about significant changes in Nigeria’s economy, politics and culture while it has attracted foreign investment, improved technology transfer and expanded market access, it has also exacerbated income inequality, threatened local industries and increased dependence on foreign capital. This paper argues that Nigeria’s experience with globalisation is complex and multifaceted, reflecting both the benefits and draw backs of integration into the global economy. The methodology adopted is the extensive review of data collected mainly from primary and secondary sources. The paper concludes by highlighting the need for Nigeria and other third world countries to develop strategies to maximize the benefits of globalisation while minimizing its negative impact.