Globalization as a Constraint to Development in Africa: The Nigerian Experience

Taiwo Makinde


Globalization, a process of international integration or international network through interaction in the areas of trade, culture, finance, investment, and technological interconnectedness has been described by scholars as a means of promoting growth, especially economic growth, in African countries. The claim of its being a means of promoting growth does not seem to manifest in many African countries, including Nigeria. The present paper intends to focus on financial liberalization (an aspect of globalization) in its discussion. Financial liberalization has to do with the collapse of national boundaries to money transfer by the multinational organizations, as well as transfer of technology, and the political economy of aids to African countries, among others. The discussion in this paper will concentrate on the ways that globalization (financial liberalization) has failed to contribute to development in many African countries, especially Nigeria. It is expected that the paper will shed light on why globalization has failed to bring the expected development to many African counties, Nigeria inclusive.

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