GLOBALISATION: A BANE TO NIGERIA’S DEVELOPMENT? IMPACTS, CHALLENGES AND POLICY INSIGHTS

Globalisation, characterized by increased interconnectedness of economies, cultures, and political systems, has significantly influenced the development trajectory of nations across the world. In Nigeria, globalisation has been widely perceived as a double-edged sword, offering both opportunities and challenges. This study critically examines the argument that globalisation serves as a bane to Nigeria’s development. It explores the adverse effects of globalisation on key sectors of the Nigerian economy, including the erosion of local industries, overdependence on foreign goods and capital, and the vulnerability of the economy to global market fluctuations. Furthermore, the study highlights the cultural implications of globalisation, particularly the gradual erosion of indigenous values and traditions due to the dominance of Western culture. Politically, globalisation is also examined in terms of its influence on policy decisions and national sovereignty. The research adopts a qualitative approach, relying on secondary data from scholarly articles, reports, and policy documents. Findings reveal that while globalisation has contributed to technological advancement and increased access to global markets, its negative impacts—especially in the areas of economic dependency, unemployment, and cultural dilution—pose significant challenges to Nigeria’s sustainable development. The study concludes that without strategic policies and strong institutional frameworks, globalisation may continue to hinder rather than promote Nigeria’s development. It recommends the adoption of protectionist policies, investment in local industries, and the promotion of indigenous culture to mitigate the adverse effects of globalisation.