THE IMPACT OF LIBERAL ECONOMY ON THE THIRD WORLD ECONOMY: NIGERIA AS A CASE STUDY

The form of economic policy adopted by countries, particularly those referred to as third world countries has been a subject of debate in recent times, given the fact that such economic policies might mean economic and socio-political growth or under-development for the country. This research therefore assesses the impact of liberal economy on the third world economy: Nigeria as a case study through the use of a qualitative survey research method to generate relevant date from a 347 residence of Akure, Ondo state on perspective and views on the impact of liberal economy on the third world economy such as Nigeria with the aid of a five point Liket scale and structured questionnaire as well as purposive sampling technique. The study findings revealed that Nigerians are knowledgeable about liberal economic policies and their impact on the economic development in Nigeria to a good extent, liberalization has affected economic growth and development in Nigeria to a considerable extent and liberal economic reforms led to increased economic dependence or diversification in Nigeria in a negative manner. In the light of the study findings, the researcher recommended that the government should implement inclusive economic policies that ensure that the benefits of economic liberalization reach the broader population, especially marginalized groups. This could include targeted social safety nets, inclusive education, and healthcare systems, as well as programs for rural development; the government should create policies that support local manufacturing, agriculture, and technology sectors. This could involve providing incentives like tax breaks, infrastructure development and access to low-interest loans.Similarly, efforts should to be made to create conducive environments for investments in these areas, alongside implementing robust regulatory frameworks to avoid environmental and social issues associated with rapid industrial expansion.