The Place of Africa in Global Economy: Nigeria in Perspective

Abstract

The dominant feature of global economic trends in contemporary world system is globalization, which is being driven particularly by a new wave of information technology that is unparalleled in the history of human kind. Nation-State has consistently intensified efforts towards engaging in business across national borders and constructing production and distribution networks on a global scale. Global economy may be judged by many criteria, but the most important one is undoubtedly development in all its forms. Literature reviews indicate that many developing countries, Nigeria included are ‘weeping baby’ of globalization because they are at the receiving end. Nigeria is a cripple giant in the globalization wave because the economy in order to situate her more appropriately in the global trend and to understand the dynamic consequences of the process of global economy in Nigeria, the position of Nigeria and the role it plays in the international capitalist system. In order to illuminate the factors accountable for the skeweness towards the countries of the north, the paper adopts both descriptive and analytical methods. It also makes use of scientific analysis by employing dependency theory to explain the dynamics of the existing relationship between the Advanced Economies and the Third World Economies, the impact of such relationship skewed. The paper concludes and puts forth necessary recommendations to correct the global economic imbalance that will make Africa, and in particular to take her rightful place in the global economic system.

DOI: 10.5901/mjss.2015.v6n2s1p213