Globalization and Its Brunt on Nigeria Global Economic Competitiveness: The Need for Holistic and Dynamic Strategies

Abstract

Purpose of the study: The intensity of globalization has resulted in the near collapse of most manufacturing industries in Nigeria. Most products from Nigeria industries lack the ability to compete with similar products from developed countries. Such appalling competitiveness of the Nigeria economy has bequeathed untold hardship on the citizens of Nigeria. The rationale for undertaking this study is to determine globalisation's brunt on Nigeria's economic competitiveness empirically. Methodology: The Least Square method was employed to analyse the data collected from various statistical agencies such as the Nigeria statistical bulletin, World Economic Forum report and the United Nations Industrial Development report. The data collected is for the period spanning 2006 to 2017. Microfit 5.1 Statistical software is used in the analysis. Main Findings: The findings of the study shows that there is a negative relationship between globalization and Nigeria global economic competitiveness. The results further indicate that Nigeria’s participation in the global arena has not yielded the desired benefit associated with globalization with respect to the country’s competitiveness. Research limitations/implications: The study adds to earlier works on economic competitiveness as a sound pillar of globalization by carving out an empirical analysis of Nigeria experience with globalization. The implications of the study's findings show that Nigeria's innovation strategies significantly lag behind the innovation strategies in developed countries. Novelty/Originality of this study: This work put-forward a useful awareness into the existential challenge facing Nigeria and other developing economies in terms of equal capacity to confront their developmental problems as a result of globalization. The study further provides a pathway for Nigeria’s economic managers to overcome such challenges with dynamic strategies to achieve the desired benefits of globalization.