ABSTRACT

This study examined globalisation and the development challenges in Nigeria. The opening of national borders, markets and economies of nations for the free flow of goods and services, which globalisation seeks, has further deepened economic development among developing countries, particularly in Nigeria. This is so because Nigeria and indeed other developing countries lack the capital and technology to compete with those of the industrialised countries. The study aimed to examine the impact of globalisation on Nigeria’s developmental challenges. The study adopted the dependency theory developed by Raul Prebisch in the 1950s. The methodology deployed for the study was the secondary method. It involves the collection of data from such sources as textbooks, newspapers, magazines and seminar papers, among others. The study found that Nigeria’s development challenges are numerous, including: poverty, insecurity, unemployment, corruption, poor leadership and social inequality among others. The study recommends that Nigeria needs to delink from the global capitalist system. The global market was not established to address the economic needs of Nigeria, but rather it was established to advance the economic interests of Western industrialised nations. On that premise, Nigeria needs to look inward in her quest for economic development.