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1. A Term Paper on
GLOBALIZATION AND ECONOMIC DEVELOPMENT IN NIGERIA
By
UMAR AHMAD ABDULLAHI
(20124091)
Umari22@yahoo.com
Department of Economics, Near East University, North Cyprus of Turkey
Instructor: Prof. Dr. ÇELIK ARUOBA
Fall Semester 2013-2014

2. 1
ABSTRACT
There is call for the global interconnectedness and integration among national economies. It is
argued that globalization has increase national and global output, leads to specialization,
enhance economic welfare, and promote technological advancement and transfer. Despite these
positive comments on globalization, critique argued that globalization is not all that rosy. The
contest that globalization promotes uneven distribution of income and wealth, and that some
nations grow at the expense of the others. This paper studies the trend and relationship between
trade openness and the growth rate of GDP in Nigeria. Using annual data from 1985-2012 and
utilizing trend and correlation analysis, the results show that trade openness and economic
growth move in the same order and may imply that there is relationship between trade openness
and economic growth. A look at the correlation matrix however, reveals that there is weak
relationship between trade openness and the growth rate of GDP in Nigeria. Anumber of factors
may likely be the reason for this outcome, which may include high reliance on oil as the major
and only source of revenue to the government, strong penchant for imported goods and so on.
We suggest that Nigeria should diversify its economic and export base, and revive its
manufacturing sector before fully liberalizing its economy.

3. 2
1.0. Introduction
Since the beginning of history international contacts and exchange in goods and services, inter-
country movements, travels and migration had been taken place. Even though the present
globalization bogey differs in scope, manner and intensity from the earlier international process
like slavery, colonialism or religious influences. It benefits some nations at the expense of others.
Historically there have been three major phases of globalization, 1870-1914; 1945-1980; and
1980 to date. Towards the end of the 19th
century the world witnessed a highly globalized entity
which led to a rapid rise in trade as a result of falling shipping cost (Fidelis and Olukayode,
2012). Although since the end of the World War II, international trade among free market
economies had been moving forward through liberalization efforts like the Europe 1992
movement, the Uruguay Round of GATT (1993) and North-American Free Trade Agreement
NAFTA (1994).
The end of the cold war constituted a major breakthrough for globalization (Yardeni, 1997). The
end of the cold war witnessed the signing of a requiem for the previous global order and it
attendant ideological rivalry that handcuffed corporations and interdependence. The
disintegration and collapse of the Soviet Union robbed Stalinist socialism of it preeminent
“heavyweight”, and remove the major ideological, economic, political, and military-security
barriers to the consolidation of the global capitalist order as the systematic suzerain. Thus, the
stage was set for the consolidation of capitalism in virtually every corner of the world. The
emergent nascent global order referred to as the “new globalization” has taken the world by
“storm”, since its inception in the 1990 (Kieh, 2008).
Since the whole process is about development and transformation, the process of globalization
has become the necessary consequences of the economic development, which is the pursuit of
most modern market economies, thus leading to interconnectedness of most economies. It is
against this backdrop that the Nigerian economy cannot afford to be dormant since a nation with
a closed economy with few relations with the rest of the world is no longer desirable or
practicable.

4. 3
This paper studies the trend and relationship of trade openness on the growth rate of GDP in
Nigeria. The rest of the work is organized as follows: Section 2 discusses the concept of
globalization. Section 3 explains the historical emergence of globalization. Section 4 examines
Nigeria in the globalized world. Section 5 concludes.
2.0. Globalization
The world is fast becoming a global village, a metaphor that is often invoked to depict global
interdependence and the increasing interaction among the integration of economic activities of
human societies around the world (Ajayi, 2001). In concrete terms, globalization is the
intensification of cross-border trade and increase financial and foreign direct investment flows
among nations, promoted by rapid advances in liberalization of communication and information
technology (Islam, 1999). The term globalization has become a central issue in international
economics since the second half of the 1980’s. It can be defined as a historical process driven by;
 Technological factors such as the development of computers and the internet which
reduces the distance between people in terms of both space and time.
 Political factors, namely the demise of the former communist block of countries which
meant the end of one of the two systems of production and allocation of resources
historically determined by the centrally planned economy.
 Economic factor, partially as a consequence of point which has led the global world to
adopt free market oriented economic policies and individual behaviors.
In short globalization defines the current phase of development of market economies and is
characterized by increasing openness of countries to international trade, the increasing
liberalization of market particularly through elimination of barriers to trade and goods and
services as well as the decreasing roles of the state in the economy (Fidelis and Olukayode,
2012).
The International Monetary Fund (IMF) view globalization as the growing inter-dependence of
countries worldwide through increasing volume and variety of cross-border transaction in goods
and services and of international capital flows and also through the more rapid widespread

5. 4
diffusion of technology (World Bank, 2002). United Nation Development Program (2001)
defines globalization as a dimensional process of unprecedented rapid and revolutionary growth
in extensiveness and intensity of interconnection on a purely global scale. Usman (2004) sees
globalization as the interconnection and interdependence between all parts of the world,
particularly at all levels of economy and communications, such that former national barriers to
the movement of information, finance, goods, services and entrepreneurship are being drastically
reduced and everybody now has to compete with everybody in what has now become a global
village and single global market. According to Akinbayo (2003), globalization is the process of
shifting autonomous economies into the global market or the systematic integration of
autonomous economies into a global system of production and distribution. This invariably
involves an efficient and dynamic financial sector that is necessary for the facilitation of
intermediation and exchange of goods and services.
Globalization is the term used to describe the growing worldwide integration of people and
countries. It has reduced barriers existing in international trade. The reduction in those barriers
has opened the door for exported growth. Nigerian economy has been mono-cultural since
independence and has so much dependence on western countries for its survival (Salimono,
1999). Obaseki (2000) views globalization as the integration of national economies through trade
and financial interaction. A sub-set of globalization which has become very pervasive and, in
some cases, destabilizing financial markets integration across the globe, the rapid flows of goods,
services and capital especially the latter, has made national controls on these aggregates less
effective without consideration for countervailing measures that other nations could impose in
the absence of coordinated response.
2.1. Economic Development
Development whether sustainable or otherwise, has always carried normative and ethical
connotation. It has both qualitative and quantitative aspects, meaning that it is all about the
fulfillment of basic material needs and the achievement of human dignity, including meaningful
participation in the affairs of the community (Makinde, 2007). This shows that it’s an analysis of
the economic growth of a nation. In the History of Economic thought as cited by Bukhari and
Duka (2008), the term economic development was conceptualized in respect to economic growth
and industrialization in capitalist society by the classical school of economics in the early part of

6. 5
the 20th
century. This meant that the specific economic development of countries in Latin
America, Asia and Africa were not taken into consideration but rather, were seen as
underdeveloped versions of western world and could in time; catch up with the European and
North American standards. According to Rodney (1969), development have many sided process
which at the individual level, it connotes increased skill and capacity, greater freedom and
creativity, self-discipline, responsibility and material well being. This implies that economic
development refers to the improvement in general standard of living of the people in a society.
According to Kuznet (2003), the main features of development are;
 The sustained increase in the supply of goods
 Advancement in technology and,
 Institutional and ideological adjustments must be made to affect the proper use of
innovations generated by the advancement of human knowledge.
In another version of development, Todaro (1985) gave the features of development as;
 Capital accumulation.
 Growth in population and,
 Technological advancement.
He maintain that for output and income to increase, accumulated capital are saved and invested
which makes it possible for the growth of a nations’ capital stock and expansion on output
level. This implies that to sustain growth and development, technological advancement, size of
the population and accumulation of capital is necessary for economic development. Moreover,
economic development signifies the attainment of ideals of globalization such as the rise in
productivity, social and economic equity, improved institutions and values. Thus, the central
focus of globalization is development which is efficiently and effectively attainable by ripping
not only a nation’s economic benefit, but also by benefiting the country’s economic advantage.
And that development is a function of effective interaction in both internal and external
environmental economic units. Naturally and otherwise no economy has ever developed
independently, hence the service for globalization (Abubakar, 2010).

7. 6
3.0. Emergence and Development of Globalization
Globalization seems not to be a new phenomenon in the world. It assumes to have existed since
when individuals and countries decide to satisfy their needs from outside environment through
trade. The earliest phase of globalization dates back to the (1400’s and 1600’s) rise and
development of trade with commercial empires seeking to extend their outlets (Ebijuwa, 2002).
Generally, historical development of globalization could be traced to the development of
imperialism, which was specific stage in the development of capitalization as well as a form of
relationship between the two economies (Suleiman, 2004). In Nigeria, it dates back to 9th
Century during trade between the Arabs and the traders of Northern Nigeria as well as the
discovery of coastal areas of Bonny and Lagos by Europeans in 15th
Century. The early period of
globalization largely differed to some extent with the most recent one. The present is more
passionate and speedy. The benefits are most often instant and can easily be controlled at any
distance (Abubakar, 2010).
The establishment of world economic and reconstruction organizations that is the World Bank
and International Monetary Fund (IMF) immediately after the World War II and the
establishment of the United Nation (UN) marked another stage in the history of globalization.
Again, the emergences of Organization for Economic Cooperation and Development (OECD),
General Agreement on Tariff and Trade (GATT), and World Trade Organization (WTO) have
stimulated the development of globalization process. The demise of Russian government as a
world leader of socialism (a socio-economic ideology) and the emergence of the Northern
Atlantic Trade Organization (NATO) also added impetus to the rise of globalization.
Globalization is seen as a model of colonialism, therefore, regarded as universalization of
developed economies. It is certain that, the knowledge of technology serve as a medium for
propagating globalization and its opportunities are easily and cheaply derivable through
technological gadgets.
Despite the fact that globalization develops through series of logical capitalist plans, however, it
was outwardly started from regionalization; regarded as the last form from which globalization
emerged (ibid). This is evident from the push in free-market economies; liberal democracy, good
governance, gender equality and environmental sustainability among others for people of the
member states. Therefore, this process of globalization is pushed by the series of cumulative and

8. 7
conjectural crises in the international division of labor and the global distribution of economic
and political power; in global finance, in the functioning of national states and in the decline of
the Keynesian welfare state and establishment of social contact between labor and government.
Thus the hallmark of free-market capitalism has been aided among other factors by the sudden,
though expected changes within the psychology of global political community in recent times
(Orga, 2012). This development in global free market economy has dominated the world from
the 90’s more than it had been anytime in its history so much that china, which is the largest non-
capitalist economy, has undergone some dramatic changes in its international economic policy
orientation. It receives one-half of all foreign direct investments that goes into developing
nations (United Nation, 1995).
The world export volume of nations through economic corporation from 1990 has increased in
the growth of the gross world product to a range of 2.5 to 3 percent from an average of below 2
percent in 1970s and 1980s (United Nation, 2001). The intensive integration of Transnational
Corporations (TNC) of production, distribution and services globally provides the impetus for
this process. For instance, the outward flow in the form of stock in foreign direct investment
(FDI) between 1990 and 2001 increased from 1.7 trillion dollars to 6.6 trillion dollars which is
more than twice as high as world export that year (UNCTAD, 2002a). The flows from increase
trade and investment help countries to develop more quickly as income generated from the trade
lead to growth in stock of productive capital without compromising the level of production.
These flows often improve access to international best practices when in form of FDI in terms of
managerial, technical know-how and marketing. Also, the intangible assets of TNC such as
knowledge, technology, management know-how and market access serves not only essential link
between national economies, but also as a catalyst for investment and enterprise competitiveness
as well as complements to domestic development resources in recipient countries (UNCTAD,
2001b).
Despite these positive effects many people still fear that globalization poses tension and dilemma
to countries. According to Awake (2003), while the global wealth has been on the increase, the
ever-increasing gap between the haves and the have-nots has increased. It has become
concentrated in the hands of the few privileged individuals and few countries. It continues
further that the net worth of 200 riches people on wealth on earth now exceed the combined

9. 8
income of 40 percent of the people who live on the planet of 2.4 billion people. And that while
wages continues to rise in wealthy countries, 80 impoverished countries have actually seen
decline in average income over the past ten years to which Nigeria is among these eighty
countries.
According to Kieh (2008) there is a broad array of actors in the global economic development
that interact within the structures, decision-making system, the division of labor and price system
of the global capitalist system of the state and non-state actors. The state actors are divided into
core- the United State, Japan etc. – the semi-peripheral states- Singapore, Taiwan and South
Korea among others – the transnational former Stalinist socialist states of Soviet Union and
central and Eastern Europe and China, and the peripheral states – primarily third world countries
that constitute the majority.
It further continues that among the non-state actors are two sets of pivotal players: the Britton
Wood Institution- the International Monetary Fund (IMF) and the World Bank and Multi-
national Corporations. The Bretton Wood Institution basically provides the inter-governmental
framework through which the core states control the political economy, additionally through the
notorious “Structural Adjustment Programs” (SAP). The IMF ensures that the peripheral states
remain in the state of under development and subservience of the core ones and the Multi-
national Corporations complement the Britton Wood institution by controlling private investment
and technological flows. For example, the rules governing the decision making and division of
labor are designed and enforced by the core states. The core states produce manufactured goods
while the peripheral states are left with the supply of raw materials-agricultural products,
minerals and oil to which the pricing system is based on an unequal exchange such that
manufactured goods cost more than raw materials. This results in a deficit to the terms of trade
for the peripheral states.
4.0. Nigeria in the Global Economy
Nigeria with a population of about 160 million is located on the gulf of Guinea on the western
side of the African Continent. It gains independence on the 1st
October, 1960 from British rule.
With the discovery of oil in the last years of British rule which became the major economic
resources of the country. And in 2004 it become the largest oil producer in the sub-Saharan area

10. 9
and one of the biggest oil exporting country in the world (Bokhari and Duka, 2008). The
Nigerian economic growth has been largely fueled by oil revenues. It faces formidable
challenges in consolidating democratic order including public mistrust of the government and it
is yet to develop effective measures to address corruption, poverty and ineffective social service
system and mitigate violence (U.S Department of State, 2013).
Nigeria has not been spared from the phenomenon of globalization. Although the adverse
consequences have not been pronounced, the fact remains that Nigeria has become relatively
more integrated with the global economic system. The tempo intensified with the policy shift
from trade and exchange controls to economic liberalization from 1986. Nigeria is highly
dependent on external trade, while rapid inflow of capital has been stemmed largely as a result of
the relative underdeveloped state of the financial market. To determine the extent of the
openness of the Nigerian economy, trade flows involving the country and the rest of the world
could be analyzed. The share of total trade to total output or gross domestic product (GDP) can
be applied to measure the openness of the Nigerian economy. On the basis of this methodology,
Nigerian economy as shown from the table 1 below recorded an increased level of openness
between 1986 and 1987 reflecting a movement from 0.07 to 0.23 during the period. The
openness index continues to move upward to 1.28 in 1992. This trend mirrored adequately the
performance of structural adjustment program introduced in 1986.
Further improvement was recorded in 1995 when it moves to 6.06. This continues successfully
reaching 6.91 in 1997 before declining to 5.11 in 1998. This drop was accounted for by the
decline in both export and import from their levels in the preceding year and the political
uncertainty from the death of the military president (Gen. Sani Abacha). The openness index
picked up between 1999 and 2001 from 6.57 to 9.03. This movement resulted from the transfer
of governance from the military regime to the democratically elected government, where most of
the sanction imposed by the western world on Nigeria was lifted. This allows for more economic
activities to flow in and out of the country. But in 2002 the index drops down to 7.51. This
happens due to the fact that general election for a new government holds and it was engulfed
with uncertainty on the economic policy.
After the election year in 2003, the openness index continues to rise up to 2008 from 10.82 to
22.83. This development comes from the stability in the democratic regime, security and new

11. 10
economic policies which lead to an increase in oil production for export. Although, the Nigerian
economy has become more open over the years, it share of world trade has remain relatively low.
The share of Nigerian’s exports in total world export was ranging between 1 percent and 1.4
percent from the 1970s to early 1980s (CBN Economic and Financial Review, 2012).
Table 1: Trade, Growth and Openness
Year Import Export Total Trade GDP GDPGR TT/GDP
1985 7062.6 11720.8 18783.4 201036.3 0.093433
1986 5983.6 8920.6 14904.2 205971.4 2.454865 0.072361
1987 17861.7 30360.6 48222.3 204806.5 -0.56556 0.235453
1988 21445.7 31192.8 52638.5 219875.6 7.357719 0.239401
1989 30860.2 57971.2 88831.4 236729.6 7.66522 0.375244
1990 45717.9 109886.1 155604 267550 13.01925 0.581589
1991 89488.2 121535.4 211023.6 265379.1 -0.81138 0.795178
1992 143151.2 205611.7 348762.9 271365.5 2.255784 1.285214
1993 165629.4 218770.1 384399.5 274833.3 1.277896 1.398664
1994 162788.8 206059.2 368848 275450.6 0.224598 1.339072
1995 755127.7 950661.4 1705789 281407.4 2.16258 6.061636
1996 562626.6 1309543 1872170 293745.4 4.384384 6.373445
1997 845716.6 1241663 2087379 302022.5 2.81778 6.911338
1998 837418.7 751856.7 1589275 310890.1 2.936063 5.112018
1999 862515.7 1188970 2051486 312183.5 0.416041 6.57141
2000 985022.4 1945723 2930746 329178.7 5.443997 8.903205
2001 1358180 1867954 3226134 356994.3 8.449975 9.036936
2002 1512695 1744178 3256873 433203.5 21.34747 7.518113
2003 2080235 3087886 5168122 477533 10.23294 10.82254
2004 1987045 4602782 6589827 527576 10.4795 12.49076
2005 2800856 7246535 10047391 561931.4 6.511924 17.8801
2006 3108519 7324681 10433200 595821.6 6.031025 17.51061
2007 3911953 8309758 12221711 634251.1 6.449839 19.26951
2008 5189803 10161490 15351293 672202.6 5.983657 22.8373

12. 11
2009 8005373 11035794 19041168 775524.7 6.865111 23.5526
2010 8005374 11035795 19041169 775525.7 7.865111 24.5526
Source: Central Bank of Nigeria Statistical Bulletin 2012. Note: GDPGR = Gross Domestic
Product Growth. Openness = TT/GDP.
0
5
10
15
20
25
30
1980 1985 1990 1995 2000 2005 2010 2015
TT/GDP
TT/GDP
Similar trend is exhibited by Nigeria’s import trade. Nigeria has applied various policies over the
years to stimulate the productive and external sectors of the economy, not only to ensure export
competitiveness, but also to expand the import capacity of the economy. The low share of
Nigeria’s imports in total world import trade was partly accounted for by the low export capacity
of the economy. The undue dependence of Nigeria on crude oil exports has limited the scope for
the diversification of the economy, while at the same time exposing the economy to shocks in
international oil markets. This has resulted in the direct transmission of instability in the world
oil prices into unstable and unpredictable revenue receipts by the government. Thus,
development programs for the economy have been largely predicted on development in the
world market for crude oil.
The low level of primary commodity exports, owing largely to the crash in commodity prices
and the constraining effect of higher incomes and improve living standard on the demand for

13. 12
them, in addition to the low level of export of manufactures, contributed to the predominant of
the oil sector. Nigeria’s low export performance especially in manufacturing is a major factor
preventing the country from benefitting adequately from the integration of goods and services
market across the globe. The lack of competitive advantage in manufacturing has limited the
scope for specialization. With the mobility of all factors of production in the context of
international specialization, it is obvious that only those countries with the requisite skills would
be able to compete in the global arena.
The implementation of market-friendly policies could result in the attraction of the requisite
skills and international support that would pave the way for the movement of relevant factors of
production into and out of the country. With the current low level of competitive advantage in
manufacturing, Nigeria will continue to be marginalized in its economic relations with the rest of
the world. And to avoid marginalization, Nigeria would have to diversify its economy and take
appropriate measures to raise manufacturing export.
THE CORRELATION MATRIX
EXPORT GDP GDPGR IMPORT TOT TRADE
EXPORT 1 0.9789 0.2376 0.9567 0.9938
GDP 0.9789 1 0.3529 0.9523 0.9789
GDPGR 0.2376 0.3529 1 0.2480 0.2441
IMPORT 0.9567 0.9523 0.2480 1 0.9832
TOT TRADE 0.9938 0.9789 0.2441 0.9832 1
The table above shows the result of the correlation among the variables. The coefficient of
correlation is found to be significantly high among Export, Import, Total Trade, and GDP. This
means that there is significant relationship among these variables. First, total trade/trade ratio is
derived by summing up exports and imports then divide the result by GDP. Hence, if exports and

14. 13
imports increase, trade ratio may increase as well. Second, Nigeria is over reliant on one sector
(oil sector) as the only source of revenue. The global increase in the demand for energy has led
to the consistent rise in the crude oil prices in the global market. This will therefore imply
increase in GDP. Third, Nigeria exports majorly, primary products and imports virtually all its
finished products. Thus, increase in exports and GDP with an increase in the demand for
imported goods. This will in turn, results in an increase in import. Therefore, we can see the
reason why the trend fluctuation among these variables is in close order.
On the contrary, the result shows that the coefficient of correlation between economic growth
(measured by the growth rate of GDP) and the trade variables is significantly low. This implies
weak relationship between economic growth and the indices of trade globalization. Therefore,
trade openness may have contributed significantly to GDP in Nigeria, yet, it has not impacted
significantly to economic growth. This may mean that the over dependent on the oil sector alone
may not be viable to growth and it may not be key driver of growth. Hence, there is need for
Nigeria to diversify its economic and export base and boost the manufacturing sector. Although,
the huge revenue generated through the oil sector and its contribution to GDP, the Agricultural
sector is still the major employer of labour. More than 70 per cents of the active labour force
work in this sector and contribute greatly to GDP and not only the oil sector (Abubakar, 2010).
Still, this sector has been neglected almost completely. This is a clear case for the need to
diversify.
5.0. Conclusion
The world has become a global village, where we see high degree of interconnectedness and
integration among national economies. The era of economic isolation or closeness is now a
history of the past. Globalization has increase global and national economic output, economic

15. 14
welfare, specialization, and technological advancement and transfer. It is for these reasons
among others that there is strong push for the need to abolish barriers to trade and financial flow,
and for greater level of openness among countries. This paper studies the trend and relationship
between trade openness and economic growth in Nigeria. A summary glance at the data and
trend analysis shows that trade openness and economic growth move in tandem. The results of
the correlation matrix however, revealed that there is weak relationship between trade openness
and the growth rate of GDP. This may imply that trade globalization may not have been the
primary driver of economic growth in Nigeria. This may be due to the over dependent on one
sector (oil sector) of the economy and its total dependent on imported goods. We recommend
that Nigeria should approach the issue of globalization carefully and ensures that the necessary
conditions are in place before liberalizing its economy. These conditions may include
diversification, boost domestic production of manufacture goods, reduce its reliance on foreign
goods etc.

16. 15
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