Globalisation and Nigerian Economy: Diagnosis and Prognosis
Journal Title: Scholars Journal of Economics, Business and Management - Year 2014, Vol 1, Issue 11
Abstract
The impact of globalisation on Nigerian economy is the thrust of this paper. The work uses vector auto-regression method because of the variables’ interrelatedness, time series data of 1970-2013 were analysed. The results of the analysis show that globalisation has no significant impact on Nigerian economic development. It is empirically evident that each of Per Capita Income, Inflation Rate, Import Volume, Export Volume, Exchange Rate, Interest Rate and Globalisation is interrelated with one another. The work therefore emphasises the need for stable and efficient economic infrastructure in Nigeria so as to tackle the challenges of this global trend called globalisation. This will pave way for efficient investment, production and finance in the face of the global mechanism and avoid arbitrariness of the powerful international market players. Hence, Nigerian economy has an ample chance of reaping the benefit of globalised market. Keywords: globalisation, Nigerian economy, Per Capita Income, Inflation Rate.
Authors and Affiliations
Akinmulegun Sunday Ojo, Egunlusi Femi Bamidele
Keywords
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