Re-Thinking Globalisation and Balance of Payment: The Case of Nigeria.
Journal Title: Scholars Journal of Economics, Business and Management - Year 2015, Vol 2, Issue 8
Abstract
Abstract: The dangers and risks of globalisation cannot be ruled out completely. Nevertheless, the benefits associated with it cannot be overemphasized especially for countries with diverse exportable products. Since 1986 Nigeria attempted to join the global economy by implementing the Structural Adjustment Policy of the World Bank, the expected results are yet to be achieved. Especially as it pertains to the objective of reconstructing and diversifying the product base of the economy, by reducing the dependence on oil and imports. Investigations shows that the Nigerian Balance of Payment (B.O.P) had seen more deficits after the introduction of SAP than the era of controls, thus implying that inspite of openness of the economy, external trade performance has not been encouraging. Therefore, this paper suggests that apart from diversifying domestic production, expenditure-switching and expenditure-changing fiscal and monetary policies to affect prices, interest rate and exchange rate should be pursued to bring the economy back on track. Keywords: Globalisation, Balance of payment, Economy, Structural Adjustment, External Trade and Operation.
Authors and Affiliations
Anyim, EzenwaIkenna, Alobari Collins, Essien Joseph, Naenwi M- epbari
Keywords
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