Exploring globalisation as a structure of socio-economic underdevelopment in Nigeria

Abstract

This paper examines globalization as a tool for socio-economic  enslavement of Nigeria. The work adopts secondary data analysis. It  argues that globalization is more than the expression of the world coming closer through access to internet, free flow of information, increase in living standards, involvement in global trade, easier financial transaction and  contact with Euro-American socio-economic and cultural values. The paper  contends that globalization still toes the line of slavery, colonialism and  imperialism. The global village system is lopsided and cannot benefit week economies such as Nigeria. Globalization appears to be a new modern  design for slavery, a tool for marginalization and re-colonization of the  Third World nations especially Nigeria. It argues therefore, that the  developed capitalist nations should restructure the profit maximization of  Multi-national Companies and International Financial Institutions. Again,  globalization should be repackaged and rebranded to deliver the spirit of  equity for Third World nations such as Nigeria to have access to determine the prices of their raw materials in global market. Nigeria should exploit the process of globalization in order to preserve and promote its cultures. If  the necessary machineries are not put in place, our nation may not benefit  from the modern global train for socio-economic progress.

Keywords: Globalization, Colonialism, Interrelationship,  Underdevelopment, Nigeria