Examples of How Nations Benefit from Economic Globalization Nigeria is not a Victim of Economic Globalization AMS Applied Economics and International Development: University of Santiago de Compostela.“Analyzing the Impact of Glaoblization on Economic Development in Developing Economies: An Application of Error Correction Modeling (ECM) to Nigeria). University of Santiago de Compostela. 2006. The University of Santiago de Compostela - USC is a public university located in the city of Santiago de Compostela, Galicia, Spain. In 2009, the University received the accreditation of Campus of International Excellence by the Ministry of Education (Spain), recognising USC as one of the most prestigious universities in Spain. The study examined the effect of globalization on economic growth in Nigeria between 1986 and 2003. Given the extent of trade openness, the study showed that the Nigerian economy is gaining from globalization. The study also confirmed that the economy is yet to gain from its policy of financial integration. The problem is not that the country is excluded from the global market but, in most cases, that it is not fully included in it. The worst hit by this ugly situation are the Nigerian poor people with peasant and impoverished majority in the midst of extremely few wealthy and corrupt individuals. Most of the poor practice subsistence farming which excludes them from global integration. The oil sector of the economy remains the dominant sector in the international transaction and create deprive majority of Nigeria from enjoying the benefit of trade openness. Nigeria Would Benefit from Further Economic Globalization AMS Applied Economics and International Development: University of Santiago de Compostela.“Analyzing the Impact of Glaoblization on Economic Development in Developing Economies: An Application of Error Correction Modeling (ECM) to Nigeria). University of Santiago de Compostela. 2006. The University of Santiago de Compostela - USC is a public university located in the city of Santiago de Compostela, Galicia, Spain. In 2009, the University received the accreditation of Campus of International Excellence by the Ministry of Education (Spain), recognising USC as one of the most prestigious universities in Spain. Globalization has generated great wealth for Nigeria and could be used to massively reduce poverty and in turn to reduce global poverty and inequality. Globalization has helped increase investment and create wealth in Nigeria but
are mostly not interacting socially. This creates a notion of ‘otherness’, which makes it difficult for both sides to get familiar with each other. There are also complaints that the working conditions in Chinese companies (notably in the mining and construction sector) are worse than elsewhere. Trade with China Hurts African Business AMS Sanusi, Lamido. “Africa Must Get Real about Chinese Ties.” March 11, 2013. Financial Times. The Financial Times (FT) is a British English language international daily newspaper with a special emphasis on business and economic news internationally. The FT has an average daily readership of 2.2 million people worldwide and is internationally respected for its research on global affairs. Nigeria, a country with a large domestic market of more than 160m people, spends huge resources importing consumer goods from China that should be produced locally. We buy textiles, fabric, leather goods, tomato paste, starch, furniture, electronics, building materials and plastic goods. I could go on. The Chinese, on the other hand, buy Nigeria’s crude oil. In much of Africa, they have set up huge mining operations. They have also built infrastructure. But, with exceptions, they have done so using equipment and labour imported from home, without transferring skills to local communities. So China takes our primary goods and sells us manufactured ones. . The British went to Africa and India to secure raw materials and markets. Africa is now willingly opening itself up to a new form of imperialism. Chinese Hinder African Countries from Reaching Economic Potential AMS Sanusi, Lamido. “Africa Must Get Real about Chinese Ties.” March 11, 2013. Financial Times. The Financial Times (FT) is a British English language international daily newspaper with a special emphasis on business and economic news internationally. The FT has an average daily readership of 2.2 million people worldwide and is internationally respectedf for its research on global affairs. Three decades ago, China had a significant advantage over Africa in its cheap labour costs. It is losing that advantage as its economy grows and prosperity spreads. Africa must seize the moment. We must encourage a shift from consuming Chinese-made goods to making and consuming our own. We must add value to our own agricultural products. Nigeria and other oil producers need to refine crude; build petrochemical industries and use gas reserves – at present often squandered in flaring at oil wells – for power generation and gas-based industries such as fertiliser production.
example, World Bank (2002) quotes how Nobel winner Gunnar Myrdal wrote off Indonesia in the 1960s only for it to emerge in the 1980s as a fast growing economy substantially reducing poverty aided by labour-intensive manufacturing exports. Even after the serious crisis of the late 1990s, poverty is far lower than in the early 1980s. Similarly, after descending into chaos and civil war in the first part of the 1980s, Uganda has emerged as a fast growing economy, delivering large poverty reduction in both rural and urban areas. While the card lists some countries which buckled expectations, the overall message is this: the Chinese/Indian globalization-fueled ascension is not replicable. The “past performance does not dictate future results” is a simple trope to describe the economic data on globalization for Con teams.