Marketing and business research review
Volume 2, Numéro 2, Pages 46-61
2022-12-31
Globalisation And Socio-economic Growth In Nigeria
Authors : Williams Akpan . Andem Francis . Ogosi Francis . Weniebi Zibigha .
Abstract
Globalisation’s influence on socioeconomic changes in a developing country is experiencing growth in economics and management literature. This study examined the effect of globalisation on social and economic growth in Nigeria. Secondary data was sourced from the Central Bank of Nigeria's 2019 Statistical Bulletin, World Development Databank, and Globalisation Report, 2020. Descriptive and inferential statistical tools were utilised for the presentation and analysis of data. A multiple regression model was employed for hypothesis testing. The results revealed that there is a statistically significant relationship between social growth, economic growth, and globalisation factors in Nigeria. Trade openness, being a major factor in globalisation assessment, showed an inverse relationship with both social and economic growth indicators in Nigeria (life expectancy and real GDP). Foreign Direct Investment showed a statistically significant positive relationship with social and economic growth in Nigeria. We, therefore, concluded that trade openness will reduce social and economic growth in Nigeria while foreign direct investment will lead to an increase in social and economic growth, yet there are interrelationships between these two factors. We recommend that the government in enacting policies should focus on creating a favourable balance between trade openness, and foreign direct and socioeconomic growth to increase Nigeria’s benefit from globalisation.
Keywords
Globalisation ; Policy ; Social ; Economic ; Growth
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