Africa 's Economic Growth in a Globalized World: Restructuring Nigeria 's Trade and Industrial Policy for Nigerian Growth

Matthew, Oluwatoyin and Adegboye, F.B. (2013) Africa 's Economic Growth in a Globalized World: Restructuring Nigeria 's Trade and Industrial Policy for Nigerian Growth. Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB), 2 (3). pp. 766-786. ISSN 2306-367X

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Abstract

Globalization has both cost and benefits, but experience have shown that the costs of globalization for Nigeria seem to have outweighed its benefits. Therefore, this study sets out to assess the impact of a globalised world as regards Nigeria's trade and industrial policy on the country 's level of economic growth. The study utilized secondary data from the annual reports and accounts of the Central Bank of Nigeria (CBN) from 1970-2012. The data obtained were analyzed using the Ordinary Least Square (OLS) and the Error Correction Mechanism. The findings of the study show that "free-trade " which came as a result of globalization has not had a positive impact on the Nigerian economy and hence concludes that globalization has done more harm than good to Nigeria. Thus, the study recommends that Nigeria should put in place an industrial policy which should create enabling business environment within the country by providing incentives to manufacturers, ensuring regular and uninterrupted power supply as well as promoting agriculture.

Item Type:	Article
Uncontrolled Keywords:	Globalization, Economic Growth, Trade and Industrial Policy.
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions
Divisions:	Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Patricia Nwokealisi
Date Deposited:	13 May 2014 09:25
Last Modified:	13 May 2014 09:25
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/2606

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