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Exploring Globalization Industrialization Nexus for Economic Development: A Case of Nigeria

Alege, P. O. and Ogun, T. P (2004) Exploring Globalization Industrialization Nexus for Economic Development: A Case of Nigeria. In: The Challenges of Industrialization: A Pathway to Nigeria Becoming a Highly Industrialized Country in the Year 2015, Nigeria.

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Abstract

In the light of the wind of globalization blowing across the globe, several countries have embraced globalization policies. Since globalization connotes a nexus of relations, the expected overall effect of its policies is to boost economic growth and development, thereby improving welfare. Upon the recent World Bank report proclaiming the manufacturing sector as the most dynamic component of the industrial sector, this study examines the globalization-industrialization nexus by focusing on the manufacturing sector in Nigeria. In establishing the globalization-industrialization nexus in Nigeria, the augmented Solow model was adopted and annual data covering 1970-2001 were employed. This study finds that openness to trade and increased Information and Communication Technology (ICT) has significantly influenced the level of manufacturing output in Nigeria. In fact, technology and degree of openness were found to have positive impact on aggregate manufacturing output. The policy implicatiOI(l of this study is that the degree of openness and adoption of globalization, ceteris paribus, could stimulate manufacturing production. This study also notes that sound policies that promote technical capacities or specific knowledge and outward trade relations between countries, need to be adopted to enhance the competitiveness of Nigeria s manufactured exports in the world markei.

Item Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 08 Apr 2015 14:51
Last Modified: 08 Apr 2015 14:51
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/4710

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