Globalization and Its Brunt on Nigeria Global Economic Competitiveness: The Need for Holistic and Dynamic Strategies
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Developing economies, Economic competitiveness, Innovation, Globalization, Developing Economies
Abstract
This study aims to examine the impact of globalization on Nigeria's economic competitiveness, focusing on how Nigeria's participation in the global economy has influenced its ability to compete with developed nations. The study employs the Least Squares method to analyze data collected from 2006 to 2017 from various sources, including the Nigeria Statistical Bulletin, World Economic Forum reports, and the United Nations Industrial Development Organization. The data analysis was conducted using Microfit 5.1 statistical software. The findings reveal a negative relationship between globalization and Nigeria’s global economic competitiveness. The results indicate that globalization has not yielded the expected benefits for Nigeria, particularly in enhancing its competitive standing in the global economy. Instead, the intensity of globalization has contributed to the decline of many manufacturing industries in Nigeria, leaving them unable to compete effectively with products from developed countries. In conclusion, the study underscores the challenges that globalization poses to Nigeria’s economic development. It suggests that Nigeria's current innovation strategies are insufficient when compared to those in developed nations, contributing to its lackluster competitiveness. The implications of these findings highlight the need for Nigeria to adopt more dynamic and innovative strategies to maximize the potential benefits of globalization and enhance its economic competitiveness.
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Copyright (c) 2021 M. A. Obomeghie, Ugbomhe O. Ugbomhe
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