Globalization and Its Brunt on Nigeria Global Economic Competitiveness: The Need for Holistic and Dynamic Strategies

M. A. Obomeghie; Ugbomhe O. Ugbomhe

doi:10.36923/ijsser.v3i1.77

Open Access Article Economics International Relations

M. A. Obomeghie ⁽¹⁾, Ugbomhe O. Ugbomhe ⁽²⁾

(1) Department of Statistics, Auchi Polytechnic, Auchi, Edo State, Nigeria., Nigeria,

(2) Department of Business Administration, Ambrose Ali University, Ekpoma, Edo State, Nigeria, Nigeria

https://doi.org/10.36923/ijsser.v3i1.77

Issue
Vol. 3 No. 1 (2021)

Submitted
September 7, 2020

Published
March 30, 2021

Keywords:

Developing economies, Economic competitiveness, Innovation, Globalization, Developing Economies

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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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Authors

M. A. Obomeghie

Department of Statistics, Auchi Polytechnic, Auchi, Edo State, Nigeria.

https://orcid.org/0000-0001-5267-6799

maoisdg@yahoo.com (Primary Contact)

Ugbomhe O. Ugbomhe

Department of Business Administration, Ambrose Ali University, Ekpoma, Edo State, Nigeria

https://orcid.org/0000-0002-6232-1446

Author Biographies

M. A. Obomeghie, Department of Statistics, Auchi Polytechnic, Auchi, Edo State, Nigeria.

Dr Ugbumhe O. Ugbomhe is the Acting Head of Department of Business Administration, Faculty of Management Sciences, Ambrose Alli University, Ekpoma, Edo State, Nigeria. He received his doctoral degree in Management from Ebonyi State University Abakaliki, Nigeria. He lectures various courses in Business Administration and Management discipline at Undergraduate and Postgraduate levels.

Ugbomhe O. Ugbomhe, Department of Business Administration, Ambrose Ali University, Ekpoma, Edo State, Nigeria

Dr Muhammed Adamu Obomeghie is the Dean, School of Information and Communication Technology, Auchi Polytechnic, Nigeria. He received his doctoral degree in Economic Statistics from the International University Cameroun. He lectures Applied Econometrics and Socioeconomic Statistics at the Higher National Diploma level. His research interest includes Economics of Migration Economic modeling.

Obomeghie, M. A., & Ugbomhe, U. O. (2021). Globalization and Its Brunt on Nigeria Global Economic Competitiveness: The Need for Holistic and Dynamic Strategies . Innovation Journal of Social Sciences and Economic Review, 3(1), 1–06. https://doi.org/10.36923/ijsser.v3i1.77

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