Harnessing the Benefits of Globalization for Development of Local Economy

Harnessing the Benefits of Globalization for Development of Local Economy

Author by Dr. Andy Okwu

Journal/Publisher: Ppcss International Journal Series

Volume/Edition: 1

Language: English

Pages: 218 - 232

Abstract

Fundamental and unprecedented positive change of direction has been recorded in the global economic system in recent times. Economic and business environment has witnessed momentous and break-taking changes as the world rapidly becomes a global village, geographical distance is no longer as relevant as it used to be prior to the 1990s in terms of business and economic relations between economic agents. These have engendered wholesome cooperation and integration among nations. It is our view in this paper that the Nigerian economy is yet to tap deep into the benefits of global economic integration inherent in globalisation, especially in the areas of boosting domestic activities in the non-oil export sector. We posit that harnessing the benefits of globalisation requires appropriate policies, among other things, to the advantage of this sector. This will not only diversify the local economy but also expand the export base, access to the global markets and enhance growth and development of the economy. Consequently, the paper suggests possible avenues to harnessing the benefits for greater integration into the new wave global order


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