The changing direction of the global economic system through greater cooperation among nations is today very fundamental and unprecedented. Such changes are profound in international trade and global production, development of huge financial markets and the methods in which firms conduct overseas business. This paper, though partially descriptive and empirical, examines the effect of the multinational corporations as agents of globalization on the economic development of African countries in the recent past. The paper expresses the view that the structural nature most African economies and some institutional factors therein are strong indices against tapping the full impact of global economic integration arising from multinational corporations. The paper further posits that genuine and practicable reforms involving diversification of the continent’s economies away from monocultural export inclination will enhance export and foreign exchange earnings for accelerated economic development. The paper concludes that, in spite of critical positions for and against the multinational corporations, the world and, indeed, the Nigerian and other African economies stand to benefit from their positive contributions. Hence, the power of globalization, rather than being destroyed, should be channelled and harnessed for the benefit of the African continent and global human society.