Globalisation constitute a mega trend in global political economy and has assumed a new phase in contemporary international economic relations: Given the emergent socio-political and economic transformation as well as the technological advancement in communication, information, transformation etc, the process seems to be irreversible. Nation states have indeed consistently intensified efforts towards, engaging in business across national borders and constructing production and distribution networks on a global scale. Thus, the world today is a ‘global village’ given the unprecedented level of interconnectedness of political, economic, social and technological forces that permeate contemporary system. The thrust of this paper is the existence of a global environment that is deeply embedded in interdependency and the necessity for Nigeria to minimise the adverse effects of globalisation while harnessing whatever its benefits for national development. Following the introduction, the paper examines the phenomenon of globalisation and the multidimensionality of its conceptual usages. It then provides an overview of the major contrasting paradigms that underpin discussions on globalisation. This is followed by the analysis of the powerful forces that propel globalisation in contemporary world environment. It also discusses that the current globalisation poses for Nigeria.