THE IMPACT OF GLOBALIZATION ON ECONOMIC GROWTH IN NIGERIA
Abstract
This study examined the relationship between globalization and economic growth in Nigeria over the
period 1981–2024. The study was motivated by the integration of the Nigerian economy into the global
system through international trade, foreign investment, exchange rate movements and information and
communication technology. The study adopted an ex-post facto research design and employed annual
data during the period. Economic growth was measured by real gross domestic product, while trade
openness, foreign direct investment, exchange rate and information and communication technology
were used as explanatory variables. The data were analysed using parsimonious Error Correction
Model (ECM). The parsimonious ECM results revealed that trade openness had a positive and
statistically significant effect on economic growth. Foreign direct investment also exerted a positive
and statistically significant effect on economic growth. Exchange rate had a negative but statistically
insignificant effect at the 5% level, while information and communication technology had a negative
and statistically significant effect on economic growth. The study concluded that globalization has
mixed effects on economic growth in Nigeria, with trade openness and foreign direct investment
supporting growth, while ICT exhibited a negative effect and exchange rate was statistically
insignificant. The study recommends that government should promote productive trade openness,
attract foreign direct investment, pursue policies that support exchange rate stability, and improve ICT
infrastructure, affordability and digital skills to strengthen the contribution of globalization to
economic growth.
This article is available as a PDF download
Published in Wellspring University Journal of Social and Management Sciences
ISSN: 2616-1296
This article appears in our peer-reviewed academic journal
View JournalRelated Articles
Explore similar research in our collection
ARTIFICIAL INTELLIGENCE-ENABLED HUMAN RESOURCE MANAGEMENT, EMPLOYEE TRUST, AND WORKFORCE CAPABILITY: THE MEDIATING ROLE OF DIGITAL HR COMPLIANCE
EMEKA ALEX AKWAEZE, PhD, UMELUE OGOCHUKWU GLORIA, PhD, UME EUCHARIA CHIBUZO, PhD, UKODHIKO JONATHAN AJIRIOGHENE (MHR), JUDE NWABUGWU OHAJA
Oct 15, 2026
This study examined the relationship between Artificial Intelligence in Human Resource Management (...
View ArticleSECURING NIGERIA BLUE ECONOMY: A MILITARY-CIVILIAN LOGISTICS FRAMEWORK FOR THE GULF OF GUINEA
NWOLOZIRI, CHINYEAKA NWOKODI, CHARLES ADOKIYE PRECIOUS, TIMOTHY IDIAGHE
Sep 29, 2026
Maritime insecurity remains a critical challenge to Nigeria Blue Economy development and operational...
View ArticleWINDOW DRESSING PRACTICES AND THE FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS COMPANIES IN NIGERIA
PHILIP OSEMUDIAMEN OGBOLE (PhD), DANIEL DANIEL MONDAY
Sep 2, 2026
The study examined the effect of window dressing on financial performance in listed industrial goods...
View Article