Globalization, Inequalities, and Dependence: The role of International Institutions in Nigeria.

Abstract

Globalization is a multidimensional phenomenon with socio-economic, political and cultural aspects. Sovereign states are integrated into a global system, making them interdependent and borderless, but with conditionality that exacerbates the economics of the third world countries. The Bretton woods institutions, as major instruments of globalization help to condition the weaker economics of Borrower countries and trade related activities of developing countries. The west have always highlighted the Asian tigers as the ideal model for developing countries to adopt, but it is unarguably obvious, the contemporary global system does not grant concessions, as the opportuni????es that were available to the Asian tigers have since faded away. This all-encompassing process of globalization, breeds exploitation, inequality, and maximizes the gains of the developed economies in the process. This paper “Globalization, inequalities and dependence: the role of international institutions on Nigeria”, is an overview of the globalization process and the perceived insurmountable obstacles to the development of developing countries. There are benefits accompanying this process, but these benefits are unevenly distributed, especially for countries of African descent. Nigeria is a victim of this process as the process inhibits enduring development, hence the need for internal restructuring, to explore all alternative means to put Nigeria on the part of economic recovery and development in the prevailing world of globalization. Since delinking is out of the way, what are the possible op????ons available for Nigeria? Nigeria should put in place legisla????ons that can bar her from accessing foreign loans and maintain strict import regulations.