Impact Of Globalization In Nigeria
Nigeria’s history of engagement with international markets
Globalization is central to understanding the Nigeria story, but it’s not a product of the 1970s or of Big Oil. The history of globalization and its local meanings run much deeper, and in some profound way are very much wrapped up — specifically for the Niger Delta — with a popular consciousness of the longue durée of the region’s incorporation into a world market.
Nigeria has been part of global markets for 500 years, a history captured in Bonny Island itself which links Bonny to the Atlantic Ocean.
A century ago those tankers would have been steamships coming for palm oil, which was critical for lubricants and soaps in an emerging industrial economy. From the mid-19th century throughout the colonial period, the Niger Delta was the heart of the global palm oil …show more content…
Globalization affects the Nigerian economy. The oil companies especially SHELL oil became powerfull through the globalization process. Local industries collapse due to the population demands of european goods. America is known as one of the leading country in the world and this status largely influence the population demands on third world country. In addition, the media played a great role to the population socialization. It decreases considerably the population standard of living which is the reason why the IMF took the control of the economy.
The first exports left Nigeria for London in 1958. So we’re marking a half-century of oil and gas activities in Nigeria. Oil became economically significant almost precisely at the time Nigeria became independent from Britain in 1960. In a sense, then, the history of post-colonial Nigeria is the history of oil and gas in the country. And yet it’s been a period of, without being too dramatic, unremitting political and economic failure and wasted