History Of Globalization Of NIGERIA Free Essay Example, 1000 words

This movement at first was multiethnic, although it was bound in the South in the period 1930-1944, a time when the actual incomes of most participants in the money economy of Nigeria fell due to deterioration in the net terms of barter trade. During this period, the Great Depression reduced Britain’s imports, investments, and spending in Nigeria. It was not until in the 1970s that Nigeria started participating in the second global economy. It has maintained being a major participant in the International oil industry from the 1970s. Nigeria also maintains association with the Organization of the Petroleum Exporting Countries (OPEC), an association that it joined in 1971. Its status as a key petroleum producer reflects highly in its international relations with both developing countries like Jamaica, Ghana, and Kenya and developed nations such as China and the United States. For more than five years now, Nigeria has been a minor player in the global emerging equities markets, bonds, and loan syndications. Its external funding using this private sources especially loan syndications was approximately less than partially a billion dollar per annum. We will write a custom essay sample on History Of Globalization Of NIGERIA or any topic specifically for you Only $17.96 $11.86/pageorder now Nigeria got 0.5% of GDP in external financing. Its low access to such resources of external funding was due to global credit rating that rendered Nigeria non-creditworthy. This country was rated BB in 2005 for the first time. Nigeria could have been an active capital exporter for the last 30 years if it was stable politically. It is precisely known that capital from Sub-Saharan Africa and Nigeria has been enormous over the last three decades (Bernholz 109). After the Second World War, Nigeria experienced some political and economic systems that have been the major causes of economic decline. In the 1990s, the military regime caused bad governance and political instability. Prolonged military rule led to political and economic decline and stagnation (Ihonvbere 45). However, the beginning of the elected regime in the early 21st century after about 30years of military rule has enabled Nigeria to arrest the decline in her socio-economic growth and focus on economic revival. The end of the military regime, the arrival of an elected civilian management, the renovated national commitment to the country’s development combined with the nation’s human and natural endowments offer a basis for optimism that these regimes will be successful in the attempt to attract foreign investment to speed up the process of reviving global economy in Nigeria.