Globalization and Paradoxical Position Of Africa In The World Economy

Abstract

Globalization as the process of intensification of economic, political, social and cultural relations across international boundaries aimed at the transcendental homogenization of political and socio-economic order across the globe. Theoretically, it is expected that such interactions would bring about mutual benefit, halt economic injustice and engender a new economic and political order in the world. However, in the political economy of nation-states, its impact has been a mixed bag of the good, the bad and the ugly. Within the framework of dependency and structural theories of imperialism, an eclectic approach, the paper argued that the position of Africa in world economy is that of a paradox. While there is increasing world involvement in the African economy, there is at the same time a decreasing economic importance of Africa. By virtue of their dependent economy, globalization as presently pursued has brought about more penetration of African markets without corresponding increase in investment and job creation. It concludes that Africa and by implication Nigeria, will continue to be exploited by the developed countries without hope of coming out of vicious circle of poverty and underdevelopment unless conscious efforts are made to look inward through self-reliant and nationalist policies and programmes of development.