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Abstract
The wave of globalisation accompanied by its neo-liberal economic policy has effectuated economic growth and national development in developed countries. However, the application of these policies in developing countries such as Nigeria led to an increased level of socio-economic disparity and a stagnated process of national development. This study argues that Nigerian institutions are too weak to handle the process of globalisation. Also, the policies set aside to regulate the economy are not strong enough to deal with the demands and standards of globalisation. This study analyses the negative impact of globalisation and its implication on Nigeria’s national development some of which includes unemployment, brain drain syndrome, crippled taxation system and the prescribed policies by international financial institutions. The study adopted dependency theory. Dependency theory is a perspective associated with Paul Prebisch and Hans Singer. This theory aims to investigate why underdevelopment persists in some countries. While most scholars would argue that underdevelopment is as a result of countries pursuing bad economic policies, or the presence of authoritarian regimes and corrupt leaders, Dependency theorist argues that the way in which periphery countries integrates into the global economy and the inequality in international system has hampered on the growth of underdeveloped The conclusion is that schemes like privatization and commercialization, a key ingredient of globalization, limited government, trade liberalization, activities of multi-national companies, Bretton woods prescription of non-subsidy economy, etc., are not helping the Nigerian nation. The answer is that Nigeria should not swallow the pill of globalization, hook, line and sinker but understand the dynamics that will help evolve measures that will reduce it devastating effects. This study strongly suggests the following panacea to handling the scourge of globalization in Nigeria.. Nigeria should limit it’s over dependence on Western powers. (Tendon 1988), (Amin 1987, 1990) cited in (Awoselu, et al 2002) have suggested the subordination of external relations to the logic of internal development. Key words; globalization, Economy, Nigerian Economy.