Globalization and Industrial Development: The Nigerian Perspective

Nigeria like many other developing countries' eagerness to accelerate socio-economic development has prompted her to adopt several approaches over the years since independence. These have ranged from the import substitution scheme, the indigenisation policy, and structural adjustment programme to the national economic empowerment development strategy. Nigeria has sought to widen her economic base by engaging in increased cross-border trade and investment activities. This is with a view to spurring the process of industrialization and ultimately lowering the level of poverty in the country. This has led to the formulation of various industrial policies and processes, all geared towards integration into the world economy. Using secondary sources, this paper seeks to analyze Nigeria's journey towards industrial development especially within the context of globalization. It concludes by explaining the impact of the new economic paradigm on the country's quest to industrialize and recommends alternative path towards development and growth.