History Of Globalization Of NIGERIA Essay Example | Topics and Well Written Essays - 1000 words

History Of Globalization Of NIGERIA - Essay ExamplePrior to 1986, frugal governments were regulated and Nigeria pursued expansionary monetary and fiscal policies in its development attempts. These issues were worsened by corruption and political instability. Consequently, investment choices were deformed, thus eroding the confidence of abroad investors (Heaton and Toyin 1).A striking degree of inter field integration in trade was accomplished years back before the World War I. However, this global frugality collapsed in the era between the two World Wars. The proportion of trade to over only output that was accomplished by industrial nations in 1913 was not reached once again up to the early 1970s. Having said that the first global economy took place before the First World War is a clear indication that Nigeria did not take part in this global economy. Its economy in the 1800s was entirely self-insufficient and traditional. The economic system of Nigeria relied on batter trade an d gave little or no vacuum for capital accumulation.Violence was the key weapon used in the incorporation of Nigeria into the typical global capitalist economy. Levels of violence included physical, structural, and psychological violence, all that led Nigeria into pitiable and dreadful conditions. This drained both non-material and material resources of the country, thus making Nigeria adopt dependent capitalism in the early 19th century.To clutches the poor condition in the global economy in Nigeria, the oil boom explained the shift from agricultural production to non-oil products for export, to petroleum, service, and construction industries. This move accounted for the countrys dependence on one commodity, as the major source of foreign revenue.British rule worsened differences of religion, community, and class in Nigeria. In the 1930s, there emerged national movements that were spearheaded by upcoming elites of business professionals and business people, who