IMPACT OF GLOBALIZATION ON NIGERIA’S ECONOMIC GROWTH: 1970 - 2020

Abstract

This study explores the impact of globalization via economic openness on economic growth in Nigeria from 1970 to 2020 using the Error Correction Model (ECM). Globalization was captured using export, import and foreign direct investment, while economic growth was captured using the gross domestic product. The empirical result revealed that export and foreign direct investment have a statistically significant impact on Nigeria’s economic growth, while import has negative and statistically significant impact on Nigeria’s economic growth. Based on the findings, the study recommends diversification of export, practicing of import substitution and promotion of economic openness through financial development.