History Of Globalization Of NIGERIA - Essay Example

Prior to 1986, economic 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 foreign investors (Heaton and Toyin 1). A striking degree of international integration in trade was accomplished years back before the World War I. However, this global economy collapsed in the era between the two World Wars.

The proportion of trade to overall output that was accomplished by industrial nations in 1913 was not reached 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 and 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 handle 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 country’s 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