DOI: https://doi.org/10.36347/sjebm.2026.v13i01.002

Pages: 8-13

Nigeria has been consistently plunged into economic recessions in recent times, and the quick way out of this is to diversify the economy, especially in the areas of the non-oil sector, youth development and empowerment, improved and mechanized agriculture/farming, as well as opening the economy to the world for the attraction of foreign direct investment. Accordingly, the main objective of this study is to investigate the impact of globalization on economic development in Nigeria. The study employed annual time series data. Economic development was measured by per capita gross domestic product, while the globalization index served as a proxy for economic globalization. The ordinary least squares econometric technique was used to establish the nexus between globalization and economic development in Nigeria. The findings revealed a positive and significant relationship between globalization and economic development in the estimated model. The study recommends that; the Nigerian economy should be diversified from crude oil and there should be prudent government spending and conducive and enabling environment for both the growth of other important sectors and improved domestic investment as strategies to give Nigeria a stand in the competitive global market; human capital development should be encouraged and hence avoid persistent brain drain to launch the country into the global village; and government should endeavor to maintain a stable and favorable macroeconomic policy that will drive domestic investment in the economy and this will make doing business in Nigeria a success towards a more vibrant globalized economy.