Global Journal of Commerce & Management Perspective
Open Access

Abstract

An Analysis of Globalization on Some Macro Economic Variables in Nigeria

Oladimeji, Moruff Sanjo Muse, Sulaimon Adigun and Yusuff Modupe Ololade

Globalization as a universal phenomenon has enjoyed a tremendous spotlight in the academic communities such that it has become an acceptable vocabulary world wide. Most scholars, if not all from the developed countries have often recommended globalization as one process that can lift the developing countries in Africa, Asia and Latin America. This study further investigates the factors that are assumed to be determinants of economic development in Nigeria using a 47 years annualized data from 1965-2011. The factors investigated are macro economic variables such external reserves, inflation rate, foreign exchange and Balance of Payment (BOP) taken as independent variables while by Gross Domestic Product (GDP), is the dependent variable. For this purpose, a model was formulated. The model was regressed using the least square method. Secondary source of data got from the CBN Annual Reports and Accounts, and Statistical Bulletins was used. The results got from the data analyzed shows that there is a significant relationship between globalization and macro-economic variables selected in Nigeria.