ABSTRACT
The study focused on the impact of globalization on Nigerian Business. Specifically, the study sought to empirically examining the prospects and challenges of globalization on Nigerian Business. A survey research design was adopted and the population of the study were drawn from businesses situated around the ugbowo campus axis of the university of Benin, Benin city, Edo state. A sample of size of 100 respondents which comprises businesses, shops, and stalls around the region were randomly selected. The study adopted the use of structured Questionnaires, tailored towards the objectives of the research, in obtaining data and responses from the respondents. Research questions were raised and hypothesis generated to guide the conduct of the research; and the Data obtained from the respondents were retrieved and analyzed using Descriptive statistics, mean frequency, Linear Regression models, Analysis of Variance (ANOVA), and Independent t-test through the Statistical package for Social Sciences (SPSS). Findings obtained from the study indicates that, Globalization exerts both positive and negative influences on businesses on Nigeria by providing a vast variety of opportunities and threats. The study also note that the major challenges encountered by Nigerian businesses in growing a global outlook includes but not limited to Limited access to finance, Lack of incentives from government, Regulatory hurdles, and Inadequate market information, amongst others. Based on the findings, the study recommends that; Businesses must learn to adapt to the pressures of globalization by endeavoring to maximize the opportunities, while minimizing the threats. This end could be achieved through constant monitoring of the business environment, and keeping tabs with trends in the market environment. It was also suggested that government should provide adequate incentive to business in order to ensure their continued survival, and growth.
