Abstract
The major aim of the study was to determine the effect of globalization on the socio-economic transformations in Nigeria. In an attempt to achieve the aim of the study, we applied both descriptive and quantitative statistics. Our empirical results show there is causal relationship between Employment, Life expectancy at birth, Nigeria Poverty Index and Gross Domestic Product and Export, Import, Remittances and Foreign Direct Investment. All the results were statistically significant, which means that the inflows of Export, Import, Remittances and Foreign Direct Investment are contributing to the development of socio-economic development in Nigeria in the area of employment, health, education, reduction in poverty.
Globalization has brought not just many challenges like unfair trade policies, loss of cultural identity, terrorism, and drug trafficking, money laundering, and other form of crimes, and ‘brain drain’ but also it has opened doors for the country to benefit through exports and imports of goods and services, technology transfer, inflows of foreign investments and remittances.
Whether Nigeria like it or not globalization has come to stay, the most important thing is for Nigeria to prepare to fully utilize the benefits and opportunities of worldwide interconnectedness by efficiently exploiting its
enormous resources for national development. With effective and efficient resource utilization, sound monetary and fiscal policies, institutional reforms and investments in education and agricultural sector of the economy, Nigeria can witness accelerated socio-economic development.
