Impact of Global Capitalism on the Environment of Developing Economies: The Case of Nigeria

Abstract

Globalization may have generated gains in some countries of the world; it is nevertheless associated with increased insolvency, inequalities, work insecurities, weak institutions, and corrosion of established values. Against this backdrop, the paper takes a cursory look at the global flow of capital and how it has impacted the Nigerian economy. It posit that the system of global governance is not consistent with the objective of the domestic economy given that globalization results in the weakening of state capacity through dominance of the transnational flow of capital and investment. Hence, the transnational network of production and services is orchestrated beyond the regulation of policies of domestic countries. Consequently this paper offers recommendations on how the Nigerian economy should develop in order to keep pace with globalization. These include developing local technology, promoting domestic industry and manufacture of goods for exports as well as managing domestic affairs free from extraneous foreign intrusion.