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Nigeria Journal of Management Sciences (NJMS), Benue State University

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Comparative Analysis of the Long Run Effects of Economic, Political and Social-cultural Globalization on Nigeria's Economic Growth

1Akomen Hillary ISIKHUEMEN2Oziengbe Scott AIGHEYISI3Judith Omon ISEGHOHI
1Department of Economics and Development Studies, Igbinedion University, Okada, Edo State, Nigeria.
2 &3Department of Economics, University of Benin, Benin City, Nigeria. Corresponding Author: Oziengbe Scott AIGHEYISI


Abstract

The paper examines the long run effects of economic, political and social dimensions of globalization on economic growth in Nigeria. Annual time series data spanning the period from 1070 to 2014 were analysed with the bounds test approach to cointegration and fully modified ordinary least squares analyses. The study finds significant positive effect of economic globalization on economic growth, and significant negative effect of political globalization on economic growth. The growth effect of social globalization is found to be positive, but not statistically significant. Based on the evidence, the paper recommends greater but cautious integration of Nigeria economy with the global market for goods, services and finance and a comprehensive review of the nation's current membership of international organizations and bilateral and multilateral agreements with a view to pulling out of the ones that are not favorable to her economic growth.

Keywords: Economic Globalization, Political Globalization, Social Globalization, Economic Growth.

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