GLOBALIZATION AND NIGERIAN SOVEREIGNTY

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GLOBALIZATION AND NIGERIAN SOVEREIGNTY

Chapter one

1.1 Introduction.

“Globalisation represents the reality that we live in a time when the walls of Sovereignty are no protection against the movements of capital, labour, information and ideas nor can they provide effective protection against harm and damage” (Higgins, 1999, p. 1).

Judge Rosalyn Higgins, the former president of the International Court of Justice, makes a controversial statement about the future of global governance. Many people believe that globalisation would undermine or remove national sovereignty.

The conventional account identifies at least three ways in which globalisation has influenced sovereignty. First, the rise of international commerce and capital markets has impacted nation-states’ ability to govern their own economies.

Second, national governments have responded by delegating authority to international organisations. Third, a “new” international law, fueled in part by these

Organisations have set restrictions on the independent implementation of domestic policies.

This event has put Nigeria’s sovereignty under significant threat. However, the erosion of national sovereignty is neither inevitable nor clearly desirable; nation-states (Nigeria) uphold the current global system.

Sovereignty enables nation-states to protect democratic decision-making, individual liberties, and international collaboration.

The new international law, the rise of international commerce and capital markets, and the authority of international organisations drove Nigerian Sovereignty to cooperate and adhere to globalisation principles.

across fact, during the last few decades, globalisation has become a common term across a wide spectrum of scholarly and popular discourses.

It is a metaphor that has been used to characterise practically every element of current life, from the sophisticated machinations of contemporary capitalism, to the erosion of the nation-state structure, and the emergence of

International organisations and collaboration, the challenge posed by global culture to local culture and tradition, and the communications revolutions brought about by new technologies such as the internet, the terms appear to reflect a genuine sense of the changes that have reshaped the world.

It is vital to note that, while globalisation relates to the present, the phenomena described are far from recent. For example, there has been talk regarding the potential of a worldwide economic order or system, as well as a world culture or literature.

Smith (1976) characterises the global feature of western capitalist form as “mutual communication of knowledge” and “an extensive commerce from all countries to all countries that would be of benefit to all parts of the world” in Wealth of Nations.

The International Monetary Fund (IMF) defines globalisation as the fast integration of economies around the world through trade, financial flows, technological spillover, information networks, and cross-cultural currents.

The World Bank, for its part, claims that it is about the increasingly interconnected and interdependent world, as well as international trade, investment, and finance, which have grown significantly faster than national income.

It’s all about technology, which has already revolutionised our ability to communicate in ways that were unfathomable years ago. It’s all about the global environment, communicable diseases, crime, violence, and terrorism. It is all about workers from all countries realising their full potential and supporting their families and the jobs provided by increasing economic integration.

However, it is critical to note that the ideas underlying his concept are extremely dangerous for Nigeria as a third-world country. This is because participation in any international affair in this new world order is justice, similar to a wrestling competition in which the stronger will always show the weaker one way out of the ring, either by life or death.

1.2 Statement of the Research Problem

Globalisation has a significant impact on Nigeria’s politics, economy, society, and culture. Its operations have crippled the economy, as globalisation influences the pricing of Nigerian commodities in the worldwide market.

Nigeria needs to progress, but due to extensive influence by foreign powers through globalisation operations within Nigeria’s geographical bounds (Giddens, 1999).

Nigeria as a state lacks the sovereign power to control its economy due to a lack of good governance by Nigerian leaders, a lack of control over MNCs, reliance on technological aspects,

reliance on foreign powers’ economies, political aspects, and foreign aid, all of which have resulted in the country’s indebtedness. As a result, it must be regulated by the capitalist economy via the phrase globalisation (Miller, 2003).

Similarly, as a result of globalisation, the capitalist economy has left Nigeria in a state of perplexity about how to run our country’s political affairs, causing political disturbance and rendering Nigeria’s political and economic systems ineffective and inefficient.

Globalization’s major role is to promote capitalist accumulation by providing consistent and low-cost raw material supplies as well as growing markets for completed goods from capitalist economies. As a result, the purpose of this research is to investigate how globalisation undermines Nigerian sovereignty.

1.3 Aim and Objectives of the Study

i. Examine the nature of globalisation in Nigeria.

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