Benefits of Globalization:

At this juncture, it is essential to discuss a few of the advantages that come with globalisation,
as well as the ways in which it influences enterprises on a local, national, and even worldwide
scale:

Access to New Cultures: The process of inculturation becomes feasible as a result of

globalisation. It is becoming less difficult to interact with the cultures of other countries
without experiencing the same level of discomfort associated with cultural trespassing or
invasion. Therefore, partaking in the cuisine, music, and arts of other nations is made more
simpler, and as a result, unity is fostered either directly or indirectly. If this happens, people
in Africa will be able to taste Thai cuisine, people in the UK will be able to stream music
from Africa and enjoy it, and so on (Velocityglobal, 2020).

The Propagation of Technology and Innovation Knowledge and technical breakthroughs

move at a faster rate around the world as a result of globalisation, which brings nations closer
together. And the globe becomes a more unified hub as a result, leveraging the information
that is shared to overcome challenges that are shared globally (Velocityglobal, 2020).

Customers have access to a greater number of options, in addition to lower pricing for items,
as a direct result of the rise in the number of international competitors in each market. In
essence, businesses look for less expensive methods to sell their goods, and this, in turn,
assists consumers, particularly those living in poor nations, in living a life that is more
standardised at a cost that is more affordable (Velocityglobal, 2020).

When we talk about living a more standardised life, it is essential to mention that the rise in
the quality of living in developing nations is a direct result of globalisation. This is an
important fact to keep in mind since it is directly attributable to this phenomenon. According
to research that was conducted by the World Bank, the level of global poverty has decreased
by an astounding 35% since 1990. In addition, the Millennium Development Goal, which
aimed to reduce the rate of poverty by fifty percent by the end of the year 2015, was
completed five years ahead of schedule. In addition, over 1.1 billion individuals have been
lifted out of the lowest rungs of poverty as a result of this process (Velocityglobal, 2020).
Access to New Markets: This is likely the advantage of globalisation that is most important in
this context. As a consequence of globalisation, a variety of income streams have formed
across nations and continents. This has led to an increase in international employment;
specifically, it is now simpler for International Professional Employer Organizations (PEOs)
to recruit workers from a variety of countries in a productive manner, which removes the
burden of having to establish a foreign entity in order to expand operations in other countries
(Velocityglobal, 2020).

Access to New Talent Much like the previous point, globalisation has made it easier for
businesses to find and recruit specialised and new talents that are not within their local
market. This is due to the fact that globalisation has made it easier for companies to find and
recruit workers from other countries. In a nutshell, it has never been simpler to bring in
outside assistance from other countries when you either don't have the necessary skills
yourself or are searching for novel ideas and viewpoints (Velocityglobal, 2020).

The Example of Nigeria Globalization has had the same effect on Nigeria as it has had on
every other country and region in the globe. It is indisputable that Nigeria is now a participant
in the global economic system as a direct result of globalisation. This is an appropriate
development given that a nation of Nigeria's size stands to gain significantly more from
globalisation than it could ever stand to lose, assuming that all other factors remain
unchanged (Orga, 2012). According to Orga's findings, the pace of globalisation quickened in
Nigeria when the country's government shifted its policy from one of trade and exchange
restrictions to one of economic liberalisation in 1986. (Orga, 2012).
In addition, given that Nigeria is a nation that is largely reliant on foreign trade, it is not out
of place to measure and analyse the degree to which the economy of Nigeria is open and the
relationship of its international financial markets to the economies of the rest of the world.
This is because Nigeria is a country that is largely dependent on external trade. To do this,
one may make use of the proportion of total commerce that constitutes total output or gross
domestic product (GDP) (Orga, 2012). As a consequence of this, Orga says that Nigeria's
economy saw increasing openness between the years 1986 and 1987, which led to a rise from
0.21 to 0.64 in the country's total GDP during this time period (Orga, 2012). In 1988, there
was a marginal fall to the value of 0.63. This was because of how well the Structural
Adjustment Program, which had been running since 1986, had been doing (Orga, 2012).
However, in 1970, the openness index grew up to 0.70 in 1990. Later, in 1995, a significant
amount of progress was recorded, and the index rose to up to 16.5, and then 18.80 in 1997. In
1997, the index reached its highest point since it had reached up to 0.70 in 1990. These were
the glory years, when the index saw a precipitous drop to 14.08 in 1998, marking the
beginning of a long downward trend. This reduction was due to a fall in imports and exports
the previous year, which occurred in the preceding year (Orga, 2012).
Over the course of the last several years, Nigeria's economy has grown more receptive to
globalisation. Despite growth, however, its percentage of total global commerce has remained
at a relatively modest level. According to the findings of Orga, "the proportion of Nigeria's
exports in total global expol-1 was below 1 per cent throughout the period 1970 to 1998, with
the exception of 1974, 1976, 1977, 1979, and 1980, when 1.1, 1.1, 1.1, and 1.4 per cent were
reported, respectively" (Orga, 2012).

Fig 1.: Nigeria Social Globalization – data, chart| TheGlobalEconomy.com

Fig. 2. Nigeria Trade Openness – data, chart| TheGlobalEconomy.com

Nigeria: Interaction of leading Globalization Indicators on Real GDP per Capita (1980-2012)

In spite of these figures and degrees of openness, Nigeria's domestic financial markets have
remained undeveloped, and the country's pace of economic development has lagged far
below the per capita average. Because of the chaotic state of the Nigerian domestic market,
there has been a failure to properly organise the emigration and immigration of capital, which
to a large extent determines how well an economy performs on the global stage. This has also
had an effect on the integration of the labour market (Orga 2012). In addition, a significant
number of Nigerians who possess specialised knowledge and abilities have left their country
and settled in other areas of Africa and the globe in general. Even though this is not unique to
Nigeria and occurs in other parts of the world as well, the situation in Nigeria is unique due to
the fact that there is a shortage of personnel with specialised skills in the country, but these
individuals have been compelled to leave the country in search of opportunities that are more
favourable, while Nigeria, in its disorganised state, has continued to be in need of these
individuals (Orga 2012). Therefore, while many other nations let go of their excess of highly
trained employees, Nigeria is forced to let go of the ones it already has without any new
recruits to take their place. This might be considered one of the drawbacks of globalisation in
Nigeria.

Therefore, directives need to be put in place to ensure that human capital is developed, and a
corridor to decode the multitude of relevant information that is available for global
integration needs to have its width increased so that it can be used. These steps are necessary
for Nigeria to reap the benefits of globalisation. In essence, advancements in information
technology and global trends need to take place at the same time. Even more importantly,
openness, improved governance, and accountability need to be fostered in order to develop an
economy that is thriving and competitive in Nigeria (Orga 2012).