Nineteenth International Conference on Interdisciplinary Social Sciences

Abstract

Globalization is a complicated phenomenon that has attracted scholarly critique. Particularly, some African scholars argue that globalization is the third phase of colonization, while the trans-Atlantic slave trade and colonialism are the first and second phases, respectively. Although Africa is blessed with both natural and human resources, unfortunately, these resources are grossly underutilized due to some self-induced factors as well as the forces of inevitable globalization. Globalization in its current form is viewed in the Western world as a positive influence on the economic development of underdeveloped and developing countries. However, this claim about the benefits brought to developing countries has been frequently disputed. This paper, therefore, argues that, although globalization presents many opportunities, it also exposes developing countries to many new challenges as well. A qualitative approach is employed for this study. To achieve the above objectives, this study adopts the method of content analysis of relevant existing literature, materials, documentaries, and news reports to draw conclusions based on the researchers’ scope of interest. This study concludes that if necessary measures are not put in place, Nigeria will continue to experience the globalization of poverty rather than prosperity. Workable recommendations as remedial strategies for developing countries to key into the globalization process in our contemporary global economy are suggested.