Globalization and Small Businesses in Nigeria: Challenges and Prospects

GLOBALIZATION AND SMALL BUSINESSES IN NIGERIA: CHALLENGES AND PROSPECTS

Ejike Kenneth Agbiriogu (FCA, FCIT, ACCA)

Department of Management

Faculty of Management Sciences

University of Port Harcourt.

kagbiriogu@gmail.com

Prof. Edwinah Amah

Department of Management

Faculty of Management Sciences

University of Port Harcourt.

edwinah4christ@gmail.com

Abstract

This paper examines globalization’s effects on small businesses in Nigeria and the attendant challenges and prospects therein. Thus, the interdependence witnessed across the globe in the last two decades is attributable to globalization. However, stemming from technology, policy, and competition as well as domestic economies and the juggling of global market forces, conditions, and practices, according to the current assessment, Nigeria has not reaped the full benefits of globalisation because of its reliance on crude oil, inability to attract increased foreign investment, and massive indebtedness. But globalisation can be domesticated in the country through diversification of exports, debt reduction, and expanded development cooperation with other countries. The paper identifies a number of prospects and challenges of globalization. Some of the prospects include increased specialisation and efficiency, economies of scale in production, and increased global awareness. The challenges include the design of an appropriate framework to ensure that domestic monetary management is not impaired and that the domestic economy is not unduly destabilised owing to adverse developments in other parts of the world. It is therefore recommended that for Nigeria to benefit maximally from globalisation and escape from being marginalized, accountability and transparency must be enthroned through good governance and the application of market-friendly policies.

Keywords: Globalization, Small and Medium Enterprises, Challenges and Prospects.

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Agbiriogu, E.K & Amah, E. (2021). Globalization and Small Businesses in Nigeria: Challenges and Prospects. African Journal of Business and Economic Development, 1(12), pp73-79. Available online at: https://www.ijaar.org/articles/ajbed/v1n12/ajbed-v1n12-Dec21-p11223.pdf.

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