WORLD TRADE ORGANISATION (WTO): THE IMPACT OF SOCIAL AND ECONOMIC DIMENSIONS OF GLOBALISATION IN NIGERIA

Abstract Globalisation offers greater opportunity for countries to tap into more and larger markets around the world. It permeates geographical parameters and affects every aspect of human life at every level of development. Behind globalisation processes are the World Trade Organisation (WTO) and other global Multinational Institutions, whose interest is profit maximisation. Nigeria is a country endowed with abundant raw materials, human and natural resources which, with the application of appropriate technology and production processes, will be a decisive global economic player. However, high poverty rate, low industrial development, primitive agricultural methods, increasing decay of institutional and regulatory frameworks, corruption, political instability and erratic power supply, etc, have characterised the country. While globalisation opens the door of new array of economic opportunities for Nigeria, it does appear to have some costs as well. It concludes that globalisation portrays a culture of dominance by developed countries and developing countries may not be able to resist the forces of globalisation.