The paper examine the ways in which globalization of Africa`s social and political economy is impacting on African development project. It explores the local-national-global nexus as an element of the changing face of the international political economy. The study first deals with the conceptual issues, and settles the question of how globalisation is affecting African development as well as Africa`s response to it. Afterwards, it was burdened by Africa`s intercourse with the Multinational Corporations, where Transnational corporations as international intervention agencies within and outside Africa are placed on the beam, with the intention to critically appraise and establish who in the transaction, is losing what? And who is gaining what? In the light of crisis of development in Africa, how has this bargain undermined or reinforced African development agenda? The crux of the paper addresses why changes ushered in by the forces of globalization is not mitigating African developmental challenges. Conclusively, the study captures the import of the transformations occurring in Africa`s social formation, and the prospects for the future, bearing in mind the possibilities and obstacles thrown up by these changes.
Key words: Globalization, development challenges, intervention agencies, African response, African development.
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