Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 361

Full Length Research Paper

Globalization and economic security in Nigeria: A reflection of the Nigerian manufacturing sector performance (1981 -2010)

Ogunyomi, Oluwatosin Olatunji*, Jenrola, Oladapo .A. and Daisi, Olusegun Richard
General Studies Department, Lagos State Polytechnic, Ikorodu, Lagos, Nigeria.
Email: [email protected]

  •  Accepted: 11 September 2013
  •  Published: 31 October 2013

Abstract

This study empirically investigated the impact of globalization on economic security, with a reflection of the performance of the Nigerian manufacturing sector, using co-integration and error correction mechanism (ECM) techniques with annual time series covering the period between 1981 and 2010. The findings revealed that globalization has negative impact on the performance of the Nigerian manufacturing sector in the long run but positive effects in the short run. Therefore, it is recommended that since Nigeria cannot cease from participating in the globalization exercise, the Government and other policymakers should adopt a proactive and appropriate policy mix in economic, fiscal, monetary, political, institutional and risk management frameworks, in order to harness and maximize gains of globalization while minimizing the uncertainty shocks to the Nigerian economy.

Key words: Globalization, economic security, co-integration and error correction model (ECM).