Title:
GLOBAL ECONOMY AND NIGERIA’S DEVELOPMENT CHALLENGES: CENTRE PERIPHERY MODEL REVISITED

Authors:
Deborah, O. Obi ,Dominic Chukwuemeka Onyejegbu ,Leo-Nnoli, Tobechukwu C. and *Casmir Chukwuka Mbaegbu ,Nigeria

Abstract:
The 21st century more than ever before belongs to globalization, as people, goods, services and capital flows freely across and within boundaries of nation states. The development of any nation states is predetermined by the role it plays and the class it belongs in the global economy. The economically advanced countries use multilateral economic and financial institutions to organize a ‘deregulated’ global system of economic relations between and among state actors and nonstate actors. The removal of state controls and the decline of statism have been proven to be more influential in global politics, culture, economy and even more fundamentally, the challenges that come with it. The question, whither Nigeria in internal and global socio-economic development becomes apt. The integration, continuation and intensification, of Nigeria into and dependence upon the global economy have profound implications for its future political economy and development. Despite all the development plans by the Nigerian government, a lot of setbacks have been encountered in the developmental process. This paper interrogates Nigeria’s developmental challenges as part of the global political economy. This study appropriated qualitative research method through textual analysis to contend that crises of development in Nigeria are undermined by exogenous-endogenous factors. We recommend, among others for total transmogrification of Nigeria’s human and technological development to engender regional and global economic and political governance