Globalization and the Retrenchment of an African Economy: Revisiting Post--$18 Billion Debt Cancellation in Nigeria.

This paper argues that the embedded neo-colonialist exploits of globalization retrenches the Nigerian economy rather than strengthening it--thereby creating new threats to human security and development. Specifically, pre and post--$18 billion (USD) debt cancellation Nigeria reels in economic strangulation engendered by global capital. Globalization, viewed as a force of inequality and marginalization constitutes a dividing factor between the developed and developing countries. We seek to concretize the view that despite the excitement generated by globalization as invitation to a world that is increasingly interconnected and borderless, Nigeria (like other African countries) comes out at a disadvantage. Whereas Nigeria has made and is making enormous contributions to the global economy, yet, it remains at the receiving end of the side effects rather than through the gains of globalization with mounting debt profile, capital flight, local industry collapse, galloping inflation, weak currency, over-dependence on imported goods and services, mono-product economy, etc. Hence, the Western allies encourage Nigeria to open the economy for rape, although she has insignificant access to other economies because she lacks the competitive advantage; due in part to bad leadership engendered wittingly or unwittingly by developed world partners. Introduction