IMPACT OF GLOBALIZATION, ECONOMIC GROWTH AND INCOME INEQUALITY IN NIGERIA

Abstract

The goal of the study was to see if there was a link between globalization, economic growth, and income disparity in Nigeria, utilizing annual secondary data from the Statistical Bulletin of the Central Bank of Nigeria from 1986 to 2019. The ARDL (Auto-Regressive Distributed Lag) Technique was specifically employed in order to arrive at statistical and logical conclusions on how Nigeria has fared in the face of globalization. In addition, the Lorenz curve was used to measure Nigeria's level of inequality (disparity) (pre SAP, post SAP and Democratic Rule). Globalization has a statistically significant but non-increasing impact/effect on Nigerian economic growth, according to the ARDL assessment. Furthermore, the Lorenz curve revealed that the amount of inequality in Nigeria has been steadily rising over time. The study concludes that, because globalization is inescapable and hence creates economic disparity, the study advises that, governments should develop and implement policies and programs aimed at improving or enhancing the welfare and well-being of the less privileged masses, as well as creating job possibilities, in order to close the income gap between the affluent and the poor, and therefore accomplish Sustainable Development Goal (SDG) 10 - income redistribution.