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Globalization: Conflicts of Opportunities, Challenges & Constraint Factors in Nigerian Business Environment


Anthony Ogomegbunam Odita, Victor Chukwunweike Ehiedu and Anthony Anyibuofu Kifordu
Abstract

The dominant feature and trends in the contemporary global interactive space among countries describes the current wave of globalization, which is being propelled particularly by an unrestrained wave of information technology that is unparalleled in the history of mankind. Nation-State has consistently intensified efforts towards engaging in production and distribution networks on a global scale in the business environment across national borders. Literature reviews indicate the imposing trend of opportunities of global network activities, the interplay of the forces of globalization in the Nigerian economy and the dynamic consequences of the process and effects of globalization on the business environment. In order to illuminate the factors accountable for the challenges facing firms in the global business environment, the paper adopted a pivot critical analysis of secondary data to validate the effects of activities in the global economy on the level of business confidence and openness of the Nigerian economy. The paper concludes that Nigerian business space is characterized by policy instability, uncertainty and gross infrastructural deficit, which has greatly hampered the level of business confidence and has affected adversely the country‚Äüs trade openness and its share of global trade. The paper concluded and puts forth necessary recommendations needed to evolve an improved level of business confidence that can enhance a favourable business environment in Nigeria. The paper insists on the faithful implementation of synergies of policies that will counter the constraining factors in the business environment and reposition the economy favourably for global competition. There must, however, be a supportive enabling legal and regulatory environment for effective and smooth business operation in Nigeria. This will help business entities key in appropriately and reap maximally the opportunities offers by the global business network. This could portend for the economy expanded trade openness and increased share of the global trade.

Volume 12 | 07-Special Issue

Pages: 1983-1994

DOI: 10.5373/JARDCS/V12SP7/20202314