Since the mercantile period globalization had boosted the interaction between states, especially in the area of exchange of goods and services and an increase in economic development. Globalization is a powerful real aspect of the new world system, and it represents one of the most influential forces in determining the future course of the planet. It has manifold dimensions: economic, political, security, environmental, health, social, cultural, and others. Globalization which is one of the vital project topics among students today has had significant impacts on all economies of the world, with manifold effects. It affects their production of goods and services. It also affects the employment of labor and other inputs into the production process. In addition, it affects investment, both in physical capital and in human capital. It affects technology and results in the diffusion of technology from initiating nations to other nations. It also has major effects on efficiency, productivity and competitiveness (Intriligator, 2003). In the 1990s `globalization' has become a particularly fashionable way to analyze changes in the international economy and in world politics. Advances in technology and modern communications are said to have unleashed new contacts and intercourse among peoples, social movements, transnational corporations, and governments. The result is a set of processes which have affected national and international politics in an extraordinary way (Ngaire, 2000). In the age of globalization, the links between political economy and society are forged through terms like governance. An old word in the English language with a new lease on life, governance plays a role that on the surface appears benign but on closer scrutiny becomes more sinister. One of the perspectives for examining these links and penetrating below the surface appearance of a term like governance is political economy, an interdisciplinary tradition that spans the social sciences and humanities from sociology and geography to communications and education (Sumner, 2018). In the words of Canadian political economist Harold Innis, the task for engaged intellectuals involves “questioning the pretensions of organized power” (Neufeld & Whitworth, 2017:198). The term `political economy' is used advisedly for it has been used to describe a number of different things in political science and international relations; from the application of rational individualism to the study of politics, to debates over policy with an economic dimension. In this study, the term is used to describe the changing relationship between political systems (both national and international) and economic forces (Gourevitch, 2013). In other words, the study is concerned with how policy-makers are being affected by economic forces, as well as how they themselves affect these forces. Following in the classical tradition of political economy, the study also address the moral debates about globalization (challenges and benefits), and touching upon the possible ramifications for opportunity and inequality among a wide range of actors in a globalizing world (Hurrell and Woods, 2014). The research adopts the political economy approach, which treats social life and material existence in their relatedness (Ake, 2013). Political economy underscores the central importance of the mode of production and relations of production as a major casual factor in all social phenomena (Onimade, 2015).

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By its nature, globalization concurrently provides economics opportunities and economic threats. More so, it seems to be biased and has unequal considerations on countries. Above all developing economies are hold-out for benefiting from globalization due to their economic status. Cross-country capital flows are growing rapidly, and domestic systems are consequently increasingly exposed to shocks emanating from abroad. Since cross-border financial flows tend to be more volatile than domestic flows especially equity flows, such flows heighten the risk of financial crisis in many developing economies (Earnest, 2004). Really, exposure of developing economies to external shocks of global financial integration raises capital flight and inflows. This affects exchange and interest rates, hence pose new challenges of macroeconomic management of the economy. Dos Santos as cited in Suleiman (2004) believed that, "unequal exchange led to the development of dependency relationship where third world has their economies conditioned by the growth and expansion of another economy. Nigeria has an example experienced dependent economy which is considered among the factors responsible for economic slow growth rate. Globalization imposed a dependent capitalist social system and western values in the forms of industrialism, market principle and institutions on Nigeria. A culture of dependency also was institutionalized through internationalization of capital and social life…. underdevelopment and inferiority complex were also instituted as a cumulative product of Western hegemony on Nigerians (Suleiman, 2004). Nigeria has been experiencing disappointing performance in terms of growth in GDP and the general development of her economy. As a result there is no improvement in the reduction of poverty. In the last decades, the global economy suggest a challenge; the utilization of the opportunity engineered by globalization while at the same time managing the problem and tension it poses, for developing countries like Nigeria. Rather than strengthening the economy, globalization seeks to retrench it, thus Nigeria enters the global market at a competitive disadvantage as a largely mono-product economy with weak currency, shrinking indigenous industrial space, mounting debt profile, corruption-infested political and economic climate. This unacceptable posturing imposes a systematic dispossession and exploitation of initiatives and resources and also the misuse and squandering of the economic surplus by the regional and local power elites.

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