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With a population of over 150 million people, Nigeria is the most populous country in Africa,
with a GDP second only to South Africa. Yet, following several years of military rule and poor
economic management, Nigeria experienced a prolonged period of economic stagnation,
rising poverty levels and the decline of public institutions. In view of the afore-mentioned
anomalies that characterised the socio- economic and political existence of this nation,
before the comprehensive reform programme during the second term of Obasanjo
administration, one begins to wonder where the nation is heading to despite several efforts
that have been made to enlist Nigeria into the global scheme of things as popularised by the
concept of globalisation. This paper therefore focuses on the issues of globalisation as it
affect the Nigeria economic restructuring programmes from 2004-2010. Also, the issues of
competitiveness are analysed with a focus on the financial sector. We conclude and
recommend that Nigeria should completely restructure her financial sector, enhance
corporate governance culture, diversify her productive base and transform her political
economy in order to frontally confront contemporary global challenges.
