Globalization and Africa: Review of Extent and Impacts
Oluremi Ogun

Abstract
This paper was concerned with Africa’s performance within the context of the globalization process. It was noted that economic performance in Africa had not generally measured up to East Asia and Latin America. The analyses in the paper were guided by the provisions of received theoretical and empirical paradigms. Based on a descriptive analytical approach, it showed that remarkable gains accrued in the area of democratization while modest gains generally resulted from internationalization of capital market transactions, direct investment inflows, tourism and foreign remittances. Unexpected outcomes resulted mostly from international trade. Unfavorable terms of trade with its export production disincentive flavor had generally been the order. An accelerated innovation policy could help reverse the trend through for example, increasing output production and quality. The overall outcomes would also benefit significantly from complementary actions from the international community and multinational operators.

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