The intellectual underpinning of globalization is that it is an engine of development. That is, if nations become active players in the global arena, they have the ‘benefit’ of taking advantage of development that may not be, productively, available at ‘home’-comparative advantage- since nations are thought to interact for mutual benefits of one another especially in relations to the ‘developed’ and ‘developing’ countries which Nigeria is part of. Industrialization, Infrastructure and International Trade are thus considered necessary ancillaries to globalization. As nations appear fixated and interlocked on the conjectures of globalization however, recent events necessitate new and particular interrogations as basic indicators in Nigeria reveal that development has further eludes the nation, regardless of and due to, its various reforms to conform to global socioeconomic dictates. It is on the premise of this, that this paper was majorly set out to do an assessment of Globalization and its impact on the Socio-Economic Development of Nigeria; data for this study were generated through textbooks, journals, internet materials among others which is the secondary source of data. The study adopts Trade Theory by Adam Smith as analytical framework. Findings of the study reveals that globalization has brought reemergence of the importance of regions and proximity as units of economic activity, which have contributed to enhancing more investigation about cluster and innovation, on the other hand the innovativeness of firms is increasingly associated with high-tech innovative regional cluster. The paper found out that globalization has on the whole reinforced the economic marginalization of the Nigerian Economy and their dependence on few primary goods for which demand and prices are externally determined. Also, through secondary data and deep primary insights into national occurrences and global intricacies, that present and future Political Economy of Nigeria are unstable and vulnerable. The paper recommends the following among others:  that first and foremost corrective action is needed to safe guard global ethics that will regulate globalization; and that Nigerian Government should see Globalization as a challenge and should find means to counter the deleterious effects of globalization.