Record Details

Global economic meltdown and the Nigerian economy

International Journal of Development and Management Review

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Field Value
 
Title Global economic meltdown and the Nigerian economy
 
Creator Lawrence, O
Cookey, A.E
 
Subject Economic meltdown, Globalization, Economy, Bretton Woods Institutes, Nigeria
 
Description The paper examines the global meltdown and its impact on the Nigerian economy. Through a historical excursion, it shows how the causes of the Great Depression and the current crisis are related. It situates the meltdown
in the way America has tried to assert its hegemony in the global politics. This has resulted in the building of military complexes, the neglect of its productive and competitive sectors and its inability to meet its financial and trade obligations to the rest of the world. Other identified causes are the housing bubble and predatory lending by its financial giants. The crisis has inflicted so much harm on the Nigerian economy by resulting in reduction in foreign investment in the country, a fall in the value of the naira and a decline in government revenue and expenditure due to a fall in crude oil price among others. The paper therefore recommends some of the steps Nigeria should take to counteract the impacts as well as protect the economy from the measures taken by the developed countries to cushion their economies against the meltdown. Among its recommendations include the need to rely less on the advice of Bretton Woods Institutions and on the international currency exchange reserve system.
 
Publisher Directorate of General Studies, FUT, Owerri
 
Contributor —
 
Date 2010-07-07
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://www.ajol.info/index.php/ijdmr/article/view/56200
 
Source International Journal of Development and Management Review; Vol 5, No 1 (2010); 1-10
 
Language eng
 
Relation https://www.ajol.info/index.php/ijdmr/article/view/56200/44645
 
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