Global Financial Crisis and Nigeria Economy

Abstract

This paper discusses the global financial crisis and Nigeria Economy. The crisis started with the US mortgage default cumulated to the system wide credit collapse and finally to the collapse of the global economy. The causes of the crisis are discussed in point. The New classical framework for the explanation of the current economic crisis is given. The ordinary least square Technique of analysis will be adopted; dummies will be used to capture qualitative variables. Also highlighted are the effects of the crisis on the Nigerian economy. Measures for overcoming the problems are advanced. The paper concludes that the crisis provide an opportunity and rationale to move more quickly to address overdue reforms in areas as diverse as financial regulation and inclusion, trade competition and public sector improvement in the Nigerian economy.