NIGERIA’S SURVIVAL OF THE GLOBAL FINANCIAL CRISIS IN THE 21ST CENTURY – WHICH WAY NIGERIADE QUINTESSENCE, NIGERIAN LAW STUDENTS' JOURNAL (2010)
AbstractA spectre is haunting the world: the spectre of total collapse of the global economy as a result of the greed of a few decision-makers and the failure of regulators of the market in some countries. It should be emphasized, however, that cyclic booms and depressions are essential ingredients of the capitalist system, thereby rendering the so-called global meltdown not totally unexpected to those who monitor developments in the global market-place. The interdependence and inter-connectedness of the economies of countries within the global capitalist economy are such that when the biggest players sneeze, the marginal ones catch cold. In what is proving to be a financial swine flu, those without the wherewithal for survival in today’s world would be left with no other fate but perdition and doom. The beggar-thy-neighbor or dog-eat-dog mentality that characterizes the contemporary global economy ensures that only bones are left for late-comers. In the scenario painted above, it would seem that everybody is for himself while the devil takes the hindermost. This paper expounds the extent of damage caused by this ‘global melee’ in the Nigerian environs. It is on account of the foregoing that different members of the international community have been compelled to devise their own ways and means of coping with the impending conflagration, based on their peculiar circumstances and nuisance value within the global framework. Accordingly, the mission of this paper is to examine the current scenario with a view to learning a few lessons in the task of containing the impact of the crisis for the Nigerian economy which has been characterized by stasis and inertia or, at best, band-aid solutions for a malaise that requires complete overhaul of the way and manner we have been carrying on. Specifically, I shall examine the crisis that is threatening to bring the roof down on everyone’s head. However, perhaps we should begin by reminding ourselves how we got to our present sorry past. We live with a new global reality that has threatened to amputate various economies of the world. This global recession has affected several aspects of every nation’s economy including the sustenance of human capital resources in Nigeria. It is to this end that Nigeria being a part of world economy is faced with the dilemma of maintaining a sustainable workforce and a sound national and economic development. This paper would explore the numerous impacts of global recession in Nigeria with regards to human capital development. In Nigeria, we are keen to be acknowledged as part of the global economy. We readily adopt strategies in keeping with our profile as part of the global market system. If there has been said to be a global recession, and a massive wave of unemployment, Nigeria is thus also affected. Incidentally, the news from the world’s strongest economies is that more than seventy years after the last major global recession in the aftermath of the Second World War, the world is again in a period of significant economic decline. Is Nigeria genuinely affected? Everyone knows how destructive this global recession is. This paper would proffer plausible solutions and policy measures that can ensure that Nigeria survives the 21st century through its sustainable national development. With the global financial melt down, and subsequent drop in crude oil price, economy operators have said the crisis could shortly affect the government’s spending and projects execution. The issue portends grave consequence since the country largely depends on oil for sustenance. Also, the Federal Government relies on oil benchmark to fix it budgets. However, the challenges can be overcome through prudent fiscal policies. Finally, this paper proffers plausible solutions and recommendations on various fronts on the survival paths to be undertaken by Nigeria in the quest for survival.
Publication DateSpring May 27, 2010
Citation InformationChinedu Chibueze Ihenetu-Geoffrey. "NIGERIA’S SURVIVAL OF THE GLOBAL FINANCIAL CRISIS IN THE 21ST CENTURY – WHICH WAY NIGERIA" DE QUINTESSENCE, NIGERIAN LAW STUDENTS' JOURNAL (2010)
Available at: http://works.bepress.com/chinedu_ihenetugeoffrey/1/