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The Global Economic Crisis: Impact on Nigeria and Policy Responses of Government

The Global Economic Crisis: Impact on Nigeria and Policy Responses of Government

 

Abstract: The global economy witnessed food and fuel price shocks in 2007. These were followed by financial shocks in September/October 2008, triggered by the collapse in the mortgage lending market in USA. Due to the interconnectedness of financial systems of advanced countries, this soon spread to Europe and some emerging countries. Nigeria, being a frontier market, despite its limited integration with global financial markets, suffered some of the effects associated with the global financial crisis. This is reflected in low and declining growth rate, declining capital inflows and export earnings, exchange rate depreciation, collapse of stock prices, and manifestation of structural weaknesses in the economy, particularly its banking and financial system and overdependence on the oil sector. In response, government implemented fiscal and monetary stimulus packages as well as capital and banking sector reforms. Some of these are beginning to have positive effects, particularly on the stock market, where stock prices are recording some improvement. It is early yet to assess the impact on other key economic indicators.

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