Thesis Abstract

Abstract
The global financial crisis of 2007-2008 had far-reaching consequences for economies around the world, including Nigeria. This study aims to provide an in-depth appraisal of the impact of the global financial crisis on the Nigerian economy. The research will analyze the various channels through which the crisis affected Nigeria, including trade, finance, investment, and overall economic performance. The study will examine how the global financial crisis influenced key economic indicators in Nigeria, such as GDP growth, inflation, exchange rates, and employment. By analyzing these indicators, the research will assess the extent to which Nigeria was affected by the crisis and how the country's economy responded to the external shock. Furthermore, the research will investigate the policy responses adopted by the Nigerian government and central bank to mitigate the impact of the global financial crisis. This will involve examining fiscal and monetary policies implemented during and after the crisis to stabilize the economy, support financial institutions, and stimulate economic growth. In addition, the study will explore the implications of the global financial crisis on different sectors of the Nigerian economy, including banking, manufacturing, agriculture, and oil. By analyzing sector-specific data and trends, the research will provide insights into how the crisis affected different segments of the Nigerian economy and identify any structural vulnerabilities that were exposed by the crisis. The research will also consider the long-term consequences of the global financial crisis on the Nigerian economy, including its impact on economic development, poverty levels, and income inequality. By evaluating the post-crisis economic landscape in Nigeria, the study will assess the challenges and opportunities that have emerged as a result of the crisis. Overall, this study seeks to contribute to the existing literature on the impact of the global financial crisis on developing economies like Nigeria. By providing a comprehensive appraisal of the crisis's effects on the Nigerian economy, the research aims to inform policymakers, researchers, and other stakeholders about the lessons learned from the crisis and the potential implications for future economic stability and growth in Nigeria.

Thesis Overview

The world economy is facing the most severe financial crisis since the Great Depression of the last century. The risk of global recession has heightened significantly and volatility of commodity prices, which is the mainstay of most developing countries like Nigeria, has increased further. If this situation continues to deteriorate, developing countries could be in great jeopardy.

Time series data relating to the period 1990-2008 were collected and analysed accordingly, using the econometric technique of multiple regression. Statistical tests of significance were also carried out in order to determine the possible impacts of the current global financial crisis on the Nigerian economy. The tests include: Correlation Coefficient (R); Coefficient of Multiple Determination (R2); t–Test; F-statistic and Durbin-Watson test.

The findings of this study revealed that the financial crisis was responsible for the fluctuation in crude oil prices, external reserves, exchange rates, decline in export, lower portfolio and foreign direct investment (FDI) inflow, fall in equity market, decline in remittance from abroad, dwindling economic growth, etc.

It was concluded that the Federal Government should come up with intervention policies that will minimise these effects and jumpstart the economy and that business operators should learn to do things using resources at their disposal to develop and expand at manageable level to stem the tide of the crisis.