ABSTRACT
This chapter interrogates the implications of the past and present global financial meltdown for the world’s economy for the Nigerian economy more specifically. It considers the financial implications of past and presents crises that have bedeviled Nigeria. There are concerns regarding how rapidly the global financial crisis penetrated the Nigerian capital market, especially given that the country’s domestic mortgage market is rudimentary. The changing international oil market poses grave concerns for Nigeria’s fiscal outlook. The global financial crisis has led to slow growth across the world’s economies, resulting in lower demand for commodities, especially oil. In a globalized world, transactions are carried out in different countries in integrated markets. The impact of the crisis on the Nigerian economy has different ramifications for the capital market, the banking sector, foreign exchange, and the balance of payments as well as the real sector. The chapter seeks to make the policy recommendations for moving the Nigerian economy forward and away from future crisis.
