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The Challenges of the Global Economic Crisis and Nigerias Financial Markets Stability

The Challenges of the Global Economic Crisis and Nigeria's Financial Markets' Stability

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Reference ID: PS-7296-TM

DEDICATION

This research work titled "The Challenges of the Global Economic Crisis and Nigeria’s Financial Markets’ Stability" is dedicated to God for his enabling grace and to all computer enthusiasts who help to make life a pleasant experience.

ACKNOWLEDGEMENT

I owe my indebtedness to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Economics, Book Authors and Profound Scholars of existing/related research material for your moral support that facilitated the successful completion of my (Tertiary Institution level). I am grateful to God Almighty and my parent for their financial support in my career. I really appreciate you all for everything, Thank you very much.

ABSTRACT

The global economic crisis, which erupted with the meltdown of the United States subprime mortgage market in 2007, has been described as the severest since the Great Depression. The crisis was subsequently spread from the United States to other economies, both in developed and developing countries. In the case of Nigeria, the emergent global crisis has impacted negatively on the nation’s financial sector, triggering instability in banks and the capital market.

The banking sector is shaken particularly hard, causing the Central Bank to inject more than N400 billion naira or US$2.72 billion into vulnerable banks to forestall systemic collapse in the sector. In the capital market, equity prices, in the past couple of years, have fallen sharply, with the All-share Index at the Nigerian Stock Exchange down by 33 percent at the end of December 2009, from levels recorded in December, 2008. The instability in Nigeria’s financial markets poses severe challenges to policy makers, requiring urgent measures to stem the tide.

Therefore the objective of this paper is to elaborate the challenges of the global economic crisis and its effects on Nigeria’s financial markets. The study shows that the nation’s financial markets are severely undermined by a combination of credit squeeze, loss of confidence and financial contagion that have paralyzed the banking system and capital markets. The paper consequently proffers policy measures hinged on deepening financial market regulation, economic reform and poverty reduction strategies.

The Challenges of the Global Economic Crisis and Nigeria’s Financial Markets’ Stability

CHAPTER ONE

Introduction

The Emergence of the Global Financial Meltdown The global economy has been hit by the worst economic crisis since the Great Depression. What began as a meltdown of the United States sub-prime mortgage market in 2007, had grown steadily into a full blown economic crisis by 2008, wiping out trillions of dollars of financial wealth, undermining global trade and investment and putting the real economy on a course of protracted recession around the world (ILO, 2009.3; World Bank, 2009.1; Igbatayo, 2009.5). The foreclosure epidemic in the United States mortgage market in 2006 became a key factor that triggered the global financial crisis. Figure 1 shows the rising profile of the United States subprime mortgage market between 1997 and 2007, featuring a dramatic increase in the expansion of credit to the sub-sector until it unraveled in 2006

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CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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