THE CHALLENGES OF THE GLOBAL ECONOMIC CRISIS AND NIGERIA’S FINANCIAL MARKETS’ STABILITY

THE CHALLENGES OF THE GLOBAL ECONOMIC CRISIS AND NIGERIA’S FINANCIAL MARKETS’ STABILITY

Abstract

This study is on the challenges of global economic crisis and Nigeria’s financial market stability. The total population for the study is 200 staff of CBN in Akwa Ibom state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up human resource managers, accountants, customer care officers and senior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies.

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