BEYOND OIL: NIGERIA'S ECONOMIC RESILIENCE AND LESSONS FROM THE GLOBAL FINANCIAL CRISIS

Authors

  • F. K. Wahab Ahman Pategi University, Patigi, Kwara State
  • A. T. Idera University of Abuja, FCT, Abuja
  • E. A. Akintade Federal University of Technology Akure, Ondo State
  • H. M. Jawondo Kwara State University, Malete, Kwara State

Keywords:

Diversification, Economic resilience, Global financial crisis, Oil dependence, Nigeria.

Abstract

he Global Financial Crisis (GFC) of 2007-2008 had far-reaching effects on economies
worldwide, including Nigeria. Despite its geographical distance from the epicentre, Nigeria
encountered significant challenges due to its integration into the global financial system and
heavy reliance on oil exports. This study reviews literature from 2007 to 2023 to assess the
impact of the Global Financial Crisis on Nigeria's economic development, focusing on
vulnerabilities exposed and policy responses implemented. Through a combination of
empirical analysis and case studies, the study offers valuable insights for future policymaking
and strategies to enhance economic resilience in Nigeria. Key findings highlight the varied
impact of the crisis, including a sharp decline in oil prices, reduced foreign direct investment,
distress in the banking sector, and a slowdown in overall economic growth. Lessons learned
emphasise the critical importance of economic diversification, robust financial regulation,
banking sector resilience, and long-term investments in infrastructure and human capital. By
addressing these challenges, Nigeria can pave the way for sustained growth and
development, ensuring preparedness for future global economic disruptions.

Published

2024-12-20

Issue

Vol. 2 No. 2 (2024)

Section

Articles