The Global Economic Crisis And Nigeria's Economy

     The impact of the collapse of the mortgage sector in the United State of America in early 2008 had sent the first shock waves across financial institution prompting serious liquidity crisis. The contagion impact on this crisis  was to spread first to England, and later to the whole of Europe and the other parts of the world including Nigeria, in keeping with the reality of a globalized world. It was easy for the contagion effect to spread to other parts of the world due to the centrality of the United States and the European economics. World Bank statistic shows that the US controls 26 per cent of the wealth of the world; the Euro zone controls 22 per cent, while the United Kingdom has a share of five per cent. Japan controls eight per cent, China six per cent and India two per cent. And therefore any crisis arising from any of these dominant nations of the world is bound to impact the other nations to varying degrees.
Shittu Olayinka