The Impact of the Global Financial Crisis on Business Development in Nigeria: A Case Study of Makurdi Metropolis, Benue State from 2007 – 2009

Abstract

The current global financial crisis has in one way or the other negatively impacted on business and economic development of many nations both advanced and emerging countries including Nigeria. The main objective of this study was to determine the impact of the crisis under reference on business in Nigeria using Benue State as a case study from 2007 – 2009. The study used a simple empirical survey method or design in the main with a sample size of 100. The data collected was analysed via the use of simple statistical techniques including percentages as well as the use of ANOVA techniques. From findings the study revealed that the financial crisis had some effects on business development in Nigeria. However, the study concludes and recommends that government urgently intervene by the use of both fiscal and monetary policy packages in all sectors to significantly mitigate the influence of the crisis on the economy in general and business development in particular. It was also recommended that the liberalization policy should focus on stabilizing the growth of the indigenous enterprises, and to also strengthen the financial and regulatory system in Nigeria.

Keywords: Global Financial Crisis, Business Development, Fiscal and Monetary Policy, Net profit, Makurdi Metropolis.