Global Financial Crisis and Economic Development in Nigeria: The Challenges of Vision 20: 2020.

Abstract

The global financial crisis is already causing a considerable slowdown in most developed and developing countries like Nigeria. Governments around the world are trying to contain the economic meltdown brought about by the crisis, and Nigeria is not an exemption. The paper examines the effects of the global meltdown on Nigeria and its implications in realizing Vision 20; 2020. Purely documentary data or evidence from existing studies and works of government and non- governmental organisations was used. The data was analysed qualitatively using content analysis. The paper shows that Nigeria is a mono- product economy which relies wholly on the export of crude oil/gas and import almost all other needed products. The financial crisis led to the shortfall in the sale of oil and rise in the prices of other imported commodities into the country. This brought about the decrease in the revenue profile of the country with great implication for infrastructural development, technological development, and industrial growth, among others that could bring about the realisation of Vision 20: 2020. This situation is further compounded by  other social- economic challenges i.e. high rate of unemployment, poverty,  corruption and bad leadership or governance that have remained an obstacles to any developmental efforts in Nigeria. The paper therefore recommends that the issue of diversification of the Nigerian economy which had remained an illusion should be pragmatic. Agriculture which was the mainstay of the economy before the discovery of oil re- invigorated not only in policy statement, but also in implementation. There is also the need for a revolution in the industrial and power sectors of the economy. Above all the leaders should eschew corruption and every form of dishonesty; instead, they should embrace honesty, accountability, good stewardship and service to humanity.

Keywords: Development, Economy, Economic Development, Economic Planning, Economic Meltdown, Financial Crisis