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THE IMPACT OF THE GLOBAL ECONOMIC MELTDOWN ON THE ACHIEVEMENT OF THE MILLENIUM DEVELOPMENT GOALS IN NIGERIA

ABSTRACT

This research work is a critical analysis of the Impact of the Global Economic Meltdown on the Achievement of the Millennium Development Goals in Nigeria, with special reference to Ebonyi state. The study identified the impact of Global Economic Meltdown on some elected Millennium Development Goals in Nigeria, traced the historical background of the Global financial crisis, its implications on the Nigerian economy, the various features of the Global financial crisis. Based on data collected from the respondents who reacted on the questionnaire given to them. The study concluded that Global Economic Meltdown has a significant relationship with the Achievement of the Millennium Development Goals and that with total commitment to the targets, the Millennium Development Goals will be achieved by 2015. From our analysis on what Global Economic Meltdown entails, one can infer that it would hinder the achievement of the Millennium Development Goals. It is therefore our view that for Nigeria to achieve her dreams of the MDGs holistic efforts should be made to combat the Global Economic Meltdown. It was recommended among others that there should be diversification of export to natural farm products like cocoa, rubber, ground nuts, palm products, since the United States of America whose ailing economy triggered off the Global Economic Meltdown is among the major importers of crude oil.

CHAPTER ONE

1O INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Several researchers have described the current financial crisis as imposing the greatest challenge to the world economy since the end of the World War 11 for this reason most of them argue that unlike past financial crisis, which were confined to particular regions. The financial turmoil is quickly spreading across continents, that unless serious actions are taken to shore up flattering economies and restore confidence in global economy, the world will face a deep and prolonged recession. The reasons for this crisis are varied and complex. The crisis can be attributed to a number of factors pervasive in both the housing and credit markets, which developed over an extended period of time. There are many different views on the causes, including the inability of home owners to make their mortgage payments, poor judgment by the borrower and the lender, speculation and over building.

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