The recent global economic meltdown, which was triggered by credit crunch within the US sub – prime mortgage market deepened in several countries. Countries around the world have approached this whirlwind pragmatically, prompting emergency funding support for relevant sectors, thereby mitigating the impact of the crises on economies as well as avoiding the entire collapse of the international financial system. The primary objective of this research focused on the impact of the global meltdown and financial sector crisis in Nigeria, with specific concentration on Access Bank Plc, previously financial reforms of the government through the CBN and other regulatory agencies, its impact in cushioning the effect of the global financial meltdown on the institutions in that sector and the Nigerian economy. Hypotheses were postulated and tested using the chi – square statistical formular. Secondary data was sourced and used in the review of literature, while primary data was gathered using the questionnaire. The findings revealed that, the global financial meltdown had a significant impact on the solvency of the Nigerian banking sector; it was therefore concluded that, the impacts the economy feels as a result of what happens to the rest of the world will obviously depend on the level of economic exchange between us and the rest of the world. Hence, recommendations were made based on the findings of the study.
The Global Meltdown and The Financial Sector Crisis in Nigeria
This study is to critically assess the effect of the global meltdown on the Nigerian financial sector, with the Nigerian banking sectors as a case study.
The study will also help financial analysts, financial consultants, financial institutions, bankers and professionals alike to improve in their analytical, consulting and operational strategies to boost their clients’ performance in the face of the global crisis.
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