THE GLOBAL ECONOMIC CRISIS AND THE NIGERIAN ECONOMY: AN IMPACT ANALYSIS

The current incidence of globalization and globalism of either idea, trade, Foreign Direct Investment, foreign capital flow, etc, is largely responsible for the web of recession that has swept across nation-states in recent times. Of particular importance, however, are the contradictions of capitalism and the embourgeoisement of the global financial space which seems to be the driving force in world affairs. This study underscores the global economic melt-down and its impacts on the Nigerian economy. The paper submits that it might be difficult for Nigeria to come out of the woods at the moment; but certain socio­ economic indices including stringent fiscal measures could be put in place to surmount future occurrences. The paper provides empirical evidence derived from the many works of other social scientists and the intelligentsia. The data is therefore collected through content and archival methods. The Marxian capitalist thesis was also used as a theoretical underpinning for the research to further enhance the contextual understanding of the ongoing global economic crunch. The study sums up with policy recommendations for the overall stability of the Nigerian economy amidst unprecedented impacts generated by global capital.