Global Crisis (Financial) and the Nigerian Economy during the Period from 2001 to 2020

Ogbonna Kelechukwu Stanley, Ibenyenwa Ekene Kingsley, Adoms Francis Uju and Ifionu Amarachi Gloria
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Ogbonna Kelechukwu Stanley: Department of Banking and Finance, Nnamdi Azikiwe University, Awka, Nigeria.
Ibenyenwa Ekene Kingsley: Department of Banking and Finance, Nnamdi Azikiwe University, Awka, Nigeria.
Adoms Francis Uju: Event Beverages Ltd, Nnewi, Nigeria.
Ifionu Amarachi Gloria: Event Beverages Ltd, Nnewi, Nigeria.

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Abstract: The study examined global financial crisis impact on the Nigerian economy (pre and during pandemic). The study examined the impact of crisis, capital inflow, foreign direct investment and foreign exchange rate on gross national savings of Nigeria, gross domestic product of Nigeria and market capitalization of Nigeria. Using ex-post facto research design for data collated from Central Bank of Nigeria (CBN) and World Data Atlas for period of 2001 to 2020. The study estimated its test results using ARDLM analysis. The findings of the study are: crisis, capital inflow, foreign direct investment and foreign exchange rate significantly affects gross national savings of Nigeria (F-ratio = 8.460052, Prob>F = 0.0011); crisis, capital inflow, foreign direct investment and foreign exchange rate significantly affects Gross Domestic Product of Nigeria (F-ratio = 1488.577, Prob>F = 0.0000); crisis, capital inflow, foreign direct investment and foreign exchange rate significantly affect market capitalization of Nigeria (F-ratio = 3.801242, Prob>F = 0.0241). The study recommended that policy makers/regulatory authorities in Nigeria should analyze and examine fluctuations in the economy of countries in which they are dependent on, to prevent it from having a more adverse effect on the country's economy.

Date: 2022-08-29
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Published in Asian Journal of Economics, Finance and Management , 2022, 4 (1), pp.426-436

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05149879

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