MEETING THE MILLENNIUM DEVELOPMENT GOALS IN THE PRESENCE OF THE GLOBAL FINANCIAL CRISIS: THE CASE OF NIGERIA

Joseph A.I¹  and Oke M.A²

Department of Economics

 Ajayi Crowther University, Oyo, Oyo State

ABSTRACT

This study examines the implications of the economic crises in the achievement of the MDGs in Nigeria. The paper begins with a survey of theoretical issues relating to the origins of the crisis and ends by suggesting policy proposals that would facilitate the attainment of the goals. Result shows that the global economy is facing a crisis of monumental proportions which no doubt will refrain the economy from achieving the goals. The financial crisis cum economic meltdown put under threat not only the prospects for achieving the Millennium Development Goals (MGDs) but raises a real possibility of reversing some of the progress already made in chasing these goals. The study therefore recommends the need to make economic growth more broad-based and employment inducing so as to make a dent on poverty, and for the world trading system to guarantee trade justice such that the world’s poorest countries will stand the chance, with the right support, to set themselves on a sustainable path if the economy must enjoy the basic reasons for the formulation of the MDGs.

Key Words: MDGs, Financial Crisis, Global, Economic growth and VAR.