MANAGEMENT OF GLOBAL ECONOMIC CRISIS IN NIGERIA: LESSONS FROM SOUTH AFRICA

Eme Okechukwu Innocent and Nzekwe, Ifeoma Florence

Department of Public Administration

University of Nigeria, Nsukka

E-mail: okechukwunncnt@yahoo.com

ABSTRACT

The effect of the global economic crisis on the African continent is multidimensional. It is enveloped in both external and internal factors, which has further complicated the escape routes for the continent. In a highly integrated and global world though an imbalanced one, the developed societies wield preponderance of the economic-political power which gives them an interdependent states, while developing polities who are not favoured by the present international economic order gets a dependent status. With the present global economic meltdown, the economic configuration of the world system has once again been exposed, questioned and attempts are make to restructure. The African continent especially Nigeria and South Africa are responding to this crisis from different perspectives. This paper explores Nigeria’s responses to the crisis and the lesson to be drowned from South Africa. This paper posits that present economic meltdown poses a major challenge for Africa leaders to contest and change their dependent status in the international economic order. This paper concludes by posting that Nigeria needs focused, determined and sincere leadership that would transform the continent from a dependent polity to a truly self reliant and productive polity like South Africa.

Keywords: Economic meltdown, Dependency, Recession, Financial crisis, Inter-dependent.