THE EFFECTS OF GLOBAL FINANCIAL CRISIS ON JOB INSECURITY
Nigeria is interlinked with the global financial system. The global financial crisis emanated from the economy of the United States in 2007 and later spread to other developed economies of the world in 2008 and subsequently transmitted in that same year to less developing countries, inclusive of the Nigerian economy .The global financial crisis further destabilized the economy of Nigeria, which was initially
bedeviled
with
the
challenges
of
economic
instability,
inconsistency in government policies, lack of transparency in the financial markets, corruption, political instability, high rates of poverty and unemployment amongst others. Government till date has been facing the effect of global financial crisis on the domestic economy. Nigeria a part of the global economy is bounded to face the micro and macro adverse effects of global financial crisis.
The global financial crisis started as a series of ineptitude in the financial markets, leading to credit and liquidity crises, which resulted into the fall of several giant financial institutions in conjunction with the loss of confidence in the banking sector. The crisis further spread to the real sectors, resulting to decline in the level of aggregate demand, economic retardation and job losses. The pace at which the crisis transmitted
to
other
countries
regardless
the
level
of
their
development has made people to term the menace as “global financial meltdown”, global economic meltdown” global credit crunch” etc.