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THE EFFECT OF THE GLOBAL FINANCIAL CRISIS ON SELECTED MACROECONOMIC INDICATORS ON NIGERIA (INFLATION, AGGREGATE SAVINGS, AGGREGATE CONSUMPTION, REVENUE)


CHAPTER ONE

INTRODUCTION

1.0     BACKGROUND TO THE STUDY

The world is facing the most severe financial crisis since the great depression of the last century. The current financial crisis is unprecedented in the history of the modern world and it is having a catastrophic effect on the financial wellbeing of millions of people around the world. The current crisis is rooted to the mortgage loan crisis, which became heightened in the United States in the early 2004 until mid 2007 when it escalated. During early 2004, the mortgage industry in the United States enjoyed an unprecedented boom whereby mortgage brokers enticed prospective buyers with inadequate income or poor credit history into taking mortgage loans with little or no down payment, Adamu. These subprime loans were later repackage and resold to banks and other financial institutions which then created collaterised debt obligations (CDO) and sold these financial instruments to world wide investors who unsuspectingly relied on the strength of the sellers rather than the risk rating of the underlying financial instruments.

1.5     RESEARCH QUESTIONS

  1. What are the major causes of the global financial crisis and the Nigerian economic recession?
  2. What are the strategies adopted by Nigerians …..
  3. …….
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1.6     RESEARCH HYPOTHESES

Ho1:  There is no significance effect of global financial crisis on Nigerian economy

Ho2:  There is no significance difference between global financial crisis on Nigerian economy

CHAPTER FOUR

4.0     RESULT PRESENTATION AND DISCUSSION

4.1     INTRODUCTION

This chapter is devoted to the explanation of the result of the analysis of the secondary data used for the study. The results are divided into two.

  1. Difference means
  2. Multiple regression analysis

Each of these discussed below

  1. Difference of means: this analysis was used to compare the average of selected macro economic variables and during the economic meltdown.

The variables are aggregate consumption, inflation rate and aggregate revenue.

  1. ……………………………………….

4.2     DATA ANALYSIS

Hypothesis One: There is no significant effect of global financial crisis on Nigeria economy

Table 1: analysis of effect of global financial crisis on Nigerian economy

                                            R = 0.065,  R2 = 0.004,  Adjusted R2 = -0.011
  Sum of squares Df Mean square F Sig. (p) Remarks
Regression 398.226 1 132.742 0.278 0.04 Not significant (p>0.05)
Residual 93736.254 8 478.246
Total 94134.480 9

Table 1 above shows that Nigeria stock exchange transaction, Nigeria external services, Gross domestic product accounts for 0.4% of the total variance on causes of global financial crisis (r2 = 0.004, p>0.05). This percentage is significant at 0.05 level of confidence. 

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