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Essay / Research Paper Abstract
This 3-page paper discusses the impact of the current global economic meltdown on Nigeria. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTrecenige.rtf
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Unformatted sample text from the term paper:
global meltdown. Nigeria is not as inter-dependent on the global capital systems as other nations on the continent - and there is little that Nigeria exports (with the exception of
oil) to really throw it into a crisis. As recently as November 3, Bartholomew Ebong, managing director and CEO of Union Bank
of Nigeria Plc was adamant that the worlds global crisis was not Nigerias (Ogbonna, 2008). Ebong stated, when interviewed, that the bank is stepping back to assess the situation, but
is confident that Nigeria, and its trading partners, likely wont get caught in the economic backlash (Ogbonna, 2008). What is aiding Nigeria further is that unlike other nations, it
has no significant foreign ownership in the United States - therefore, its not directly connected to the U.S. economy, which was the first to spur the meltdown.
Even the World Bank agreed with Ebong, pointing out Nigeria (with its reference budget export oil price of below $70) wouldnt be quite as damaging
as it has been in the past (Appiah-Dolphyne, 2008). On the other side of the coin, Europe supplies the majority of
Nigerias imports (Africa News Service, 2008). But many of Nigerias largest trading partners are being impacted by the meltdown (Africa News Service, 2008).
Though the World Bank points out that there could be a "cut-back" in foreign capital inflows into the African region, which could impact growth, it points out that
Nigerias current Aid assistance from foreign donors stands at about one percent of its entire budget (Appiah-Dolphyne, 2008). Because its such a small percentage, the cutback shouldnt really have a
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