The Impact of the Global Financial Crisis on Business Development in Makurdi Metropolis, Benue State, Nigeria from 2007–2009

  •  Akuraun Iyortsuun    
  •  Terngu Akpusuugh    


The current global financial crisis has in one way or the other negatively impacted on business and economicdevelopment of many nations, both advanced and emerging countries including Nigeria. The main objective ofthis study is to determine the impact of the crisis under reference on business in Nigeria using Benue State as acase study from 2007–2009. The study used a simple empirical survey method or design in the main with asample size of 100. The data collected was analysed via the use of simple statistical techniques includingpercentages as well as the use of ANOVA techniques. From the findings, the study revealed that the financialcrisis had some effects on business development in Nigeria. However, the study concludes and recommends thatgovernment urgently intervene by the use of both fiscal and monetary policy packages in all sectors tosignificantly mitigate the influence of the crisis on the economy in general and business development inparticular. It was also recommended that the liberalization policy should focus on stabilizing the growth of theindigenous enterprises, and to also strengthen the financial and regulatory system in Nigeria.

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