THE WORLD ECONOMIC RECESSION, NIGERIA’S ECONOMY AND CHALLENGES FOR THE WORKING CLASS By Femi Aborisade [1] aborisadefemi@yahoo.com or aborisadefemi@gmail.com INTRODUCTION The world economy entered a turning point with the financial crunch of September-October 2008. Assessing the effects of the global meltdown on the Nigerian Stock Exchange, the former NSE President, Oba Otudeko, stated: it would be pretentious of anybody to say that we have solution to what is currently happening in the market…the DG has been here for 27 years, I don’t think she has seen anything like this since she has been here. And throughout the world, there hasn’t been anything like this; even the 1929 recession was not exactly like this (Oba Otudeko, 2009: 11). Though the above comparison of the 2008 world financial crunch with the 1929 recession is not accurate, the assessment of the crisis is indicative of the shock waves which...
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