Global Economic Meltdown in the Oil and Gas Industry: Implications for Employment and Wealth Creation in Nigeria.
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Date
2016
Authors
Mbah, S.E
Shadare, O.A
Journal Title
Journal ISSN
Volume Title
Publisher
Department of Business Administration, University of Lagos
Abstract
The paper set out to address how the global meltdown can positively affect employment and wealth creation in Nigeria. The purpose is to critically evaluate the various challenges posed by economic meltdown in relation to the drastic decline in the crude oil price and how these challenges can ginger employment opportunities in Nigeria. The paper utilized mostly qualitative and quantitative content analysis to evaluate the results of economic meltdown which include unemployment, fall in Gross Domestic Product (GDP), high rate of corruption among others. Currently, there is economic recession in Nigeria and people are suffering hardship. It is against this backdrop the paper expresses urgent need for government to see global economic meltdown as opportunity for diversification of the economy. The paper identifies several untapped areas of the economy that if properly harnessed would not only rescue Nigeria’s economy from the doldrums but would also generate employment opportunities and create wealth for economic development. The paper then concludes that Government should look inward and diversify into other areas in order to reduce the risk of over dependence.
Keywords: Global, Economic, Meltdown, Employment, Wealth, Oil
Description
Scholarly Article
Keywords
Global , Economic , Meltdown , Employment
Citation
Mbah, S. E. & Shadare, O. A. (2016). Global economic meltdown in the oil and gas industry: Implications for employment and wealth creation in Nigeria. Unilag Journal of Business 2(2), 145-158