Abstract

Recently, the world economy has faced many challenges ranging from the global meltdown, COVID-19 and the Russian-Ukrainian war. These crises have created economic hiccups globally. Despondently, these economic crises have exacerbated existing economic crises in developing nations. The effects of these economic crises are throwing up different policies in the USA, United Kingdom, Canada, etc. The adverse effects of the crises are very visible in developing nations, particularly in Nigeria because of the inadequate homegrown economic system that suits the peculiarity of Nigeria. It has increased the poverty level of the kwashiorkor economic system of Nigeria and Africa at large. The purchasing power of average citizens is becoming low. It makes life more difficult for a large number of people in the country. Insecurity has engulfed a large portion of Nigeria's agro-ecological zones causing a shortage of food production. The vibrant youths are easily lured into criminal activities under the guise of economic hardship. Examples of this could be seen in Zamfara, Sokoto, Borno, Yobe, Benue and some other states in Nigeria contending with banditry, kidnapping, rituals and terrorist activities. Given the foregoing, the study prescribes what the leaders in authority need to do to overcome various challenges facing the country’s economy. The method adopted in the study is secondary with analysis of written documents such as textbooks, journals, internet sources and other relevant materials.

Keywords: Global, Crisis, Emerging Economies, Meltdown, Non-Capitalist.