What are the implications of the crises on the Nigerian economy, particularly pension industry?
To be able to analyse the implications of the global financial crisis on Nigeria and for the pension industry, we need to dimension the international financial crisis so that we can understand it properly. It started as a local situation in the United States and has now enveloped many countries in just a few months. After the significant down turn in the stock market in the United States, a number of countries in Europe responded immediately showing similar signs of weakness and as the crisis spread to other parts of the world, we saw several countries declaring they were insolvent. The most recent examples are Pakistan and Ice land which both declared their inability to meet international commitments. Secondly, the crisis in the US started with the meltdown in the subprime mortgage market where mortgagees were extended under easy terms to borrowers that did not meet the requirements. Because the mortgage market has not been under close watch of the regulatory authorities in the US, pr
