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Crisis Management In Nigeria Essay

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Individual Assignment 3 Nigerian Public Administration Management Strategies in Response to the Effect of the 2007 Financial Crisis. 1. Background The importance of strategy or strategic management cannot be over emphasized in the delivery of quality public goods and services by public institutions. A good definition of strategy was given by (Johanson 2009) who described key components of strategy as a goal, direction and purpose. The criticality of sound strategic management in the wake of a global financial crisis and its effect should not be taken lightly by public administrations. In the previous unit-2 assignment submitted, three key solutions were identified for overcoming the monetary crisis, which are (a) Fiscal measures, such …show more content…

The introduction of a stimulus package for the recapitalization of banks, state guarantee of wholesale debt obligations and many others were the actions taken to bolster liquidity and restore the market confidence. An important strategic focus for public administration in Nigeria is the development of a modality for the protection of depositors. Nigerian government should learn from international best practices and strategies used to cushion the effect of the global crisis by industrialized nations. In the United States of America, the Congress strategically approved the increase to the depositors' coverage limit as a confidence boosting measure, from $100,000 to $250,000 (150%) throughout the year 2009,( PRB, …show more content…

Through the adoption of sound strategic management models, public institutions can still deliver public goods and services even to the underserved communities. Nigeria’s dependence on oil is possibly the side through which the global financial crisis hit Nigeria the most. This is because the Nigerian economy is so dependent on the crude oil income that jolts immediately impact negatively on economic prices in substantial degrees. A crucial strategic management decision that needs to be made by the government is the adoption of an economic diversification strategic plan in favor of non-oil based

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