The Effects of Global Financial Crisis in Nigeria Essay Example for Free

The Effects of Global Financial Crisis in Nigeria Essay The global financial crisis began in the United States of America and the United Kingdom when the global credit market came to a standstill in July 2007 (Avgouleas, 2008). The crisis, brewing for a while, really started to show its effects in the middle of 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. It is a well known fact that the world is now a global village. As a result of this, the global economic meltdown is having a side effect on Nigerians to an extent that people’s standard of living has been seriously affected. The side effects on Nigerians include high cost of commodities, upsurge in social vices and unemployment. As a way of managing the situation, the government should cut down on the salaries of public office holders and reduce excessive spending in order to utilize the little resources available to provide the needed infrastructural facilities that will make life meaningful to the people, and focus attention on important projects. The concept of financial crisis The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults (Kindleberger and Aliber, 2005, Laeven and Valencia, 2008). Causes of the Crisis The reasons for this crisis are varied and complex, but largely it can be attributed to a number of factors in both the housing and credit markets, which developed over an extended period of time. Some of these include: the inability of homeowner to make their mortgage payments, poor judgement by the borrower and/or lender, speculation and overbuilding during the boom period, risky mortgage products, high personal and corporate debt levels, financial innovation that distributed and concealed default risks, central bank policies, and regulation (Stiglitz,2008). Africa and the Global Financial Crisis The direct impact of the financial crisis on the African economies has thus far been limited as most commercial banks in the region refrained from investing in the troubled assets from the US and other part of the world. This is why most commentators argue that Africa is so far insulated from the direct effects of the financial crisis. The current financial crisis affects Africa and other developing countries in two possible ways; First, there could be financial contagion and spillovers for stock markets in Africa. Stock markets in the region showed some volatility, driven by a sell-off by foreign investors. The Nigerian stock market for instance has been experiencing a continuous downward trend in prices of stocks for over two months now. The India stock market dropped by 8% in one day at the same time as stock markets in the USA and Brazil plunged. Stock markets across the world – developed and developing – have all dropped substantially since May 2008. Share prices have tumble between 12 and 19% in the USA, UK and Japan in just one week, while the MSCI emerging market index fell 23%. This includes stock markets in Brazil, South Africa, India and China (ODI, 2008). We need to better understand the nature of the financial linkages, how they occur (as they do appear to occur) and whether anything can be done to minimise contagion. Possible Policy responses The current macro-economic and social challenges posed by the global financial crisis require a much better understanding of appropriate policy responses. Some recommended policy responses which can be applied to the situation in Nigeria are enumerated as follows: †¢ There needs to be a better understanding of what can provide financial stability, how crossborder cooperation can help to provide the public good of international financial rules and systems, and what the most appropriate rules are with respect to development. There needs to be an understanding of whether and how Nigeria and other developing countries can minimise financial contagion; †¢ Nigeria and other developing countries will also need to manage the implications of the current economic slowdown – after a period of strong and continued growth in developing countries, which has promoted interest in structural factors of growth, international macro economic management will now move up the policy agenda. †¢ Nigeria and other developing countries need to understand the social outcomes and provide appropriate social protection schemes. †¢ Central Banks should regulate issue of foreign exchange to companies during this time of crisis to avoid creating a deep in foreign reserves. †¢ Non-bank financial sector such as Pension Funds should also be regulated. This is to protect pension funds from being invested in some of this complex instruments to enable them meet their liquidity obligation as at when due. †¢ African countries should strengthen domestic and regional markets and boost intra-African trade and it is also important to promote domestic tourism. †¢ There is a need for new stability of the global financial system in which the voice of every nation, every continent is heard and their concerns taken into account. Conclusion The global financial crisis is already causing a considerable slowdown in most developed countries. Governments around the word are trying to contain the crisis, but many suggest the worst is not yet over. Stock markets are down more than 40% from their recent highs. Investment banks have collapsed, rescue packages are drawn up involving more than a trillion US dollars, and interest rates have been cut around the world with US and Japan cutting theirs to all time low of 0. 25% and 0. 1% respectively (bbc. co. uk), in what looks like a coordinated response. With a recession already in place in most developed countries, Nigeria and other developing countries should try and come up with policies that will minimise the spread of this crisis to their economy.

Wind Power Versus Hydroelectric Power: Which is Better for the Environ

The energy produced and created by using the kinetic energy which comes from the wind naturally is known as the wind power. Wind power is the technology to catch the energy gained with movement, kinetic energy, and change this energy into electrical power which is useful in many places, such as households throughout the nation. Wind power can be produced by using a device called wind electric turbine. Several huge blades, about 30 feet long, are placed on each wind turbine. While wind passes through the blades, the wind with kinetic energy makes the blades to turn. The movement of blades makes a shaft inside the turbine to be in motion as well with the same velocity of the blades. This work turns the kinetic energy into rotational energy which will be stored into a generator located at the bottom of the turbine. After the rotational energy is kept in the generator, this energy is changed into electrical energy. Finally, the electrical energy is removed into the electrical plant for s torage by the power lines until the communities are in need of energy. Referring the process, systems, structures, and equipment that help with conversion between kinetic energy and the pressure energy of flowing water into electrical energy is known as hydroelectric power. Hydroelectric skill became a leading force of development in the living standard during the electrical age. During the Industrial Revolution, hydro mechanical technology was developed based on simple water wheels from ancient times. The method, conversion of flowing water to electricity, is known as very environmental process because no waste is created during energy generation. Many hydroelectric power plants depend on the same similar basic rule as a historical water wheel. Howe... ...tion or loss of fish habitat, and inundation of wildlife habitat and land in some cases. There could be changes in stream water quality and reservoir in some cases as well. Although both wind power and hydroelectric power have some disadvantages, I believe wind power is more useful than hydroelectric power because wind power will not produce any pollutants while hydroelectric power produces few minimal pollution. Also, hydroelectric power plant needs high investment costs, so this device cannot be built by the developing countries. On the other hand, the cost of wind power is decreasing because of better generation techniques and technology improvements, so the wind power will become increasingly feasible as a main source of mechanical power and electricity. I believe the device that can be built by everyone is more likely to reduce global warming problems faster.

Discrimination and Equal Employment Opportunity Essay

At a subsiding workplace, a young female employee is assisting with closing up her section of a store. Going into the stock room alone, a fellow male worker corners her into a caged section of the area. Here, the male assistant makes unwanted physical and sexual advances towards the young and scared female worker. What can any person do who is subjected under these horrible workplace conditions that clearly violate their personal rights? As early as 1965, The Equal Employment Opportunity Commission (or EEOC) has ensured the protection, promise and safety of those persons exposed to discrimination in disreputable workplaces (U.S. Equal employment Opportunity Commission, 2000). This presentation will include a description of a lawsuit against an organization while giving a brief summary of the EEOC’s important functions. Further on, this report will include the role of the EEOC in relation to the lawsuit along with determining if the case promotes social change and justification. Finally, a comparison will be included between the EEOC and press related accounts describing the incidents of the case while implementing strategies to ensure future compliance with the issue in a multicultural workplace. EEOC Civil Action Case No. 3:11-cv-00920 In Franklin Tennessee, a civil issue was required because a 38-year old general manager of a Finish Line apparel store was outrageously, sexually harassing, three teenaged female employees whose ages ranged from 16-17 (U.S. Equal employment Opportunity Commission, 2000). The Finish Line is a family oriented Indianapolis based sports store that sells sporty shoes and athletic apparel. Subsequently, in Nashville Tennessee the United States jury and officials found the Franklin store general manager guilty for statutory rape and sexually harassing the three, young female assistants who worked under his supervision. On the second of January 2013, the EEOC released a National press statement that awarded the three teenaged workers 30, 000 dollars compensation which included back pay for the endangerment of the criminal acts that were placed against them in the workplace. The crime acted upon the young women was unfortunate, and no one should ever have to work under these conditions of sexual assault and harassment. The Equal Employment Opportunity Commission was highly committed to ensuring reparations to their clients and victims of workplace oppression. Equal Employment Opportunity Commission and its Commitment Like the story from above, everyday people are exposed to workplace discriminations and oppressions. The commitment of the Equal Employment Opportunity Commission is to ensure persons are not being discriminated or categorized under Title legislation VII of the Civil Rights Act of 1964 (U.S. Equal employment Opportunity Commission, 2000). The Commissions responsibility is to justify and put into action provisions of legislation VII against criminal occupation practices. The EEOC is also in control of managing Federal legislations that make it illegal to discriminate against those because of disability, gender, race, color or ethnic background (U.S. Equal employment Opportunity Commission, 2000). Overall, the Equal Employment Opportunity Commission sets an example reprimanding those who illegally act on workplace discrimination and harassment. The Role of the EEOC in the Nashville Tennessee Finish Line Harassment Case The role of the Equal Employment Opportunity Commission was to reinforce Title VII in the case of the three young women filling against the charges placed on the Finish Line store manager in Franklin Tennessee. The lawsuit case indicted Finish Line with endangering three teenaged female workers to unlawful sexual harassment. The EEOC implements federal laws that prohibit employment discrimination and categorization placed on defenseless employees. A statement documented from Kenneth Anderson, EEOC lead trial attorney exclaimed that, â€Å"It is unfortunate that any woman has to deal with sexual harassment in the workplace, especially teenagers. Equally reprehensible is the fact that the harassment was at the hands of their much older male supervisor. We commend these three young women for the tremendous courage they displayed in confronting egregious sexual harassment by their supervisor† (U.S. Equal employment Opportunity Commission, 2000). Press Related Comparisons between the EEOC and other News Accounts Due to the unspeakable acts placed on the three teenaged girls in Franklin Tennessee, discrepancy is requested which protects and provides little information about the entirety of the Nashville Tennessee Finish Line case. Most news accounts support the Equal Employment Opportunity Commissions case that involves the two parties present at the U.S. District Court Jury. With both news reports, there are no names provided which preserves the safety of all individuals involved.

Values Ethics in Social Work - 1298 Words

â€Å"In this essay, we have been asked to critically assess the professional values in the ‘British Association of Social Work’ (BASW). With this the concepts of ethics and how this operates in social work practice and analyse the general role in governing and representatives bodies in social work practice†. Values are described as set of rules and guides in the right and wrong decisions we make. Values facilitates the decisions in recognising what is worthy and valuable, with this, weighs out the important and less important, when there is a conflict of values. Ethics is set of moral principles of values, and these contribute to individuals and what groups live by. Ethics consists of factors being culture, religion, and these continuously†¦show more content†¦This consortium monitors the development of competence–based occupational standards in the ‘Health and Personal Social Services’ including the statutory, voluntary, and private care agencies. Competence within the social work field is the knowledge of values and skills to able social workers to practice in a competent manner. Through competence, it demonstrates core knowledge, values and skills to be able to work with individuals, families, and groups ‘over a sustained period in the area of a part icular field. Social work practice uses both the ‘Kantian ethics and utilitarian approach’. The ‘Kantian’ approach is ‘categorical imperative’ and the ‘Utilitarian’ approach is ‘greatest happiness principle’. Utilitarian theory is based with happiness and pleasure and was founded by ‘Jeremy Bentham’ and ‘John Stuart Mill’ in the late 18th and 19th century. This approach confirms the principle of action is right if it generates or tends to generate an outcome for the majority of people, which are affected by the action. The failure to do so defines the action as a wrongful act. The ultimate goal in life of utilitarianism is to achieve happiness over pain. There are three mains types of ‘utilitarianism’ consisting of acts, rule and preference. Act utilitarian is flexible it takes into account individual situations, maintaining that the action is good if it generates the best outcome in a particul arShow MoreRelatedValues And Ethics Of Social Work904 Words   |  4 Pages Values and ethics are important in the field of social work because they serve as guidelines for behavior and conduct. What is social work exactly? A very simple and brief response is helping those in need and providing said persons with resources they could not attain on their own. It’s always aspiring to educate one’s self on new resources, information and newly developed theories. This is more than a career; this is a decision that makes one question the direction of their moral compass. PhilosopherRead MoreSocial Work Values And Ethics1441 Words   |  6 PagesRunning head: Social Work Values and Ethics 1 Social Work Values and Ethics Unique to the Profession Jessica A. 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