THE EFFECTS OF GLOBAL FINANCIAL CRISIS ON JOB INSECURITY IN NIGERIA
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ABSTRACT
The study examined the effects of global financial crisis on job insecurity in Nigeria. The other objectives set for the study are to ascertain the causes and effects of global financial crisis in the Nigeria using a case study of ECOBANK PLC. Primary data relating to the number of workers retrenched, profitability and turnover were collected from the Statistics Department of ECOBANK PLC. Also, the study made use of a well-constructed, validated and reliable questionnaire to collect data from randomly selected employees of the bank. The multiple regression analysis and the chi-squared technique were employed to analyze the collected data. The results indicated that profitability and turnover, which were proxies of global financial crisis, were statistically significant on job insecurity, which was proxied by the number of employees retrenched, in the pre-global financial crisis period and post-global financial crisis period. In furtherance, the study discovered that high credit culture, inadequate regulatory framework for financial institutions, high incidence of fraud, high financial outflow amongst others are the significant causes of global financial crisis in Nigeria. Also, the results unveiled that oil glut, declined GDP, increased rates of poverty and unemployment, declined foreign direct investment amongst others are significant effects of global financial crisis in Nigeria. To this end, the study suggested that employment friendly and employment growth strategies should be formulated to mitigate the pervasiveness of job insecurity in Nigeria.
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