Hamisu Muhammad
18 November 2008
The complexity in the financial concepts and failure by the United States regulatory agencies are behind the global financial crisis, a World Bank Consultant, Steven Butel has said.
Speaking at the 2008 MBA Week Celebrations organised by the Bayero University, Kano students, Butel said the financial crisis is a product of failure of regulations by the US security and exchange Commission, Central Bank and mortgage authorities.
He said the private sector is also to be blamed for greediness which put more pressure on the consumers.
Butel said emerging markets like Nigeria has a lot of lesson to learn from the financial meltdown by making their economies uncomplicated and avoid strange terms in the financial concepts.
"Appropriate and intelligent regulations are required to save the global economies particularly those affected by the financial crisis, while for emerging markets, Simplicity in the concepts and financial instruments should be the key".
Another speaker at the Lecture, Aminu Dangana called the attention of the regulators of the Nigerian economy to arm themselves against the long run effects of the current financial meltdown.
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