Chiaku Chukwuogor, professor of finance and business administration, told an international audience in Abuja, Nigeria, that the financial crisis and economic recession in the industrialized world were severely impacting the financial services sector, stock markets, exchange rates and foreign investment in Africa. Chukwuogor gave the opening address at the first conference on "Post Crisis Focus on Financial Services, International Trade and Economic Development in Africa, March 24-25. The conference brought together academicians, financial services sector experts and bureaucrats to examine financial services structures in Africa and offer proposals to cope with the challenges of Nigeria's banking sector.Chukwuogor, who served as the conference chairperson, said the crisis poses "a great threat to economic development in Nigeria, but with its wide range of natural and mineral resources, Nigeria should be a stronger nation." These days, cargo ships arrive on African shores full with cargo and leave almost empty. We have oil, land, cocoa and lots of fertile land. We should be doing more to diversity the economic base." She called on Nigeria's government and the banks to be more proactive, helping in the economic development of the country.
