The effects of the global economic and financial crises on the Nigerian economy, like any other developing nations, could be far reaching as such all hands must be on deck to reduce the impact on the macroeconomy of the country.

This view was expressed in a communiqué issued at the end of a special Parley organized by Covenant University to critically examine the "Implications of the present Global Economic Crises on the Nations' Economic and Financial Fortunes."

The discussants at the parley, which observed that the crises had led to falling commodity prices, crash in the prices of stock in the capital market, fall in production in the industrial sector, depreciation in currency, among other deleterious outcomes, said the attendant fall in industrial output and general shrinkage in aggregate demand was expected to worsen unemployment situation in many countries with ripple effects on the revenues accruing to those nations.

They said the shrinking industrial sector of the developed economies has already affected the demand for Nigeria's mono-cultural product of crude oil and therefore advised the country to diversify and develop other sectors of the economy especially the industrial and agricultural sectors.

The parley lamented that the present efforts of government to douse the effects of the crises was not deep enough and therefore advised it to brace up and admit that there are problems as well as being ready to offer bail-outs where necessary.