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in the way America has tried to assert its hegemony in the global politics. This has resulted in the building of military complexes, the neglect of its productive and competitive sectors and its inability to meet its financial and trade obligations to the rest of the world. Other identified causes are the housing bubble and predatory lending by its financial giants. The crisis has inflicted so much harm on the Nigerian economy by resulting in reduction in foreign investment in the country, a fall in the value of the naira and a decline in government revenue and expenditure due to a fall in crude oil price among others. The paper therefore recommends some of the steps Nigeria should take to counteract the impacts as well as protect the economy from the measures taken by the developed countries to cushion their economies against the meltdown. Among its recommendations include the need to rely less on the advice of Bretton Woods Institutions and on the international currency exchange reserve system.