International Journal of Business, Humanities and Technology Vol. 2 No. 5; August 2012 160 Global Financial Crisis and Development Drivers: A Review of the New Partnership for Africa Development (Nepad) G.E.Edame, PhD Senior Lecturer Department of Economics University of Calabar P.M.B.1115,Calabar,Cross River State Nigeria. Abstract Finance is the process of channeling funds in the form of credit, loans or investable capital to those economic entities that need them most or can put them in the most productive use. Finance acts as midwife at the birth of an organization, which watches over its health during maternity and which sounds the warning knell when decay sets in; it is finance which often forces the final dissolution, through out the life of the organization, its shape is fundamentally influenced by decisions which are largely financial. (Edame, 2009). Globalization has meant difference things to different people. Some view it a beneficially process with potential to boast productivity and standards of living everywhere. Others believe that it increases inequality within and between countries, threatens employment and standards of living, as well as thwarts social progress. There are no doubt many opportunities: global markets; exposure to new ideas, technology and products; economies of scale in production; gains inefficiency in the utilization of productive resources; greater specialization between nations; better quality products and wide option for consumers increased competitiveness and increased outputs; ability to tap cheaper sources of finance internationally. African countries need to embrace globalization in the full awareness of these opportunities as well as the attendant risks. It is only in this context that the new Inductive African Union and New Partnership for African development (NEPAD) will make the impact desired. Key words: Financial Crisis, Globalization, NEPAD, Economic Development, Finance, Macro-Economic Policies, Trade and FDI. I. Introduction Finance is the process of channeling funds in the form of credit, loans for investable capital to those economic entities that need them most or can put them in the most productive use. The importance o finance in any area of human endeavour cannot be over emphasized as no reasonable investment can take place without funds. On the whole, finance is felt everywhere and its successfully management is dependant, largely on the availability of the right caliber of staff and economic policies. It is finance which acts as midwife at the birth of an organization, which watches over its health during maturity; and which sounds the warning knell when decay set or crisis sets in. it is finance which often forces the final dissolution, throughout the life of the organization, its shape is fundamental influenced by decisions which are largely financial (Edame, 2006 a , 2009). Globalization has become a very important issue for discussion in various fora. It is a worldwide phenomenon which refers to the growing interdependence of the world’s people. Globalization is about increasing inter- connectedness and interdependences among the world’s regions, nations, governments, businesses, institutions, communities, families and individuals. Globalization fosters the advancement of a global mentality” and conjures the picture of a borderless world through the use of information technology to create partnerships to foster greater financial and economic integration (Evbuomwah, 2005:82) Economic globalization on the other hand, refers to the process of change towards greater international economic integration through trade, financial flow, exchange of technology and information, and movement of people. Openness and markets constitute the platform of globalization while trade, finance and investment, and entrepreneurs are the heart (Evuomwan 2005, Edame, 2006 b & Soludo, 2008).