Abstract: The need to interrogate Nigeria’s vulnerability to the current global crisis is germane for 2 reasons. First is that even though, it has been argued that the erstwhile global financial crisis lasted between 2007 and 2010, the ripples of the crisis are still observable across the globe till date. Second is that the global system has demonstrated a practice in which developing countries adjust to the economic structures of the developed ones, thus suggesting that another wave of structural adjustment may still be with the former, even though the crisis may have been abated in the latter. In line with the above, this study noted that the persistent pursuit of neoliberal reforms in Nigeria since, 1986 till date has significant implications for its vulnerability to the global crisis. The prominent neoliberal reforms that have been presented here for demonstrating this trend have included: Privatization and commercialization; trade and financial liberalizations; reforms of public sector management also known as civil service reforms; liberalization of the political party and electoral systems and finally poverty alleviation programmes. The position of the study is that the incapacitation of these neoliberal reforms for democratizing society and for solving Nigeria’s continuous underdevelopment is at the core of the vulnerability of the country to the global crisis.