Economic Recession and Its Effects on Nigeria’s Economy

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In addressing the economic phenomena known as Economic Recession, it is apt to define the economic concepts that fuse together to translate to the term: Economic Recession.

Briefly, a Recession is a general downturn in an economy. It is associated with a decline in the Gross Domestic Product (GDP) of a given country.

A Gross Domestic Product (GDP), for the sake of clarity is the total market value of all goods and services produced within a country in a given period of time, say, a year.

A recession is generally characterized by high inflation triggered by high exchange rate or a drop in the value of the currency of the country affected; also the value of company stocks listed on the stock market experiences a sustained sump or drop in value, thereby affecting investors’ confidence, high levels of unemployment occasioned by companies shutting down operations and laying off workers is also another prevalent feature of Economic Recession.

Also observed is a sharp drop or decline in the real estate market.

The causes are often linked to the activities or actions of the Federal Leadership of a country, often the President himself, the Fiscal Policies of the Central Bank Governor and/or the entire economic policy thrust of the administration in power. This is reflected in the high interest rates regime, the problem of liquidity or availability of cash/money for investment.

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Inflation is another major stimulant of Recession in an economy. Inflation simply put is an increase in the prices or cost of goods and services in any given economy, over a period of time.

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As inflation increases, the percentage of goods and services, a certain amount of money can buy decreases.

To compound all the factors set out above, there is the negative effect of lack or loss of confidence by consumers in the economy. Even though loss of confidence is more psychological than real, it still has a devastating impact on the performance of any economy.

The Nigerian economy is at the moment reeling from the effects of recession, more from the total lack of confidence from the people in the ability and sincerity of the current political leadership to effectively and competently manage the economic dynamics of the nation as well as the political and social complexities inherent or at the core of the existence of the nation.

The issue becomes even more daunting when you factor in the apparent lack of economic policy direction and focus of the current administration and the appallingly low level of appreciation and understanding of the underlying economic factors that are responsible for economic recession on the part of both the government on the one hand and the populace on the other.

In addressing any problem or challenge, not just economic problems, the desirable approach is always to take a dispassionate look at both the immediate and remote cause(s) of that problem. Analyze and examine, after identifying the problem(s) or challenges and come up with well-considered, creative and out-of-the-box ideas that can stem and control such problems having in view always the general good of all.

These and many more I shall be discussing in my next article.

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see you again!

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To Your Success,

Daniel I. Igyundu,

Political Editor,

AlaNaija News,

www.AlaNaija.com

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