Panorama of Economy Recession in Nigeria
Solomon Michael Ojo
Department of Quantity Surveying
Moshood Abiola Polytechnic, Abeokuta, Ogun State, Nigeria
Email: goodsolex1@yahoo.com
ABSTRACT
Economy recession in Nigeria is a quagmire that threatens the economical and sociological wellbeing of humans, institutions and companies that contribute to sustainability of our dear nation. This paper reviewed holistically the causes and resultant effects of recession on the Nigerian social and economic wellbeing. The study reviewed extant literature and identified poor economic planning, high inflation rate, high-interest rate, high taxation, policy conflict, nefarious acts of politicians, unhealthy transactions of business moguls and hike of price petroleum as causes of the present economy recession in Nigeria resulting in downsizing of organizational employee, bankruptcy of companies, skyrocketing unemployment, electrical power shortage, lawlessness, death, infidelity, high cost of living, insecurity and extortion. The study concludes that, Nigeria can only be out of recession sonnest if Nigerian government can reduce tax rate, ensure effective spending, enhance access to credit, increase her expenditure on skill acquisition, encourage entrepreneurship and diversify the economy by investing in and encouraging agriculture.
Key Words: Economy, Nigeria, Panorama, Recession, Sustainability.
