In recent news, the UK economy has faced a significant challenge as it slipped into a recession during the final months of 2023. This downturn, confirmed by official figures, has raised concerns among citizens about its potential impact on their lives and finances. But what exactly is a recession, and how might it affect individuals? Let’s delve into these questions using Nigeria as a case study.

Understanding Recession: A recession occurs when a country’s Gross Domestic Product (GDP), the value of all goods and services produced, contracts for two consecutive quarters. Essentially, it means that the economy is...

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