Nigeria is currently grappling with a economic recession. A recession is a period of economic decline, typically defined as a decline in gross domestic product (GDP) for two or more consecutive quarters.

This economic downturn has far-reaching implications for businesses, individuals, and the nation as a whole.

I don't know where the disconnect is from, but the government Agency saddle with the responsibility to tell Nigerians have decided to stay quiet about it.

We all know the Causes of this Recession


- Decline in Oil Prices: Nigeria's economy is heavily reliant on oil exports, and the drop in global oil prices has significantly reduced government revenue. Even when we are selling, we are not selling up to OPEC allocation for us.

Poor Economic Management: Insufficient economic diversification, corruption, and inefficient policies have contributed to the economic downturn.

- Insecurity and Political Instability: Ongoing security challenges and political uncertainty have discouraged investment and hindered economic growth. As long as Bandits keeps terrorising farmers who are currently in internally displaced areas, IDP camps. Food inflation will always go higher.

The recession has far-reaching consequences, and it's so obvious.

- Businesses Closure Many businesses have been forced to shut down due to reduced demand and increased costs. Those big corporations knew Nigerian economy is badly struggling in recession that's why they quickly exit while they can. I've noticed so many products reduce quantity in most cases quality too.

- Job Losses: Unemployment rates have soared, leaving many Nigerians without a steady income.

- Reduced Government Revenue The government's ability to fund public services and infrastructure projects has been severely impacted.

-The recession has exacerbated poverty and inequality, affecting vulnerable populations the most.

While the situation appears bleak, there are steps that can be taken to mitigate the effects of the recession and stimulate economic growth:

Nigeria must prioritize economic diversification, investing in sectors like agriculture, manufacturing, and technology.

The government must implement policies to promote business growth, reduce corruption, and increase transparency.

Tchewww

Nigeria is always in recession!
Leave all those papers statistics

We are in recession globally.

It would be declared officially after the USA election.

May be some people can now start taking it seriously and prepare ahead

Imagine, people are being held ransom because of one country..

Lolz, na poor people dey ressesion, big men na enjoyment dem dey

The first thread of its kind today and it's barely 7:30am

Wailers, I expect 30 of this kinda thread today, u can do it

DevilsEqual:
The first thread of its kind today and it's barely 7:30am

Wailers, I expect 30 of this kinda thread today, u can do it

Bro, this is not about wailer, not only in Nigeria but globally, we are in recession.

You can't have almost 2 years lock down due to pandemic without recessions follow.