Nigeria Economy: Economic Recession - Effects and Tips For Its Alleviation in Nigeria

ECONOMIC RECESSION : EFFECTS AND  TIPS FOR ITS ALLEVIATION IN NIGERIA Nigeria has been depending on oil since its first production in...



ECONOMIC RECESSION : EFFECTS AND TIPS FOR ITS ALLEVIATION IN NIGERIA

Nigeria has been depending on oil since its first production in 1957. Its was seen that the fall of oil is not the major cause of economic recession as noted by most persons. Emmanuel Joseph gave the major cause of economic recession in his article. He also posited that poor economic planning, high rate of inflation and  high taxation among others are the cause of economic recession in Nigeria.

Dami Ademola wrote down some effects of economic recession that has touched every citizen in the economy of Nigeria. They include:
* Numerous businesses relying on import have been harmed due to the shortage of foreign money.
* Great unemployment has appeared within a short period.
* The absence of import has brought about rise of price. 
* The highest inflation has covered Nigeria for the last decade.
 * Reduction in budget spendings.
* Investing decline : no further investments in the stock market in crime.

Other effects of economic recession in Nigeria include:
* High cost of education. Many student in the country tend to dropout due to high fee being demanded by most institution.
* Depression in families that losses income and in turn lead them to borrow money from other relatives.

Here are some tips on how to alleviate the painful recession facing the country.


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