Nigeria's Recession: Causes, Effects and Solutions

NIGERIA’S RECESSION: CAUSES, EFFECTS AND SOLUTIONS. 

The Central Bank of Nigeria (CBN) and the minister of finance Kemi Adeosun have all agreed that Nigeria is technically plunged into recession. I will be analysing some causes of Nigeria’s recession and the possible way out. The National Bureau of Economic Research (NBER) defines recession as a significant decline in economic activity Spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale – retail trade. Economic recession in any economy can be caused by fall in aggregate demand, fall in wages, high inflation, accumulation of debt, high interest rate and mass unemployment.