Introduction
By macroeconomic standards, a recession is defined as the contraction of the gross domestic product (GDP) of a country. GDP is basically the aggregate value of all the goods and services produced by a country on a yearly basis. Less formal standards simply define recession as a decline in economic activity lasting for more than a few months.
Irrespective of standards of definition, the impact of the current economic recession in Nigeria is evident in the significant decline in the living standards of the people.
Whether the standard of measurement is the decline in oil production and prices, monetary policy somersaults, low investor confidence, power shortages, elevated macroeconomic indices, depreciation of the local currency, spiraling inflation, snowballing unemployment rate or increasing militancy and social unrest, the signs are there for everyone to see.
What is your reaction to these developments? Will you sit back and allow the negative effects of the recession overwhelm you or are you willing to embark on functional and time tested remedies to ensure that you overcome the challenges? Come with me as I explore some of the ways to survive the recession in Nigeria.