The fact of the existence of the recession is incontrovertible. The need to articulate survival strategies to mitigate its adverse consequences is indispensable. I have outlined the following additional steps to help you navigate this challenging situation.
Acknowledgement of Recession
In a fair organized by the Central Bank of Nigeria for small and medium scale enterprises Isaac Okoroafor, Acting Director Corporate Communications made the following remarks regarding the current recession.
“Though we are in trouble, it is just for a while. As fast as we can, let us re-adjust ourselves so we can get out of the present situation. First of all, what is recession? Recession simply put, is a period of dwindling economic realities. Incomes are falling and government’s revenue is dwindling. Unemployment is increasing because businesses are not the way they should be. They sack workers because income is shrinking.
Here we go with additional tips regarding survival measures for the current recession in Nigeria. More to come!
Reality Check
Avoid the denial syndrome by embracing the reality of the recession. It can’t be wished away. The earlier you realized and appreciated the negative impact of the development, the better equipped you are to embark on appropriate mitigating measures.
In my previous write up on Surviving the Recession in Nigeria, I promised to give you some snippets. Here they come. Enjoy!
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.