October 13, 2015,one of the biggest banks in the western world came out and declared that the global economy is “already in a recession”. British banking giant HSBC said , global trade is down 8.4 percent so far this year, and global GDP expressed in U.S. dollars is down 3.4 percent. So those that are waiting for the next worldwide economic recession to begin can stop waiting. It is officially here.This trend hit Nigeria or do we say Nigeria did not know when and how this recession hit her. Just some few month ago, the IMF forecast that the Nigerian economy would contract 1.8 per cent. That is a recession! Let’s not pretend about it, we are there. But it isn’t the end of the road, there are lessons and advantages that we can get from this quagmire we have found ourselves.

This report is not about blame game or is it about pointing accusing fingers to somebody some years or decades ago. Pat Utomi, a renowned economist and technocrat said: “Let me shock you by saying that the recession we face in Nigeria is a golden opportunity. It is not a problem; it is an opportunity to finally get the Nigerian economy right.“So without appearing to scandalize anybody, I actually pray for oil prices to stay down and stay down for a long time. Then, we will come to our senses and we will know that Nigeria really is a rich country.”

An economic recession is typically defined as a decline in gross domestic product (GDP) for two or more consecutive quarters. It is also a business cycle contraction which results in a general slowdown in economic activity. Macroeconomic indicators such as GDP (gross domestic product), investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise. This is the situation in Nigeria as of today! We are there and other countries have been there. It’s no biggy as they say in street lingo. A lot of things have been said about the economic condition of Nigeria, African touted biggest economy(though still in doubt). How Nigeria comes out of this recession is a matter of political and economic will. Other countries have been there and came out unscatted. I remember the great recession of 1990. This was a period The United States entered recession in July 1990, which lasted 8 months through March91 https://etimesafrica./2016/09/07/recession-can-nigeria-emerge-victorious-or-defeated/#more-1307

Ofcourse she will come out strong and tirumphantly,its only a matter of time

#mynigeriandream