Is Nigeria Really in Recession?

I woke up one morning and turned on the radio and all I heard was “Nigeria is in Recession” and really, I wasn’t bothered because it never really got to me. God knows I don’t know what that means. I stepped out shortly after and the headlines of the newspapers were saying the same thing “The National Bureau of Statistics has officially confirmed that Nigeria is in Recession!”

What the heck is Recession anyway? A typical Nigerian who is not economically or politically inclined may not know what that means, people like me who only care about their day to day lives.

Now there are government indices that show that an economy is in recession or let’s call it, a “backward movement”. An economy is said to be improving if it’s moving forward. These movements are measured with indices such as the GDP value, the interest of international investors, increased employment rates, lower inflation rates etc. However, most of us don’t even know what that means. So this write up is not really for the so called change vending government cohorts and those smart guys who are said to make up our economic team who we trust to know everything about economics and politics, it’s for a nobody like you and I who is just crying out there, “What really is recession?”

There are a couple of things a typical Nigerian is feeling right now which are all fallouts of the recession the country is said to be in. Let’s break this down.

Job Losses

How many of you have lost your jobs this year? Can I get witness? Yeah, sure! I know probably more than half of you reading this right now had lost their jobs. This is one major sign of recession – when companies can no longer hold on to their staff because business is not as usual anymore.

Banks are one of the highest employers of labour in Nigeria. It may interest you to know that more than 5,000 people have lost their jobs within the last 6 months in Nigeria alone. Skye bank laid off 175 employees, Ecobank dropped 1,040 and Diamond Bank sent away 200 workers, out of many others. Many more are still being laid off. Now we are not even talking about other companies that have completely folded up and have taken to their heels. Worse still, many people were laid off without benefits. I am one of them and this is where it got to me, recession already hit!

Here is another angle. The Oil company workers were the biggest boys in town. Remember how we look at our friends in Shell, Chevron, Mobil, Schlumberger, Total etc. with complete envy because of the amount of money they earn monthly? Do you remember? It will shock you to know that more than 60% of these guys have either lost their jobs or are on very ridiculous income right now as we speak. You want to know why? It is simple, Nigeria is in recession!

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Recession? Even When I Search The Meaning On Google - The Meaning Is: Its A Deadly Disease In Nigeria Which Surfaced During Buhari's Rgime, And 6million Nigerians Has Been Killed By This Deadly Disease