Recession is now a popular term used in the country now, even primary school pupils have the idea of what it means. Any occurrence is attributed to recession, ocurrences like theft, massive participation in ponzi schemes, etc.
Now, According to the National Bureau of Economic Research, a recession is the significant decline in economic activity across the economy, lasting longer than three to four months , normally visible in real Gross Domestic Product , real income , employment, industrial production and wholesale -retail sales . The GDP of an economy is the monetary value of all the finished goods and services produced within a country ’ s borders in a specific time period.

How did we get here? President Buhari blamed the past administration for not saving for the rainy days like this. He said this and other things led the country into recession. The sharp drop in oil prices and the barrels of crude oil produced per day are also one of the factors that brought us into recession. Sometimes I wonder how Nigeria will rise back to her feet and reclaim it's title as the 'Giant of Africa'.

Thankfully, the president has taken some austerity measures. Although, these measures increased the cost of living of the citizens but we hope it's going to be for a short time. Nigeria being too much of a consumer and can't really boast of what it produces really made the decline in oil price to affect us. Relying only on Crude oil as our only source of income has made us neglect other sources of income, especially agriculture. When one looks at the budget for this year, you will notice that much money was not allocated to the agricultural sector.

Are we not supposed to diversify the economy already? What I think the budget portrays is that there are a lot of capital projects that need to be done to boost the economy before the it can be diversified. This includes power, good road networks and the rehabilitation of dilapidated ones.
The main reason why we are consumers in Nigeria is because there is no favorable condition for companies to work under. The cost of producing here in Nigeria is very high. For instance, Erisco foods moved out of Nigeria to start producing in China because of this same reasons. Same for all othher companies and potential investors.

The present administration has taken commendable steps to stop this destructive action. Import duties on consumable goods that can be produced alternatively in Nigeria has been raised as well as that of luxury goods. This will make the citizens turn to local producers for goods which will start having a positive effect on the economy. We have the potential to produce enough cocoa, cassava, groundnut, palm fruits, etc and even export to other countries.

Simply put, spending less than we earn will bring us out recession and create an upsurge for our economy. We all have our roles to play. Let's patronize our local products and and gives the government all the support it needs to succeed economically.

Fix the Power sector

Atiku2019:
Fix the Power sector

Yea, sure. I believe it should be the government's major target to boost the economy through rapid industrialization.
Let there be constant power supply and see how investors will troop in.

AloyalNigerian:

Yea, sure. I believe it should be the government's major target to boost the economy through rapid industrialization.
Let there be constant power supply and see how investors will troop in.

Sincerely that's the fastest way to Industrialisation in Nigeria. but I doubt if this government will agree to this facts.

ok

Fix power and road network and enhance local production

Atiku2019:



Sincerely that's the fastest way to Industrialisation in Nigeria. but I doubt if this government will agree to this facts.

Sure they Will. Let keep our fingers crossed.

mysteriousman:
Fix power and road network and enhance local production

exactly. When power is fixed, local production will be enhanced itself.

Atiku2019:
Fix the Power sector

If that is Atiku's plan, tell him that he has failed before starting.


It means Atiku doesn't know that our dependence on foreign goods and shortage of dollar supply are the primary reasons behind our recession


Tell him to adopt this template in this link if ever he wins


https://www.nairaland.com/3552992/peter-obi-why-yoruba-states

https://www.nairaland.com/3548021/okonjo-iweala-asks-yoruba-graduates


Also he should introduce True Federalism

ScotsReferendum:



If that is Atiku's plan, tell him that he has failed before starting.


It means Atiku doesn't know that our dependence on foreign goods and shortage of dollar supply are the primary reasons behind our recession


Tell him to adopt this template in this link if ever he wins


https://www.nairaland.com/3552992/peter-obi-why-yoruba-states

https://www.nairaland.com/3548021/okonjo-iweala-asks-yoruba-graduates


Also he should introduce True Federalism

Why are we Dependent on foreign Goods? Bro... Without Power Nigeria should forget about Indrustrialisation

Atiku2019:



Why are we Dependent on foreign Goods?

Because we can't produce modern technologies

The government needs to motivate the people to develop modern technologies and then support them with cash to commercialize their products.

Read those links first before you reply

ScotsReferendum:



Because we can't produce modern technologies

The government needs to motivate the people to develop modern technologies the support them with cash to commercialize their products.

Read those links first before you reply

Bros please Power remains the first platform. I don't need to read any link to know this basics

Atiku2019:



Bros please Power remains the first platform. I don't need to read any link to know this basics

Stop deceiving yourself and Atiku

Answer these 2 questions

Do Ghana Kenya Ivory Coast Cameroon Botswana Namibia and some other African countries have steady light when compared to Nigeria.?



If yes, why then is industrialization low in Africa.

Gaddafi Libya had constant electricity while he was alive.? why then was Libya not highly industrialized to replace Chinese products with Libya products on the continent of Africa


Think before you jump into government otherwise you will fail like Buhari.

ScotsReferendum:



If that is Atiku's plan, tell him that he has failed before starting.


It means Atiku doesn't know that our dependence on foreign goods and shortage of dollar supply are the primary reasons behind our recession


Tell him to adopt this template in this link if ever he wins


https://www.nairaland.com/3552992/peter-obi-why-yoruba-states

https://www.nairaland.com/3548021/okonjo-iweala-asks-yoruba-graduates


Also he should introduce True Federalism

true

ScotsReferendum:


Stop deceiving yourself and Atiku

Answer these 2 questions

Do Ghana Kenya Ivory Coast Cameroon Botswana Namibia and some other African countries have steady light when compared to Nigeria.?



If yes, why then is industrialization low in Africa.

Gaddafi Libya had constant electricity while he was alive.? why then was Libya not highly industrialized to replace Chinese products with Libya products on the continent of Africa


Think before you jump into government otherwise you will fail like Buhari.

I disagree with that. Libya and those you mentioned do not have the potentials like Nigeria. People have the ideas but they lack motivation and basic amenities.
So, when power is rectified, investments will definitely grow.

AloyalNigerian:


I disagree with that. Libya and those you mentioned do not have the potentials like Nigeria. People have the ideas but they lack motivation and basic amenities.
So, when power is rectified, investments will definitely grow.

So Libyans don't have ideas only Nigerians do.

Brother that line of thought is an evil supremacy thought

Atiku2019:
Fix the Power sector

Has Atiku fixed the one he bought. . .

ScotsReferendum:


So Libyans don't have ideas only Nigerians do.

Brother that line of thought is an evil supremacy thought

Sibrah:
Has Atiku fixed the one he bought. . .

Lol.