How can the Unemployed Prepare During the Economic Recession?
The economy faces its worst economic crisis in years, as the value of exports, mostly crude, plunged 52 per cent to N1.27 trillion. Much of the hard currency the nation needs to finance imports evaporated. With limited manufacturing capacity, Nigeria imports most of what it consumes. An analysis of Nigeria’s economic indicators has shown that there is cause to worry as they point to the possibility of an economic recession. Last year, the level of business confidence in Nigeria stood at 8.3 percent, while consumer confidence dropped to -3 from -1.9 recorded in the previous quarter. Also, latest statistics on the country’s Gross Domestic Product (GDP) growth rate show that the economy grew at 9.19 percent by the end of September last year from 2.57 percent recorded in the previous quarter. The projections indicated that the value of total trade is expected to reduce in 2016, increasing by only 2.41 percent as a result of moderations in imports and exports. Allocation from...