Recession is a strong word that resonates with fear in the economy of a country.
The cost of goods rises, excessive inflation, harsh unemployment realities, and devaluation of the currency connote that there is a problem for both businesses and the government of a country.
The recent recession in Nigeria has made hope for business survival in the last quarter of the year 2020 seem like a far-reaching dream as operational costs are on a skyrocketed level thereby pushing employers to drive far for more cost reduction to be able to meet with set financial demands of their businesses.
The federal government needs to act swiftly to save the face of the average business entity by formulating and implementing workable actions towards restructuring the economy for businesses to stay afloat despite all the trauma the economy has witnessed in this year alone.
The recession would push more get rich quick schemes to surface with a promise to give quick mouthwatering gains to individuals to survive the harsh condition of the economy which is as a result of the high poverty level among its citizenry.
Nigeria is a great nation filled with a large chunk of the resources waiting to be tapped and so poverty should not be a thing that ought to be synonymous with her state if proper policies are implemented to transform the livelihood of its populace.