Home Project-material THE IMPACT OF ECONOMIC RECESSION ON THE NIGERIAN POPULACE (1980-2016)

THE IMPACT OF ECONOMIC RECESSION ON THE NIGERIAN POPULACE (1980-2016)

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Abstract

This study investigates the impact of economic recession on the Nigerian populace. Secondary data were used in this study, the data were collected from CBN statistical bulletin also data were also gathered from journals and textbook that are related to the research topic. The overall significance of the regression is tested using Fisher’s statistics. In this study the calculated F* value of 0.629415 is significant at 69%. The result however, show that linear relationship exist between the dependent and the independent variables of the model. The evidence established that the independent explanatory variables have individual and combine impact of economic recession and populace in Nigeria. There is significant relationship between economic recession and populace in Nigeria. The finding of this study was from the test of the formulated hypothesis which the result has it that economic recession have statistically significant impact on the Nigerian populace. How recession
CHAPTER ONE

INTRODUCTION

1.1       BACKGROUND TO THE STUDY

Recently in Nigeria, the CBN and the Finance Minister have told Nigerians that the nation is in an economic recession, it is very important that the impact of this recession on the Nigerian populace is well understood. The causes can be well understood if the definition of an economic recession is revisited. An Economic Recession  is defined as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real Gross Domestic Products, real income, employment, industrial production, and wholesale-retail sales.(US National Bureau of Economic Research).

Generally in economics, a recession is a negative economic growth for two consecutive quarters. It is also a business cycle contraction which results in a general slowdown in economic activity (Merriam-Webster Online Dictionary, 2008). 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.

Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock or the bursting of an economic bubble. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, increasing government spending and decreasing taxation.

A recession has many attributes that can occur simultaneously and includes declines in component measures of economic activity (GDP) such as consumption, investment, government spending, and net export activity. These summary measures reflect underlying drivers such as employment levels and skills, household savings rates, corporate investment decisions, interest rates, demographics, and government policies.

A researcher, Koo (2009) wrote that under ideal conditions, a country


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