The government, as a matter of policy and action, has been urged to diversify Nigeria’s economic structure away from primary products export and manufactured goods import, as well as deepen the value chain approach to agriculture if it must exit the current recession.
Recession is a period of significant decline in activities across the economy characterised by low industrial production and manufacturing, high inflation, rising unemployment, falling purchasing power, low fiscal spending, as well as poor consumer spending, among others.Specifically, the Director, Centre for Economic Policy Analysis and Research , University of Lagos, Prof.
“Nigeria entering into another recession, the third one in history did not really come as a surprise. The signs were there all along with the negative GDP growth rate in the second quarter of 2020, and the subsequent poor economic performance that followed in the year. According to him, the widespread devastation of the pandemic of which the intensity surpassed 2008 global financial crisis, only worsened the country’s steadily deteriorating economy.He said as a result of the nation’s fragility, early in January 2020, Moody’s & Fitch had downgraded Nigeria’s economy from stable to negative
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