EFFECT OF RECESSION ON NIGERIA ECONOMIC GROWTH AND DEVELOPMENT

EFFECT OF RECESSION ON NIGERIA ECONOMIC GROWTH AND DEVELOPMENT

Abstract

This study focuses on the impact of recession on economic growth in Nigeria from 1980 to 2017. The Nigerian economy recently has been plunged into recession. This is as a result of over dependence on imports, falling prices of oil revenue, low investment inflows and high level of corruption. The study uses two multiple regression analysis of time series data on selected macroeconomic variables. The Augmented Dickey Fuller (ADF) unit root test, Johansen cointegration test and Error Correction Mechanism (ECM) were adopted and analysed. The research findings revealed negative impact of recession on economic growth in Nigeria and on the lives of Nigerians. It also brings out the deeper structural problems inherent in the Nigerian economy and proffer solutions to pull Nigeria out of the recession. This result is in line with the findings of Agri, Mailafia and Umejiaku (2017). It therefore recommends positive change on the part of Nigerian government and Nigerians in general for structural, fiscal and monetary reforms that will spur growth through government – private partnership. The study therefore concludes that Nigeria can come out of the recession a better country only if it can diversify its economy

and avoid over-dependence on oil revenue, patronise made in Nigeria goods, be able to attract investment inflows into the economy and above all, free itself from corruption which is a hindrance to economic growth. In doing this, Nigeria can come out of the recession a better country.

 

 

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