ECONOMIC RECESSION ON STANDARD OF LIVING IN NIGERIA (A CASE STUDY OF OJO LOCAL GOVERNMENT AREA)
ABSTRACT
It is no more news that Nigeria is in Economic Recession. What is news, however, is how she comes out of it. The decline in economic activity cuts across every sphere of life, business, technology, industry, education, health etc. It remains pertinent, therefore, for us to examine the consequences of the recession on the citizenry. The implementation of this on standard of living in Nigeria would be undoubtedly being topical issues for all thinking citizen. This is as a result of over dependence on imports, falling prices of oil revenue, low investment inflows and high level of corruption. This study investigated the economic recession on standard of living in Nigeria. Simple random sampling technique was used to select 80 respondents. Data were collected with the aid of questionnaire and analyzed using descriptive research method. However, this research work will reviews the conceptual framework, theories, causes, and possible measures of economics recession on standard of living in Nigeria. It will enlighten the government, private and public individuals on the economic recession on standard of living in Nigeria.
TABLE OF CONTENTS
Title Page
Certification
Dedication
Acknowledgement
Abstract
Table of Contents
CHAPTER ONE
- Introduction
- Background of the Study
- Statement of the Problem
- Purpose of the Study
- Research Questions
- Research Hypotheses
- Significance of the Study
- Scope of the Study
- Definition of Terms
CHAPTER TWO
- Literature Review
- Introduction
- Conceptual Framework
- Theoretical Review
- Causes of Economic Recession
- Possible Measures to End Economic Recession on Standard of Living in Nigeria
- Standard of Living (Family) and Economic Recession in Nigeria
CHAPTER THREE
- Research Methodology
- Research Design
- Population of the Study
- Sample and Sampling Techniques
- Instrument for Data Collection
- Validity of the Instrument
- Method of Data Collection
- Method of Data Analysis
CHAPTER FOUR
- Data Presentation, Analysis and Interpretation
- Introduction
- Presentation of Respondents Bio-Data
- Analysis of Hypotheses and Discussion of Findings
CHAPTER FIVE
- Summary, Conclusion and Recommendations
- Summary
- Conclusions
- Recommendations
References
Appendix
CHAPTER ONE
INTRODUCTION
- BACKGROUD OF THE STUDY
The economic recession in Nigeria is caused by both endogenous and exogenous factors. There have been symptoms of a recession in the Nigerian economy, just that it became full-blown under the President Mohammadu Buhari’s civilian regime due to certain drastic actions taken to solve perennial domestic economic problems. It is not abnormal for a market economy to go through a business cycle: boom, recession, and recovery. What matters is how long the phase of recession is managed to avoid a depression. The economic recession has serious negative impacts on government revenue, employment, income vulnerability, inflation, human health, infrastructural supply, poverty and natural resource management in Nigeria. Recovery and sustained economic development are desirable, but presently, Nigeria is a dependent capitalist economy. It is also not the first time Nigeria is experiencing economic recession, as the economy experienced recession in the 1970s, 1980s and 1990s. The global economic (financial) crisis of 2007/2008 affected Nigeria as a periphery economy that is dependent on the global trade. Nigeria has unrepentant, unpunished corrupt political class, over relies on the Federal Government revenue, over-depends on crude oil, to a large extent, feeds on imported food, lives on foreign finished household electronics and communication manufactures, military gadgets, transport and electricity, infrastructure inputs, cloth in imported textiles and garments and drives in 100 percent imported cars. These are the root causes of the recession. In study the researcher tends to identify the effect of current recession on Nigerian families, expected ways out for individual family
International experience has become critically important in today’s business world. Global trends have had an impact on the processes and outcomes of business fortunes even in developing countries; and have caused industrial relation actors to think differently about their goals. Every country is affected by business cycle; a situation whereby there is nationwide fluctuations in production, trade and general economic activities over medium-to-long-term in a free market system. The Nigerian economy currently faces the effects of the global economic crises which results to breakdown and decline in economic vigour. It is pertinent to understand the dynamics of the present global economic meltdown with careful study and examination of the issues involved. The Nigerian economy has continued to witness renewed and sustained recession, characterized by galloping inflation, unemployment and declining businesses. The general business cycle of recessions affects human resource management. Such factors as interest rates, inflation, and economic growth help determine the availability of workers and figure into organizational plans and objectives. Economic conditions hinge on overtime, decision on wages and laying off or hiring of workers.
It is no more news that Nigeria is in Economic Recession. What is news, however, is how she comes out of it. The decline in economic activity cuts across every sphere of life, business, technology, industry, education, health etc. It remains pertinent, therefore, for us to examine the consequences of the recession on the citizenry. The implications of this on Nursing Education and Practice would undoubtedly be a topical issue for all thinking nurses. The National Bureau of Economic Research (NBER) defined a recession as ‘ a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in a real gross domestic product (GDP), real income, employment, industrial production and wholesale-retail sales.’ Economic recession can also be defined as a negative real GDP growth rate for two consecutive quarters (say first and second quarter). Judging by the above definition Nigeria is experiencing economic recession currently, since her first and second quarter growth in 2016 are – 1.7% and – 2.06%. (Osalor, 2016).
- STATEMENT OF THE PROBLEM
Nigeria has been an economically slavish neo-colonial state. The current economic recession in Nigeria is as a result of long-term ills in the structure of the economy that became full-blown under the present government. The recession seems to affect socio-political structures, Nigeria’s credit condition, general living standard, imports, production and employment as well as consumption demand in Nigeria. Fast developing economies like China, India, Brazil, including Vietnam and Thailand depend on exports to drive their economies. Nigeria cannot afford to do otherwise 80 percent of Nigerians still lack access to electricity, decent housing, portable water and good healthcare. The figure is growing as a result of increasing unemployment caused by the recession. For many years, The importation of petroleum products covers 30 percent of Nigeria’s gross domestic product, importation of toothpick, rice, fish, cassava starch, sugar and processed tomatoes take 20 percent; importation of garments and fabrics 15 percent, importation of cars and electronics 20 percent; resulting to sky-rockets inflation of 17.8 percent in the year 2016.The demand for foreign exchange and imports (including imports of petroleum products) remained high in the face of dwindling oil revenue. Nigeria is faced with the twin problems of reduced volume of exports and reduced price of crude, resulting to reduced revenue. The implications are that the federal and state budgets cannot be funded adequately resulting to external borrowing and debt financing. These have negative implications on foreign exchange and imports of raw materials, low absorptive capacity, job losses, increased tax evasion and avoidance, low purchasing power, low standard of living caused by economic recession. The question is that why the performance of the Nigerian economy always should be determined by industrialized external powers, if not for the internal structural deficiencies working against self-reliance? The Nigerian economy is now in the intensive care unit where America and Thailand’s agribusinesses have collapsed Nigeria’s agriculture, China’s garments and fabrics business has collapsed Nigeria’s textile industries, Japan and Germany’s automobile businesses have collapsed Nigeria’s Ajaokuta steel company.
In spite of the efforts of the researchers to identify the prevailing factors that determine economic recession in Nigeria, there seems to be none that has ever thrown more light on the causes, effects and solutions to the economic recession in Nigeria. Certainly, that is what this study tends to focus on with reference to the Nigerian economy among small, medium and large scale economies in Nigeria. There is obviously, a need to investigate the issue of economic recession which can be perceived virtually among all sectors of the economy in Nigeria.
- PURPOSE OF THE STUDY
This study sought to investigate the causes, effects and solutions to the economic recession among small, medium, large scale entrepreneurs and standard of living at large in Nigeria. It will show the reason why there is economic recession in the country and give insight on how economic recession directly affects economic growth and proffers a lasting solution to the Nigerian government.
The study will help small, medium and large scale entrepreneurs, government, unemployed and underemployed individuals in the country to understand the risks that economic recession posses. This study will also contribute to academic literature by bringing about the relationship between causes, effects and solution to economic recession in the country. This study can also serve as a foundation for further research to be conducted in Nigeria.
The research aimed at investigating the economics recession and standard of living in Nigeria.
- RESERCH QUESTIONS
- Does economics recession have an impact on standard of living in Nigeria?
- Does government policies of Nigeria causes economics recession?
- To what extend the economics recession contributes towards unemployment rate in Nigeria?
- RESEARCH HYPOTHESES
H(0)1: Economics recession has no impact on standard of living in Nigeria
H(0)2: The government policies in Nigeria does not affect economic recession
H(0)3: Economic recession has no contributions towards unemployment rate in Nigeria
- SIGNIFICANCE OF THE STUDY
This study, if properly implemented would enlighten and educate the general public on how is economics recession to standard of living in Nigeria. Also the research will be a contribution to the body of literature in the area of economics recession on the standard of living in Nigeria, thereby constituting the empirical literature for future research in the subject area.
- SCOPE OF THE STUDY
As a result of financial and time constraints, the study is set to cover the economics recession on standard of living in Nigeria, with a case study of Ojo Local Government Area, Lagos State for the sake of simplicity.
- DEFINITION OF TERMS
ECONOMICS RECESSION: Is a period of general economic decline and is typically accomplished by a drop in the stock market, an increase in unemployment and a decline in the housing market.
STANDARD OF LIVING: Standard of living generally refers to wealth, comfort, material goods, and necessities of certain classes in certain areas
GOVERNMENT POLICIES: Government policies contain the reasons things are to be done in a certain way and why
UNEMPLOYMENT RATE: Is a situation in which persons of working age, able and willing to work are unable to find a paid employment
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