International records / OpenAlex research

An Analysis of Nigerian Recession

Over the years, Nigeria depends on crude oil proceeds as the major source of national income, foreign exchange and external reserves. This dependence coupled with the huge cost of running and maintaining the political structure among other factors prove disastrous by leading the economy to the worst recession in decades. We therefore, chronicle the origin, effects and way out of the recession via trend analysis and desk review. Having analyzed the remote and immediate causes of the recession, we observed that the dependence on crude oil whose price is highly volatile made the Nigerian economy …