The word RECESSION does not sound new to a Nigerian's ear.
Recession in actual sense is a period of time where there is low cash circulation in the economy (a period of slow economic growth and high unemployment ) caused by little or no productivity in the economy.
Nigeria got into recession in the latter part of 2015 and stayed in it till early 2017.
Two stimulants of recession
Inflation
Unemployment
Statistic shows that the Employment status of Nigerians is as follows
15%-->Employed (White collar job)
35%-->Agriculture of which 28% are subsistent farmers while the little commercial
50%-->Unemployed
DETERMINANTS OF
RECESSION
°Low production of goods and services
°Drastic reduction of production in the oil sector
°Low Investment on Agriculture
°Low Investment into the Educational sector
°Low cash reserves
°Little foreign earnings
Nigerian's problem is not money but how to manage the money -BABANGIDA.
WHAT DO WE DO NOW AS LEADERS OF TOMORROW
Steem to Freedom: Due to the high unemployment rate and limited jobs opportunities in Nigeria it makes it easy for the country to run into recession and stay in it. But having a platform as steemit where you blog and you earn is just wonderful. It reduces the dependency on the government and increases self empowerment.
Make right investments:
After making money what next? Investment
Investment being a placement of capital in expectation of deriving income or profit from its use. Investment could bring in much returns if invested in right deals
°Agriculture
°Education
°Technology
°Manufacturing Industry
Increase in mass production of goods and services:
The main problem in the economy of Nigeria is the production aspect of it. We produce just little of goods with foreign value which makes our naira weak and causes gross instability in the market structure and prices.
This is a wake-up call to the youth of Nigeria. Instead of complaining of what the government is not doing, why not do something .
Empower yourself. This where passion comes in, Invest in your passion, do things outside the box.