THE EFFECT OF ECONOMIC RECESSION ON THE NIGERIA ECONOMY

ABSTRACT The paper examines the impact of economic recession on the Nigerian.Productivity tends to fall in the early stages of a recession, and then rises again as weaker firms close. The variation in profitability between firms arises sharply. Recessions have also provided opportunities for anti-competitive mergers, with a negative impact on the wider economy. The major objectives of the paper are: To examine the impact of economic recession on the Nigerian, to examine the relationship between economic recession and unemployment in Nigeria and to examine the relationship between economic recession and standard of living in Nigeria.Concerning methodology, both secondary and primary source of data was used for the study. Survey research design was used with a sample size of 486 household heads or their spouses from the population. Data was analyzed using chi-square statistical tool findings from the study have it that economic recession has statistically significant impact on the Nigerian. Recommendations for the study include; The Nigerian government should increase her expenditure on skills. Skill acquisition programmes should be organized most especially for the youths,in order to encourage entrepreneurship which lead to a productive economy.