Economic Recession and the Way-Out: Nigeria as Case Study

Abstract

Nigeria, the hub of West Africa’s economy has remained stagnant, following the declaration of global economic and financial crisis which became major concerns for political leaders, economists and managers of financial institutions across the globe. It was later confirmed by the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and the Minister of Finance, Kemi Adeosun that Nigeria’s economy was officially declared to be in a technical recession based on the new trend figures released. This study aimed at suggesting various measures for Nigeria’s economic recovery. Way-out of economic recession can be through the additive reforms of the following: economic policies; transport infrastructural development; economic diversification with more emphasis on addressing the issue of local contents; education research and innovation; filtering externalities, culture, SMEs, domestic products; sound policy and anticorruption approaches; lessons were drawn from Japan economic policies with emphasis on monetary and other policies. Finally, various recommendations were suggested for policy actions.