With five years, Nigerian economy has moved into economic recession three times and the current recession according to World bank has been projected to be the worst recession since the 1980 recession.
Due to the reduction in the price of oil in the world market, which is the major source of revenue in Nigeria, the economy has suffered a recession.
In addition to the reduced oil price level, the pandemic also contributed negatively to the revenues level of the country.
There are various impacts that the current recession will have on the economy while as citizens, you will be affected as well.
Impact of economic recession
Economic recession is a macroeconomic term which affects the whole economy. Few of the impact can be summarized below.
During economic recession, there is less spending in the whole economy which affects the income of different companies.
As a result of this, companies will lay off their workers so as to break even and maintain their profit level or maintain theur loss during this period.
This will affect the unemployment rate in the country and will affect the money in the economy.
- Fall in interest rate
As an individual, this might not affect you but the interest rate given on investment will be reduced most especially from the central bank in order to maintain the level of money in the circulation.
Once there is a reduction in the interest rate, the money available in the economy will be reduced and also it will affect the standard of living.
- Fall in investment
Due to the reduction in source of income for individuals, there might be reduced investment opportunities since investment companies will be targeting a risk-free return which might lead to reduced investment intake.
Are you ready for the recession?
With the recession setting in at the moment, how well are you prepared for the recession.
What if you lose your present job due to recession, will you be able to survive?
If you are not employed yet, you should know that the chance of getting a job will now become more difficult, what are your plans?
In a way to provide Nigerians with an alternative of a better life during the recession period, you can become a kurepay agent and earn up to #200,000 with a start up capital of #10,000.
Not only that, if you have up to #250,000 minimum investment, you can earn 5% monthly return on your investment and maintain your standard of living during recession. Read more about the investment.