1Onwubiko, Obinna, 2Amadi, Chidinma Juliet and 3Anoruoh, Paul Uzondu
1&2 Department of Public administration, Federal Polytechnic, Nekede, Owerri, Imo state, Nigeria
3 Department of Banking and Finance, Federal Polytechnic, Nekede. Owerri, Imo state, Nigeria
Corresponding Author’s email: obinnaonwubiko@yahoo.com
Abstract
Economic recession is a global phenomenon and Nigeria has had its own share of the experience. Though a global phenomenon, the variables that predispose national economies to recession varies. This study establishes that the existence of an oil dependent economy where the oil sector provides the bulk of the foreign exchange earning has the capacity of crystallizing in economic crisis when there is a glut in price or when the production of oil declines. It also brings to the fore that corruption has been the basic factor that provokes economic difficulty in Nigeria. Yet despite the fact that mono-cultural economy and corruption have been seen as creating economic quagmire in Nigeria, they have continued to be an integral part of Nigerian existence and have been attributed to the present economic recession in Nigeria as it was also the case in the economic recession of the 1980s. In view of the foregoing, the policy prescriptions in the 1980s when Nigeria experienced a biting recession and also the policies of the Buhari’s administration to contend with recession were x-rayed. The study notes that lack of commitment and political will have been responsible for ineffective implementation of policies that would ensure the diversification of the Nigerian economy and eradication of corruption which are the causal factors of economic recession in Nigeria. The study also made recommendations that would address the problems identified and ensure that the Nigerian economy becomes stable and sustainable.
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