–There are palpitations worldwide about the ripple effects of the Coronavirus pandemic that has plunged the best economies into inflation weeks after recording index cases.
The International Monetary Fund (IMF) has said that Nigeria could be heading for its worst recession in thirty years. The economic downturn is one of the effects of the Coronavirus pandemic predicted by experts around the world. Well, this admission was just a declaration of the situation of the common man and it means little or nothing will change for the poorest poor while the average Nigerian plummets in resources and standard of living. But it is not all bad news for you! Recession as a word sounds scarier than its real context in the business world.
Investopedia defines Recession as a period of declining economic performance across an entire
economy that lasts for several months. This definition simply means the wealth still remains in the economy but only transfers one part of society’s pocket and enters another. There are palpitations worldwide about the ripple effects of the Coronavirus pandemic that has plunged the best economies into inflation in barely weeks. The U.S. Senate passed the largest economic relief bill in American history.
What it states in layman’s term is that $2.2 trillion dollars will be pumped out from the US
treasury, a staggering amount that made up almost 50% of the country’s 2019 budget which
stood at $4.407 trillion. Business experts are already prophesying doom for the first world countries as the 3rd industrial revolution which will see a lot of Organisations cut on staff budgets to invest more in tech -As
you know, it’s mostly a win-win for capitalists.
It’s safe to say the recession will hit the first world more than the third world -The more complex
the economy, the harder it is to scale through the downturns. Here in Nigeria, we majorly run a
spoon-feeding economy where little or zero efforts are made in embracing technology.
No doubt a few people will lose their jobs but it is not the end of the world as there are enough
problems to be solved in the Nigerian Economy. Subsistence is still a thing, tax regulations and
policies are not so strong -If it was wired for a few select, the argument of wealth transferring
during the economy comes to play here and wealth can only come to your direction if you make
It was stated above that the Nigerian economy is ridden with basic problems and that gives you
the ample edge of cashing in on them by providing basic solutions. Nothing out of the box -A
saying in Silicon Valley states: “Be the first, not necessarily the best”
Economic recession is a downturn in the economy. In a recession, families with little or no
buffers to resist the effect of recession are most likely to be hit severely but there are ways the
unfortunate condition could be managed. You can improve your situation while awaiting
economic interventions from the Federal Government in the near future.
Taking a lower-paying job would reduce short term pressure in meeting basic obligations- this is
a short term measure to stay afloat while looking for high-paying jobs. You may consider borrowing from friends and families but this may not bring a desired short-term relief as envisaged. Long term strategies may include registering with professional job-finder organizations for effective job search. You may also consider a change of career path or acquiring new sellable skills during the economic recession do not write-off relocation as this may reposition you
Don’t overthink it, sometimes, basic problems demand basic solutions with just an extra pinch of value sprinkled on them