Nigeria can now be officially regarded to be in a period of recession as confirmed on Thursday 21st July 2016 by the Minister for Budget and National Planning, Senator Udo Udoma while answering questions from State House correspondents at the end of a meeting of the National Economic Council.
While the truth is that this is hardly news to anyone since no one needs a soothsayer to realize that for a while now, many Nigerians have been battling daily with increasing loss of purchasing power, job losses and dip in income all coming at the heel of rapidly rising cost of goods and services.
According to the Minister, the economy experienced a negative growth in the first quarter and there is high likelihood the second quarter result will not be different when the result is eventually released by the National Bureau of Statistics. Two consecutive quarters of negative economic growth is an indication of an economy in recession.
While we all continue to hope and pray that the Government and all other stakeholders will ultimately fashion out and doggedly implement strategies that will slow down, halt and finally reverse this distressing trend; it is smart to realize that the earliest projection for an expected comeback is set for some time in the coming year 2017. This is even more of a projection than a fact since many have not seen any encouraging and solid steps taken yet to achieve this objective by the coming year.
The implication of this is that Nigerians have to sit up and adjust to the reality that things may remain difficult for some months to come. Hence, what we need to figure out now is what we have to do at our own different levels to cope with and perhaps stay above all the negative effects of this recession.