Recession is just a general downturn in virtually any economy. A Recession is connected with large unemployment, delaying gross domestic product, and high inflation.
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ARE WE IN A RECESSION | IS NIGERIA IN RECESSION?
The recent report in Nigeria from the National Bureau of Statistics said the country’s economy contracted in the second quarter by 2.1 %, with the oil industry suffering a double-digit decline.
We are able to formally claim Nigeria is in recession. There's common starvation and hunger in Nigeria, despair, confusion and frustration. We see enormous lack of jobs, companies are shutting down and ambitious entrepreneurs put their business ideas on suspension to see if things will become better in Nigeria.
WHAT CAUSED THE RECENT RECESSION IN NIGERIA
Many factors contribute to an economy's fall into a recession, but the major cause is Inflation refers to a general rise in the prices of goods and services over a period of time. The higher the rate of inflation, the smaller the percentage of goods and services that can be purchased with the same amount of money.
HOW TO SURVIVE IN THE NIGERIAN RECESSION
Analyse Your Finances:
Here is the time you will need to really sit down and analyse your finance. What are the major sources of your finance and how much exactly do you earn. How much is your income worth now.
Understand that N50,000 today may not afford what it it could last year.
Set Up A Budget:
if you have never done this before, you've to do that now. Jot down all your expenses regardless of how little they are for a month. That will allow you to realize wherever your hard earned money is going and assist you to identify any unnecessary expenses. Make a listing of your required daily costs that's food, apparels and rent e.tc. and allocate funds to each of them.
Reduce Your Expenses:
You shouldn't be spending so much at this time. We all acknowledge clothing is essential, but this isn't the time to consider getting high priced clothes or clothes you don't need. You may also cut back on expenses by lowering the quantity you spend on your internet and also cable tv. The fact is you can't view all of the channels on television, therefore cutting right back here will allow you to save more money.
Buy Household Needs in Bulk:
Buying you necessities in mass can help you save your self money. When you have a means of preserving foodstuffs, you should truly buy it in bulk, it can save you time and also money.
Some people don't like being economical, As soon as they are able to afford anything they need, they get it. Even if you have the money you may require to get that stuff, don't obtain it if you are not in dare need of it. Figure out how to be frugal it will allow you to save for when it gets harder.
HOW MAKING MORE MONEY IN NIGERIA DURING RECESSION
Sell Your Extra Belongings:
You can sell off your extra stuff like extra cars, Rent out that extra office space, that can help you make extra money. Things you never needed or haven't used for a while, need to go. Luckily, they are e-business websites that can help you connect to buyers fast.
Use your skills to make more money:
If you're out of work this is an excellent opportunity for you to believe wonderfully about other ways to apply your skills and put it to use to make money. You may also use your additional skills to create money even if you have a job. and if you don't have any unique skills, consider anything you can learn and make money from it.
Turn Your Hubby Into A Business:
When you yourself have a spare time activity you should use to make extra money, you should do just that. Plenty of people are reluctant to take the avocation they like and turn it right into a profitable project, please do not be like that. turn whatever you appreciate performing right into a profitable endeavor… that's if it's legal.
Top 13 Good Business Ideas To Start In Nigeria In This Recession
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