Business Development and Economic Recession in Nigeria: Lessons and the Way Forward

The speed of change in most sectors of the Nigeria economy has increased in recent times exponentially
and conventional wisdom proves that the trend will continue. In this fast-paced global business environment,the ability to possess fact-based strategic foresight, deliver systematic exploration of new growth opportunities and to institutionalize a continuous drive to improve internal business practices is more important than ever. This study therefore examines the effect of business development on economic recession in Nigeria. Theobjectives of the paper among others are (i) To establish the effect of business development on economicrecession in Nigeria (ii) To examine if there is any significant relationship between business development and economic recession. A survey research was used to gather data from CEO of different sectors of the Nigeria economy. Based on the data collected result indicates that business development is affected by economic recession in Nigeria. The paper offers useful policy recommendations, which include the need for government and appropriate agencies to put in place policies such as enabling environment that will lead to the growth and development of business process and strategy.