The State And Management of Economic Recession in Nigeria

ABSTRACT

The study examined the state and management of economic recession in Nigeria. The objectives set for the study are: to ascertain whether the failure of the state to adequately manage oil resources contributed to recession experience in Nigeria from 2014 2017, to ascertain whether the implementation of economic recovery plan (EGRP) reduced the hardship caused by recession experience in Nigeria between 2014 2017. The rentier state theory was adopted to justify the hypothesis which are “The failure of the state to adequately manage oil resources has contributed to economic experience in Nigeria from 2014 2017” and “ The implementation of economic growth and recovery plan (EGRP) has not reduced the hardship caused by the economic recession in Nigeria between (2014 2017).  Documentary method of data collection was used to collect data from secondary source of data. Data analysis was based on content analysis. The findings from the study reveal that the economy of Nigeria has been badly affected by recession caused by over dependence on oil revenue, excessive imports and low investment inflows. The federal and state budgets are experiencing spending difficulties due to shortfalls in government revenues. As a result, poverty, unemployment, debt rate, and crime rate have escalated in Nigeria. Based on the findings, the study recommends that the government at all levels should put in place sustainable fiscal and monetary policies geared towards economic development and shift from a mono product economy to a more diversified economy.