Business Recovery Strategies in the Economic Crisis of Recession in Nigeria

Abstract

Job losses, unemployment, sharp drop in market capitalization and falling external reserves etc etc, etc are all integral element of recession which per se is a representation of distinct and objectively identifiable episodes in which the dynamic factors that drive economic growth the technological progress, population growth and capital accumulation - are replaced by distinctly different dynamic in which loss income in some sectors feedback into decline in output of others. This paper examines Nigeria’s theoretical economic foundation, the consequence of recession generally and specifically on the Gross Domestic Product (GDP) growth rate (2008-2010) and on companies together with customers reaction. Business recovery strategies for an upturn over the economic crisis of recession in Nigeria are also advanced.