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Entrepreneurs agree Nigeria’s economy is in a recession

Recently, the governor of Central Bank of Nigeria (CBN), Godwin Emefiele allayed fears of recession in Nigerian economy. The statement has since been generating reactions from the general public.

Some entrepreneurs ENCOMIUM Weekly spoke to, admitted that our economy is in a recession and an urgent step should be taken by the Federal Government to tackle the ugly situation before getting out of control.



I can’t agree with the Governor of Central Bank of Nigeria (CBN) that Nigeria’s economy is not in a recession. Our economy is nothing to write home about at the moment. We should not be deceiving ourselves. What I think we need now is the solution before the whole thing gets out of control. A lot of companies can’t afford to pay salaries. Even state governments, yet the man said there is no recession.

Many companies are still sacking hundreds of their workers without recruiting fresh ones. So, there is fire on the mountain. I also find it difficult to pay salaries now. We only need to work harder. And the issue of naira devaluation is not the solution, instead, it should be strengthened.



Yes, I would agree with that. And I think it’s not just in Nigeria, even big companies abroad are downsizing, so it’s global. Multinational companies like Guinness are losing millions every year, so yes, I think I agree with that.

As they say, extreme cases call for extreme measures, we’ve had to cut down on expenses by seeking the best deals from service providers. You have to be mindful about sharply increasing your price, you’ll scare clients away and competition will pounce on that. I think the government could help by asking banks to offer loans with low interest rates.


ADESUBUA OGBEMUDIA, Dewhitesparkles Events

I solidly agree. I will just try to ignore it and improve myself by gathering knowledge each day in my entrepreneurial skills (event planning). I want to carve a niche for myself, hoping and praying hard one day I will break even and things will get better.

Our leaders should begin to wear the shoes of the followers so they can feel what we feel. When they do, they will know what is right.



If I say there is no recession, I am only lying. Nigeria’s economy is in a recession at the moment. And it’s really affecting every economic activity. Even standard of living is depreciating. As an entrepreneur, it’s getting difficult to fulfill certain financial responsibilities.

So, there is need for the Federal Government to act fast before the whole economy collapses.


ATINUKE AWOYEMI, Saint Andrews Pharmacy

Yes, I agree. Although it’s not affecting me directly, but I know a lot of entrepreneurs who are finding it difficult to pay staffers. The cause is lack of stable economy. The government should look into it. They are the ones that know what they can do.


FOLAKE SHOMUYIWA, Shomuyiwa Publications

With the way people are complaining, to an extent, yes. I want the government to find a lasting solution to the problem.

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