Encomium
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.
ADEBOYE OLUWASEGUN, Pine Events and Interior Design
I agree there has been recession in Nigeria for over 16 years, what is new now is that the government is taking responsibility and I hope this is because they are willing to do something about it as quick as possible before we reach the precipice.
I cope by ensuring that the products and services we offer, including home, hotel and office interior design are done with the best taste at very affordable prices. This makes us very competitive and increases our chances of catching good clients.
I want government to create an enabling environment for our businesses to thrive, create soft loans, improve infrastructure and policies that drive investments for the country.
LARRY OWOJORI
There is economic recession, and it’s really affecting my business. We’re only living on the mercies of God to survive. Raising enough fund for business expansion has become extremely difficult. And those owing us are not even ready to pay their debt which has really set the business backward. Prices of essential items are skyrocketing. Quality of life is depreciating. Not that I don’t believe in Buhari’s anti-corruption crusade, but I think he should face the economy first, ensure its stability first. Then, he can now go back to war against corruption. Nigeria’s economy is really suffering now, and something urgent has to be done.
TUNMISE OGUNBEKUN, X5 Media Concepts
With the dwindling oil prices and lack of fiscal policy, I cannot but agree that the country is heading towards recession.
On my part, I’m being prudent with money. The government should review their financial management and diversify the economy. They also need to cut down cost by cutting out unnecessary expenditure and block all leakages. Also, the CBN should partner the federal government and come up with practical policies.
LAWRENCE ONUZULIKE
Yes, I agree there’s recession in the country at the moment. The fact that there is recession doesn’t mean we’ve stopped operating, just that things are a bit slower and clients complain of lack of money in circulation.
I am not expecting magic from the government. There’s still time. I prefer they take their time and solve the corruption issues from the root rather than a quick fix that may lead to more problems in the future.
BOLAJI JOSEPH, The Bael Services and Automobiles
I agree there is a recession at the moment, and it has affected most facets of the economy, even multinational companies are downsizing. We’ve had to cut down on expenses and look for the best deals from our suppliers.
The government should find a lasting solution so as to stabilize the economy.
KAYODE SALAKO
Yes, I agree and the Federal Government is not pretending about it. It is a known fact that the immediate past Federal Government also did so much to cause more damage to the economy.
Corruption, impunity and wastages grew so high in Jonathan’s time. The nation’s resources were badly managed. Economic recession is simply when the nation does not have enough resources to meet recurrent needs. At a time, the FG and state governments could not pay the salaries of their workers. This is a strong indication of recession. Companies are laying off workers because of poor income generation. The purchasing power of the people is being weakened due to the slow flow of money in circulation. The Jonathanians really dealt Nigeria serious blows. You don’t even need the government to tell you that the country is in a recession economically.
The reality on ground is evident enough.
There is nothing one can do than to cope unless you want to allow your business to continue to be adversely affected. And the strategy is to cut cost. Engage in rational spending and spend money only on what is necessary. Right now, there is no spending on what is not really important. Most of the money my business now makes goes on operational and staff welfare maintenance with little to take to the bank. But, in all, I have been coping and I hope it won’t get worst than this. That the Federal Government is complaining about the financial situation alone is an indication that all is not well with Nigeria.
The government of President Buhari has been doing a lot to resolve the anomaly and inject more funds into the economy. The Nigerian financial system needs realistic reforms. Reforms must be carried out to re-set new standards for sustainable economic growth of the country. Money and progressive regulations should be injected into the system through development of Small and Medium Scale Enterprises (SMEs) more. The government should concentrate on creating more jobs through SMES. Set the ball of re-building and re-constructing the Nigeria environment by creating jobs through award of contracts rolling in every part of Nigeria. When construction jobs are going on in every part of the country, more jobs would be created. Corruption should be kept in abeyance and opportunities should be given to more and more people to be involved in Agricultural businesses on low interest loan from the banks. With these done, the Nigerian economy would bounce back quickly.
The government must also make sure there is constant electricity. Once all these can be achieved in a Nigeria that is being properly governed, things will get a lot better. Corruption, self-centredness are the bane of Nigeria’s economy. And once something good can be done to stop or address these anomalies, Nigeria would work for the benefits of all of us.
