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.
QUEEN AYO BALOGUN
Yes, there is recession, and it’s very obvious. You don’t need to be told. It’s affecting all sectors of Nigerian economy including our industry – entertainment. it’s when people are well and buoyant that they will respond well to entertainment. I believe it’s a phase, and this again shall pass away.
We’re all paying the price for positive change. We only appeal to the government not to relent but try balance things so that the situation won’t be too tough. And in the long run make what we have suffered for worth its while.
OLAJIDE GREAT MCDEDE
Yes, there is recession and it’s really affecting our business as freight forwarders. Things are so tight this time around, and I don’t like retrenching workers because I believe they were all with me when things were rosy. So, it will be unfair to ask them to go now because of the state of the economy. What I can’t do now is to recruit but I can still maintain the current staff strength. Although it’s getting difficult this time around paying salaries, I believe everything is momentary. I pray we will all laugh in the long run.
ORAKA NVY, Sulcata Entertainment
Yes, I agree. Companies are trying to save their business as expenses are beginning to outweigh income.
It’s quite difficult as the new trend is now “there’s no money anywhere”. Even when the service you are offering is great, people are just being too careful with spending, and that’s not great for business.
KOLADE, Afro Media
I don’t know what recession is but what I do know is the environment is not conducive for small business owners to perform to their full capacity. Banks are not willing to loan to a one man business. They prefer the conglomerate that are already doing well.
At the moment coping by being very innovative with marketing strategies and thinking outside the box.
But it can never be as having all that is necessary to work optimally. Government should give us power.
We need power to reduce overhead expenses. And ensure the financial institutions are helping small business to develop.
FOLAKE IBRAHIM, Clamour Queen Makeovers
Yes ,there is recession and it has affected the economy greatly and its causing a lot of businesses to shut down
One just has to focus on the goals set, and also make do with the little resources at hand. I’ve also decided not to go above my budget at this time and make do with what I have.
The government should assist entrepreneurs that are ready to work towards their dreams and also we that have ideas to build up a business so that we can use our ideas and knowledge to build up the young youth so anywhere they find themselves they can startup as self employed individuals.
BUKOLA BASHORUN, Olivia Spices
Yes, I agree. I am managing the limited fund within my reach for sure and certain business transactions.
The government should make the economy more robust by strengthening the naira. They should encourage circulation of funds via activation of realistic economic policies.
AMANDA AKHIMIEN, Ever After
Yes, I believe so because things are now so costly in the market. People will always find a way to cope, no matter how hard things are. Nigerians have thick skin for challenges. We are coping.
I want them to fulfill the promise they made during campaign. They need to fix the economy. Get capable hands to work.