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THE EFFECT OF ECONOMIC RECESSION ON AGRICULTURE IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
This project discusses effect of economic recession on agricultural development in Nigeria
. There have been symptoms of recession in the Nigerian economy, just that it became full blown under the President Mohammadu Buhari regime due to certain drastic actions taken to solve perennial domestic economic problems. Economic crisis come in a cycle. A recession is an economic crisis in the business cycle contraction, which results in a general slowdown in economic activities in two or more quarters(6months and above). Macroeconomic indicators get worse showing that if there is no appropriate policy response, the economy may slip further into a depression. The Gross Domestic Product (GDP), investment and consumption spending, savings rate, imports and exports, capacity utilization, household income, trade, capital flows, business profits
and inflation decline, while indebtedness, illiquidity, bankruptcies and the unemployment rates rise. Economic recession is also a negative economic growth for two consecutive quarters. The National Bureau of Economic Research (NBER), defines recession as “a significant decline in economic activity spread across the macro economy, lasting more than a few months, normally visible in real gross domestic product (RGDP), real income, employment, industrial production and wholesale-retail sales”. Usually, recession may be triggered by financial crisis and or credit crunch, as well as demand and supply side shocks, (Kamar,2012).. Following this introduction, section II is the statement of problem. Section III presents the literature review, section IV contains the methodology, section V is the results and discussion, and section VI is the conclusion, while section VII presents the recommendation.
1.2 Statement of the Problem
Nigeria has been an economically slavish neocolonial state. The present economic recession in Nigeria is a manifestation of long-term ills in the structure of the economy that became full-blown under the present government. The recession seems to affect socio-political structures, Nigeria’s credit condition, general living standard, imports, production and employment as well as consumption demand in Nigeria. Fast developing economies like China, India, Brazil, including Vietnam and Thailand depend on exports to drive their economies. Nigeria cannot afford to do otherwise. 80 percent of Nigerians still lack access to electricity, decent housing, portable water and good healthcare. This figure is growing as a result of increasing unemployment caused by the recession. For many years, The importation of petroleum products covers 30 percent of Nigeria’s GDP, importation of toothpick, rice, fish, cassava starch, sugar and processed tomatoes take 20 percent; importation of garments and fabrics 15 percent, importation of cars and electronics 20 percent; resulting to sky-rockets inflation of 17.8 percent in 2016.The demand for foreign exchange and imports (including imports of petroleum products) remained high
in the face of dwindling oil revenue. Nigeria is faced with the twin problems of reduced volume of exports and reduced price of crude, resulting to reduced revenue. The implications are that the federal and state budgets cannot be funded adequately resulting to external borrowing and debt financing. These have negative implications on foreign exchange and imports of raw materials, low absorptive capacity, job losses, increased tax evasion and avoidance, low purchasing power, low standard of living caused by economic recession. The question is that why the performance of the Nigerian economy always should be determined by industrialized external powers, if not for the internal structural deficiencies working against self- reliance? The Nigerian economy is now in the intensive care unit where America and Thailand’s agribusinesses have collapsed Nigeria’s agriculture, China’s garments and fabrics business has collapsed Nigeria’s textile industries, Japan and Germany’s automobile businesses have collapsed Nigeria’s Ajaokuta steel company.
1.3 Objectives of the study
1. To understand the impact of recession on small buainesses in Nigeria
2. To understand the relationship between recession and growth of small scale businesses in Nigeria
1.4 Research questions
1. What is the impact of recession on small buainesses in Nigeria
2. What is the relationship between recession and growth of small scale businesses in Nigeria
1.5 Research hypothesis
H1: There is no relationship between recession and the performance of agricultural development in Nigeria
H1: There is a relationship between recession and the performance of agricultural development in Nigeria
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