HOW YOU CAN AVOID FINANCIAL CRISES DURING RECESSION
There is no doubt that this might not be the best of times for our country Nigeria as the lingering economic recession is actually hitting hard at the personal economy of most Nigerians. Recession, as we are experiencing now is a period usually associated with decline in economic activities leading to low production of goods and services, low savings and low investment. I decided to write this post because, with the way things are going in Nigeria, if nothing is done urgently, a greater number of the citizens will slide into what economists call a Vicious Circle of Poverty. That is, a situation where people are poor because they earn very low income, which leads to low level of saving and investment. Low investment leads to low productivity which again leads to low income. In fact, for many homes in Nigeria today, their problem with the ongoing recession is actually the high cost of goods and services because they are only used to earning and spending. Sadly, the more the...