Exploring the Diagnosis of the Nigerian Economic Depression
Abstract
Economic depression seems to be synonymous with Nigerian economy in recent years as there has been serious contracting of the country’s gross domestic product since the 1st quarter of 2016. This article explores how Nigeria got into economic depression and found that counterproductive and unclear policies of government particularly in economic matters, exacerbated by dwindling revenue created panic and discouraged investors which worsened the situation. The paper, at the end, calls for urgent policy that can grease and encourage economic diversification of the country through increased transparency, strengthening various governmental and non-governmental institutions, provisions of lasting infrastructure, and citizens’ participation in the process of governance. The study equally recommends the need to restore the confidence of investors through clear-cut economic polices and for the essential infrastructural expenditure of government to be increased.
