Preprint Review Version 1 Preserved in Portico This version is not peer-reviewed

Nigeria and Its Dwindling Economy: What is the Way Forward?

Version 1 : Received: 4 August 2020 / Approved: 6 August 2020 / Online: 6 August 2020 (10:26:16 CEST)

How to cite: LATEEF, S.; Yauri, A.P.A.R.; Muhammad, D.G. Nigeria and Its Dwindling Economy: What is the Way Forward?. Preprints 2020, 2020080151 (doi: 10.20944/preprints202008.0151.v1). LATEEF, S.; Yauri, A.P.A.R.; Muhammad, D.G. Nigeria and Its Dwindling Economy: What is the Way Forward?. Preprints 2020, 2020080151 (doi: 10.20944/preprints202008.0151.v1).

Abstract

Dwindling Economy is otherwise known as depression economy or economy depression interchangeably and/or recess economy. It is an occurrence wherein an economy is in a state of financial turmoil, often the result of a period of negative activity based on the country’s Gross Domestic Product (GDP) rate. However, this has become a global phenomenon; a good example of a necessitating factor is the global oil crash market and pandemics virus (Covid-19) ravaging the human race. That has conjointly led to the decline in the GDP growth per capital of a country; which forces degradation in the performances of economic sectors, retrenchment of staff and wrapping-up of industries. It is a lot worse than a recession, with GDP falling significantly, and lasts for periods of time. Pen ultimately, Nigeria has been in deteriorating financial state for years; her economy in the last few years has been going through some turbulence. A country that had recorded an average GDP growth of 6.5 per cent, one of the highest in the world less than a decade ago, is now projected to grow at about 2.3 per cent in 2016. It is no longer news that Nigeria's economy is experiencing total collapse and if nothing is done to put the peg in the right spot something worse than what we are witnessing may soon be on sight. Based on some of all these issues and other, Nigeria was said to be technically recess.In this paper, efforts were made to explore the state of the Nigeria economy in the last 36 years (1981-2017) and correlate it with the recent phenomena that conjointly constitute to its dwindling economy. Our comprehensive and elusive literary survey and extemporariness suggested way forwards to rescue the raveling situation of Nigeria dwindling economics, if not providing lasting solution but temporarys’ one that could stand test of time.

Subject Areas

Dwindling Economy; Nigeria Economic Sector; Fraud; Insecurity; Policy Implementation

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