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Asked by Dolapo on Thursday October 6, 2016 at 16:53:39:

I want to know how recession will affect us as a nation.

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Re: How will recession affect the Nigerian economy Reply by Tunde on Thursday October 6, 2016 at 16:57:36:

Recession implies business activities are slowing down because people are no longer buying or selling as much as they used to. It will reduce the GDP of the country and could cause unemployment to grow. Some companies will have to lay off workers just to remain profitable. The government needs to do something to encourage people to keep spending money and one way they can do it is by reducing tax rates. The CBN can also reduce interest rates so that businesses can have more access to funds so that they can produce more and boost the economy. I can't imagine how a country in recession can survive with a 20% interest rate or higher.





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