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Once again in the history of recession in Nigeria, the international factor played a major role. Nigeria is the country that is highly dependent on oil production. Therefore, a new Cold War between Russia and USA provoked the decline of oil prices. Also, the Federal Government of Nigeria also played a major role in the recession.
What is the history of economic recession in Nigeria? For a long time, the country suffered from political instability, corruption, undeveloped infrastructure, and poor management of the economy. The former military rulers of Nigeria could not diversify the economy in order to get rid of the country's complete dependence on the oil sector.
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An introduction to the Discount House in Nigeria. 3450 words (14 pages) Essay in Business. This work has been submitted by a student. This is not an example of the work produced by our Essay Writing Service. You can view samples of. So even though developed economies are gradually beginning to come out of the general recession, the.
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The report states that this increase can be attributed to growth in several developed countries and the dynamism in South and East Asian countries. In 2017, China alone, contributed to the growth of East and South Asia. In addition, the end of recession in Argentina, Brazil, Nigeria and the Russian Federation was a contributing factor.
Some economists and newspaper writer define a recession as the gross domestic product, income, and unemployment continue to reduce for six months. When recession occurs, income of people will decrease and employment rate will get rise in many departments in an economy. A recession means a change of the economy development trend in the long-term.