5 ways to beat the re­ces­sion

Weekly Trust - - Front Page - Nathaniel Bi­van

The Fed­eral Gov­ern­ment has un­veiled 59 strate­gies to end the eco­nomic re­ces­sion in the coun­try. It’s meant to re­store growth and re­po­si­tion the econ­omy. Per­haps you should have yours to re­main un­scathed as the year pro­gresses.

Abubakar DanAs­abe from the De­part­ment of Busi­ness Ad­min­is­tra­tion, Kaduna Polytech­nic gives a non-aca­demic def­i­ni­tion of re­ces­sion as a sit­u­a­tion where the dis­pos­able in­come of work­ers is gen­er­ally low and gen­eral eco­nomic ac­tiv­ity is di­min­ish­ing. “So it’s the re­spon­si­bil­ity of the gov­ern­ment to as­sist the peo­ple. Since there’s no pro­duc­tiv­ity, it means in­cen­tive is low for man­u­fac­tur­ers to grow. One of the ways the gov­ern­ment can help busi­nesses is to give pal­lia­tive mea­sures such as re­duc­ing or wav­ing taxes. Banks on the other hand are to be made to lower their in­ter­est rates, so in­di­vid­u­als and or­gan­i­sa­tions can have ac­cess to fi­nance,” he said.

Econ­o­mists have given dif­fer­ent per­spec­tives on how the coun­try can bounce back, but there’s clear in­di­ca­tion Nige­ri­ans need to fash­ion out their own meth­ods of earn­ing ex­tra in­come to beat the re­ces­sion. An en­tre­pre­neur, Ka­fuwai Dauda has de­cided to travel to coun­tries where he can get less ex­pen­sive prod­ucts so his cus­tomers don’t feel the bur­den as prices of prod­ucts soar. This is just an ex­am­ple of a sales­man’s ini­tia­tive.

Some goods may presently be li­a­bil­i­ties, taking and never giv­ing back to the owner. It may be wise to sell one out of three cars, per­haps even two, if main­tain­ing more than one be­comes a huge bur­den. Plug­ging in­come holes may be one of the best ways to bounce back in this re­ces­sion. With fewer li­a­bil­i­ties, house­holds get to man­age their re­sources bet­ter and have a scale of pref­er­ence that re­ally works.

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