5 ways to beat the recession
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.