Some economists have jokingly defined a recession like this: If your neighbor gets laid off, it's a recession. If you get laid off, it's a depression.
Economists officially define a recession as two consecutive quarters of negative growth in gross domestic product (GDP). It is also regards as a significant decline in economic activity spread across the economy, lasting more than a few months" as the hallmark of a recession.
Some businesses may be affected only moderately, or not at all, if the recession is mild and brief. If the recession lingers and the downturn is widespread, all big businesses - firms publicly traded on Nigerian Stock Exchanges (NSE) - may ultimately be hurt.
For decades, the Nigerian government have been talking about diversification of our economy for oil which has perennially form the major source of our revenue.
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