The perceived effects of Economics recession on the standard of living in Nigeria (A case study of Federal College of Education, Special Oyo)

Abstract

The main purpose of this study was to examine the perceived effect of the current economic recession on the standard of living in Nigeria. Other specific objectives include the following: to examine the causes of the current economic recession in Nigeria; to examine the effect of recession on the income level of workers and analyse the impact of economic recession on the prices of some selected food items. The data used for this study was collected using questionnaire. The result from the hypothesis using chi- square analysis revealed that the current economic recession has effect on the income level of workers and that economic recession has effect on the prices of some food items. In the final analysis, it is therefore recommended that there should be provision of critical infrastructure, diversification of the economy, job creation, promotion of home made goods and agricultural transformation among others as policy options for Nigeria recessed economy. This in the long run will bring down the exchange rate, interest rate and reduce the unemployment level in Nigeria.