Hints on How to Overcome Global Economic Recession

INTRODUCTION

 Permit me to observe that this topic of our discussion “Overcoming Economic Recession and Promoting Peace in the world today” is just timely indeed based on the present prevailing world economic situation.

Today, the economic recession has brought great consequences and chief amongst which are; unemployment, poverty, extreme hunger due to inflation, violent crimes including: arm-robbery, kidnapping, militancy and even insurgencies with increase in illegal emigration. All these have brought untold sufferings to millions of people throughout the nation. The greatest blows are no doubts crashing upon the roofs of our grassroots and rural communities with many families falling fast below the poverty line.

It is no exaggeration that families and individuals which were previously affluent are now finding it very difficult to cope and makes ends meet. And the pains and hardship seems not just a monster but a challenge indeed that we must confront and conquered for a peaceful and prosperous society.

But since we cannot directly influence or check the exorbitant cost of living due to the economic recession, it becomes imperative that we apply the right intervention and innovations in the sourcing and management of our natural resources in order to evolve new ways of productivity and trading.

WHY THIS BOOK? THE URGENT NEED OF THE HOUR

At the moment, the world including Nigeria is facing a myriad of problem ranging from insecurity, unemployment, decaying educational system to low Labour and productivity. For the youths, the most pressing problem is unemployment. The reaction of most of our young people is to throw up their hands in hopelessness thinking nothing can be done.

For us we see the hope of tomorrow in “YOU”. Many graduates are looking forward to paid employment. That in itself it is not a bad idea but however, there is nothing better than starting off to building your own businesses. But the reality is that the chances are getting slimmer by the day. Hence, there is need for a re-orientation.

Interestingly, there are alternatives that may be even more rewarding. One such alternative is entrepreneurship. While this can be challenging, the payoff is large. All of you out there being starved of paid jobs and in idleness, have innate potentials that could be directed towards positive development. This realization is not peculiar to Nigeria. In several parts of Africa and the world over including the so-called industrialized countries, youth entrepreneurship is seen as the most viable alternative. In Nigeria, several government agencies have come up with initiatives in this direction but I suspect that because of lack of awareness most of our idle youths have not embraced them to the fullest advantages. Thus, this book is designed to fill that gap. In addition to the program of the national direct oration of employment (NDE), the central bank of Nigeria in collaboration with selected institution has established entrepreneurship development centers across the country.    

In the most recent past, the global economic system has continued to take a downward slide. And this has been generally referred to as the world economic meltdown. This has resulted to many businesses collapsing and millions of workers being laid off. Securities on the global stock markets have suffered massive losses, thus rendering a large number of investors bankrupt and others, heavily indebted. National and domestic budgets have been tightened, and prices of commodities are sky rocketing on daily bases. This indeed need a different and radical approach and that is the focus of this manual and blue-print.