The true meaning of recession – Reuben Abati

There have been interesting arguments over Minister of Finance, Kemi Adeosun’s observation that “recession is just a word”, and NAN MD, Bayo Onanuga claiming that reports of hardship in the land is exaggerated propaganda. I think we need to break down the subject further from a layman’s perspective. Recession is a word, no doubt, but it is more than a word, it is an experience: the experience that the majority of Nigerians is going through.

If you are at a significant remove from that experience, it may be difficult to know how it feels, and if you are an economist, you are likely to be conveniently obsessed with textbook ideas.