The Centre for the Promotion of Private Enterprise, CPPE, has revealed that Nigeria has experienced eight recessions since 1960, when the country became independent, to date.
The Chief Executive Officer of CPPE disclosed this in a recent statement in commemoration of Nigeria’s 65th Independence Anniversary.
According to the economic think tank group, the recessions which happened in 1967 (Civil War), 1975, 1978, 1981-1983, 1993, 2006 and 2020.
CPPE said Nigeria’s recessions were largely triggered by oil price shocks, fiscal mismanagement or global crises.
“Nigeria has experienced eight recessions since independence, in 1967, 1975, 1978, 1981–1983, 1993, 2016, and 2020—largely triggered by oil price shocks, fiscal mismanagement, or global crises. Each downturn revealed the same structural fragilities: heavy reliance on oil revenues, weak non-oil exports, and excessive import dependence.
“Building resilience will require export diversification, fiscal discipline, and the creation of credible stabilisation mechanisms to ensure stability of government spending during periods of revenue volatility,” CPPE stated.
