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Money Can Still Be Made During Recession-Benedict Olugboyega Alabi (Must Read)

One of the Governorship aspirants of Osun State 2018 election, Benedict Olugboyega Alabi has detailed how to make money even during the current recession in the country.

Alabi said resources should be pulled together to be able to withstand the recession period.

Alabi who holds an ordinary National Diploma in Banking, Bachelors degree in Banking and Finance, Masters degree in Economics, Fellow of Chartered Institute of Bankers and Fellow Institute of Credits Administration, said this during an interaction with members of the fourth estate of the realm, on July 25, 2018 on OSBC monthly platform.

Speaking on the topic, "Economic Recession; Pulling Resources Together to start small and hit it Big" Alabi defined economic recession as a significant drop in the main income determinant of a nation or people.

He noted that in Nigeria however, Economic Recession could be defined as sustained drop in petrochemical (crude) prices.

The governorship aspirant is also a fellow of Institute of Government Leadership Research and Technology with specialisation in Strategic Management and Corporate
Governance and Awardee of Sustainability Facility Professional.

According to Alabi, causes of Economic Recessions might include;
"Economists generally believe that economic recessions occur due to a more than normal drop in spending by both the private and public sectors; some of the things that could cause this drop include financial crises, as was the case in 2008 when the world suffered the consequences of a global financial meltdown; an external trade deficit or adverse supply shock – for example, some OPEC member countries like Nigeria and Venezuela whose national income were heavily affected by the drop in crude prices, and a resultant drop in importation of some critical consumer goods, could be seem to be in economic recession.

"Therefore, it is right to say, recessions are caused by a loss of business and/or consumer confidence. As confidence recedes, so does demand. This is the tipping point in the business cycle. Where the peak, accompanied by irrational exuberance, moves into contraction.

"This loss of confidence makes businesses and consumers stop buying and move into defensive mode.

"That creates a destructive downward spiral. In short order, you get mass layoffs and rising unemployment,
in gross domestic product (GDP) for two or more consecutive quarters.

"To a non-economist, economic recession is a widespread drop in spending (an adverse demand shock)." He added.

Alabi however urged Nigerians and the people of Osun in particular not to get discouraged by the recession period but rather look for possible ways to exploit opportunities as money can still be made even during the period.

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