Assessment of Socio-economic and Political Effects of 2020 and 2024 Recessions in Nigeria and their Implications for Sustainable Development

The paper explored the socio-economic and political effects of recessions in Nigeria between 2020 and 2024 and their implications for sustainable development. The purpose of the study was to firstly, identify the socio-economic effects of economic recessions in Nigeria with focus on poverty, unemployment, and inequality, secondly, to appraise the political implications of economic recessions in Nigeria, particularly in terms of governance, public trust, and social unrest, lastly, to ascertain the effectiveness of Nigeria’s policy responses to economic recessions and their alignment with sustainable development goals. Moreover, the research was to examine the impacts of recession on various facets of Nigerian society and proposed recommendations to promote resilience and inclusive growth. The scope of the study encompassed an analysis of key economic indicators, social welfare, and political dynamics during the recession periods between 2020 and 2024 as a result of COVID-19 pandemic leading to lockdown in Nigeria in all facets. The significance of the study focused on its contribution to understanding the complex interplay between economic downturns and sustainable development in emerging economies, particularly in the context of Nigeria’s heavy reliance on the oil sector. The study drew on economic and political theories to analyse the relationships between recession, public policy responses, and societal outcomes. Methodologically, the paper employed a combination of secondary data analysis and a review of relevant literature to evaluate the impacts of recession between 2020 and 2024 and assessed policy responses. The findings underscored the importance of diversifying the economy, strengthening social safety nets, improving governance, promoting human capital development, and implementing counter-cyclical fiscal policies to mitigate the adverse effects of recession in Nigeria. The paper concluded with recommendations for future research and implementations, including conducting primary data collection, exploring the role of external factors, and investigating the long-term consequences of recession. Ultimately, the paper aimed to inform evidence-based policymaking and contributed to the pursuit of sustainable and inclusive development in Nigeria, especially in the face of economic volatility.