Nigeria’s Economic Recessions Since the Emergence of the Fourth Republic: How Not to Live with their Inevitable Consequences

Arguably, since the emergence of the Fourth Republic in 1999, Nigeria’s economic recessions - 2009, 2016, and since 2020 - are comparably different in nature and run counter to theoretical postulation. In this context, this paper seeks to interrogate and juxtapose their causes, with a view to limit their futures, and hence de-fang their consequences on the country’s growing potentials in the 21st Century. This Paper adapts the library research methodology, which gives consideration to the kind of data to be collected. Drawing therefore from this paper’s empirical analysis, three main arguments are presented: first, I argue that the crosscutting cause of the recession scenarios in Nigeria is wholly and implicitly structural; second, I contend that Nigeria’s recessions are underpinned by complexly related nexuses that range from the effect of the country’s oil-centric economy and infrastructure deficit, and both exacerbated poor governance and security dilemmas; and third and no less important, negative consequences of the recessions explicitly increased poverty rates, reduced living standards, and the quality of life of the majority of citizens. This paper’s recommendations and conclusions focus analyses on harnessing “homeland economics” and post-COVID-19 remedies that signpost effective government intervention and reforms, and beyond John Maynard Keynes’ increase of aggregate demand, increasing investment in the inclusive employment generating opportunities, associated with Industries-without-Smokestacks (IWOSS), and thereby re-balance the economy and walk the country out of present recession and spare it of futures. Finally, findings talk to a number of disciplines and interests – academics and policymakers, alike.