PRODUCTIVITY FOR ECONOMIC RECOVERY AND SUSTAINABLE GROWTH
DOI:
https://doi.org/10.29121/granthaalayah.v7.i8.2019.684Keywords:
Productivity, Recession, Challenges, Economic Recovery, GrowthAbstract [English]
This paper presents the major productivity challenges facing Nigeria as a nation which contributed to delays in her economic recovery process. Some industrial visits were made to ascertain the effective levels of productivity, while administering structured questionnaire for data gathering. Comparative analysis was done between countries which were also categorised according to their developmental levels and strategies. Nigeria was included in the analysis, with a view to knowing where we belong and how best to fashion a way out of recession to achieve economic recovery. Results showed that corruption has eaten deep into the fabrics of our economic development. Manufacturing industries were found to be shutting down, due to unfavorable international competitiveness. One major way out of our recession was the development of human resources and creation of a stable macroeconomic environment. Also, Nigeria has to develop further its research and development activities through the allocation of more Research and Development expenditure as percentage of GNP particularly industrial research, in order to become competitive in the international market.
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