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The main aim of this study is to ascertain the role of the print media in the resolution of economic recession in Nigeria. But the specific objectives set to be attain by the researcher include; to ascertain the role of the print media in overcoming recession in Nigeria, to ascertain the relationship between the print media and economic growth; to ascertain the role of the media in attaining economic development; and to evaluate the influence of the media on economic development. Using a simple random sampling technique, the researcher randomly select two hundred staff of punch news paper as the population of the study, A set of structured questionnaire was administered
1.1 Background of the study
An economy in recession there is no gain saying it that these are trying times for the average Nigerian. Not at least since the return to civil rule in 1999 has the kind of free fall in productivity and liquidity being experienced now been witnessed. The change mantra which for many was a heraldic summon to a new golden age of economic prosperity has suddenly become a din of illusory happiness and call to expose our collective underbelly to the blind rage of saber rattling gladiators. The state of any nation’s economy is a result of several variables. They include time, context, actors and even what happens beyond the shores of the country, that is, the international political economy. Currently, four challenges largely prevail. They include moving away from an oil-revenue economy for our public expenditure and foreign exchange earnings, transiting from the current subsistence farming to technology-driven agriculture, implementing consistent policies that make it easy to do business in the country and doing something urgent about the unemployed population of Nigerian youths. Our economic challenges are multifaceted and cannot be assessed independent of governance variables – systems, structures and democratic processes which are still struggling to gain identity and function appropriately.A recession is when the economy declines significantly for at least six months. That means there’s a drop in the following five economic indicators: real GDP, Income, Employment, Manufacturing, and retail sales. People often say a recession is when the GDP growth rate is negative for two consecutive quarters or more Nigeria’s economic situation is in “its worst possible time”, according to Finance Minister Kemi Adeosun. The inflation rate shrank at 17.1%, The GDP had contracted by 2.06%, the economy by 0.36%. The dependence coupled with the huge cost of running and maintaining our political structure was always a recipe for disaster. Consequent upon this, Nigerians have finally been confronted with the stark reality that the economy is in recession. The effects of this economic downturn are already being felt by all and sundries in the form of unpaid salaries, inability to pay rent, inability to pay children school fees and even inability to feed. The word recession according to Wikipedia in Afe (2016), is a state of negative economic growth for two consecutive quarters. It is also a business cycle contraction which results in a general slowdown in economic activity. Macroeconomic indicators such as GDP (gross domestic product), investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock or the bursting of an economic bubble. NDE (2004) affirmed that the emergence of global economic recession in 1980s has led to the galloping state of Nigeria economy. Conversely, Oyewole (2016) observed that about 57 percent of Nigeria citizens are living below $1 per day and live very poorly in all development indices. The factor behind this is over population. National Directorate of Employment NDE (2010) said Nigeria has a population of over 150million people and an average annual growth rate of 2.5 percent. The challenge brought by over population and standard of living below $1 per day is diverse socio-economic ranging from inflation, unemployment, poverty, lack of access to potable water and medical care, lack of basic amenities and high level school dropouts among the youths (FRN, 2004). The above mentioned diverse socio-economic are challenges of economic recession that Nigeria is battling with since 1980s despite the fact that the country was ranked among the 50 richest countries in the world in the early 1970s (FRN, 2004). Unfortunately, Nigeria has retrogressed to become one of the 25th poorest countries at the threshold of the 21st century. Igbuzor (2006) noted that Nigeria is the sixth largest exporter of oil and at the same time hosts the third largest number of poor people after China and India and currently challenged with economic downturn. Hornby (2006) described challenge as a demanding task or situation. It is an act or statement that calls something into question. The author further stated that it is the act of raising doubt as to whether something is true or genuine. Challenge is a problem that someone face to attain the set objectives. It is a problem of implementation. Therefore, the challenges of economic recession are the problems that arose as a result of short term economic reduction in the country. The challenges of economics recession ranging from insecurity, inadequate payment of salaries and wages, child abuse, scarcity of food supply, improper education, loss of job, unemployment, high cost of production, embezzlement, poverty, lack of access to portable water, high level of school dropout, inflation and stagnation.
1.2 STATEMENT OF THE PROBLEM
It has been observed and with reports from various quarter that Nigeria's economy is under renewed tension, as reports on key fundamentals, including Gross Domestic Product, GDP; inflation, employment/ unemployment, capital importation, among others, were worse than expected. According to National Bureau of Statistics (2016), Nigeria's GDP at constant basic prices, contracted in the second quarter of 2016 by 2.06 per cent after shrinking 0.36 in the first quarter. Technically, given that Nigeria's GDP has now showed a decline for two consecutive quarters is evidence that the economy is in recession. According to the report, the continuing decline in the value of capital imported into the economy was symptomatic of the difficult period that the Nigerian economy is going through. it is on this note that the researcher intends to investigate the role of the print media in the resolution of economic recession in Nigeria.
1.3 OBJECTIVE OF THE STUDY
The main objective of the study is to ascertain the role of print media in the resolution of economic recession in Nigeria. but for the successful completion of the study, the researcher intends to achieve the following sub objective
i) to ascertain the role of the print media in the resolution of economic recession
ii) to ascertain the impact of recession on economic growth;
iii) to ascertain the relationship between recession and economic growth
iv) to evaluate the role of recession on economic development
1.4 Research hypotheses
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
H0: print media does not have any effect on the resolution of economic recession in Nigeria.
H1: print media do have significant effect on resolution of economic recession in Nigeria.
H02: economic recession does not have any significant impact on economic growth of Nigeria.
H2: economic recession does have a significant impact on the economic growth of Nigeria.
1.5 SIGNIFICANCE OF THE STUDY
The study will be of great importance to the government of Edo state as the study will help them to formulate policy that will aid productivity amidst recession. It will contribute immensely to the exploration of the effects that have led to the backwardness of industries in the area of study and suggested possible solutions to those effects identified and it will be of significant value to the three tiers of government which are federal, state and local in the allocation of resources so as to cater for potential and aspiring industries that are on the rise. Furthermore, it will be of significance to manager existing and potential entrepreneurs and directors of subsequent industries in Edo State. Knowledge about its significant finance will equip incoming and aspiring investors who tends to invest in the industrial sector so as to ensure efficiency and maximum prosperity towards development. The study will also be beneficial to researchers who intend to embark on study in similar topic as the study will serve as a guide to their study. Finally the study will be beneficial to academia’s students and the general public.
1.6 SCOPE AND LIMITATION OF THE STUDY
The scope of the study covers the role of the print media in the resolution of economic recession in Nigeria. But in the cause of the study, the researcher encounters some constrain which limited the scope of the study;
(a)Availability of research material: The research material available to the researcher is insufficient, thereby limiting the study.
(b)Time: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
(c)Finance: The finance available for the research work does not allow for wider coverage as resources are very limited as the researcher has other academic bills to cover
1.7 DEFINITION OF TERMS
Oil glut: Oil glut simply refers to a situation where there is excessive supply of oil by the various oil producing in a countries.
Economic recession: economic recession is a period of well lightening a period that is characterized by drastic cut down on aggregate demand for goods and services.
Infrastructural facilities: These are materials needed by new and existing industry to have effective and smooth running of the firm in order to ensure maximum profit and the firms actualizing it’s objectives.
Raw materials: It simple means the manufacture outputs (goods and services)
Print media: Print media advertising is a form of advertising that uses physically printed media, such as magazines and newspapers, to reach consumers, business customers and prospects. Advertisers also use digitalmedia, such as banner ads, mobile advertising, and advertising in social media, to reach the same target audiences
1.8 Organization of the study
This research work is organized in five chapters, for easy understanding, as follows Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study. Chapter two highlight the theoretical framework on which the study its based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion and also recommendations made of the study.
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