Low Profit During the Economic Recession in Nigeria (2016 – 2018) and Poor Industrial Development in Dozzy and Chicason Group of Companies

Bonaventure Chigozie Uzoh and Anthonia Onyinye Ilodigwe
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Bonaventure Chigozie Uzoh: Department of Sociology/Anthropology, Nnamdi Azikiwe University, Awka – Anambra State, Nigeria
Anthonia Onyinye Ilodigwe: Department of Sociology/Anthropology, Nnamdi Azikiwe University, Awka – Anambra State, Nigeria

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 3, 525-534

Abstract: Economic recession is a phenomenon that poses great challenges to industries in their quest for growth and development. Industrial development is very necessary for the economic growth of every nation and without it, the mission of industrialization becomes a mirage. Thus, the present study examined how low profit during the economic recession in Nigeria between 2016-2018 affected industrial development in Dozzy and Chicason group of companies. In other to achieve this, a research question was raised and a hypothesis also formulated to guide the study. The theoretical thrust of the paper is the liquidity trap theory. The study adopted cross-sectional research design employing the use of quantitative research method. The study population was 4,347 from which a sample of 546 respondents were drawn using Taro Yamane sample size determination formula. The sampling technique adopted for selecting the respondents for the study include; the stratified proportionate and systematic sampling techniques. The questionnaire schedule was the instrument used for data collection. The quantitative data gathered from the field was processed using the Statistical Package for Social Sciences (SPSS). Descriptive statistics such as frequency tables and simple percentages were used to present, interpret and analyze the data. The stated hypothesis was tested using the Chi-square (χ2) inferential statistics with level of significance at 0.05.Findings of the study showed that high loss of profit was as a result of inability to carry out adequate production procedures during economic recession. The study thus concluded that economic recession has adverse effects on industrial development and recommends that economic reform programs such as provision of long term loans, single- digit interest rates, resuscitation of decayed basic infrastructure especially power be adopted to avoid reoccurrence of economic recession in Nigeria.

Date: 2023
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