Impact of Recession on Side Hustle Increase in Nigeria

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Impact of recession has increased side hustle in Nigeria
Name of the student:
Name of the University:
Author note:

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Abstract:
Nigeria as a country slipped into recession between April and June 2016 when the economy
growth figures was shown to have contracted by 2,06%. The industry has experienced
massive lay off in the country which as an effect have seen from industry experience many
individuals though employed still investing involved in side hustle (self-employment or side
businesses).
This dissertation focuses and is aimed to set out the course of the study through determining
the true impact of the recession on the increase on side hustle by verifying the trends of the
side hustle over time in Nigeria. We will aim to validate weather side hustle has impacted the
livelihood of the Nigeria people or impacted the output of their current work with their
employer.
The conclusive aim is to pass comments on how recession has impacted the increase of side
hustle and how the lives of Nigerians have generally been impacted. Can the country benefit
by its impact for economic growth or would this be a negative impact of the general growth
of the country in its effort to climb out of recession.
Keyword:
Side hustle in Nigeria, Nigeria side hustle, Nigeria side hustle recession impact, recession
impact on side hustle, recession impact on self-employment

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Table of Contents
CHAPTER ONE: INTRODUCTION........................................................................................4
1.1 Introduction:................................................................................................................4
1.2 Research aims and objective and question:......................................................................4
1.2.1 Research question:....................................................................................................4
1.2.2 Research aims:..........................................................................................................4
1.2.3 Research objective:...................................................................................................4
1.2 Research background:.................................................................................................5
1.3 Research justification:.................................................................................................5
2.8 Chapter summary:............................................................................................................6
1.5 Ethical consideration:.......................................................................................................6
1.6 Research limitation:.........................................................................................................7
1.7 Structure of the study:......................................................................................................7
1.8 Chapter summary:............................................................................................................7
CHAPTER TWO: LITERATURE REVIEW............................................................................8
2.1 Introduction:.....................................................................................................................8
2.2 Economic Recession in Nigeria:......................................................................................8
2.3 Causes of Recession within Nigeria:................................................................................9
2.3.1 The economic recession in Nigeria due to the financial crisis:.................................9
2.3.2 Economic recession which has taken place through the other factors of Nigeria:..11
2.4 General Consequences of the Economic Recession in Nigeria:....................................12
2.5 Effect of the business development over the Economic Recession:..............................12
2.6 Impact of Recession over the side business formation:.................................................15
2.7 Side hustles in Nigeria:..................................................................................................15
2.8 Chapter summary:..........................................................................................................17
CHAPTER THREE: RESEARCH METHODOLOGY...........................................................18
3.1 Research Design:............................................................................................................18
3.2 Research Type:...............................................................................................................19
3.3 Research approaches:.....................................................................................................20
3.4 Research Techniques and Ethics:...................................................................................21
3.5 Study Population:...........................................................................................................22
3.6 Sample population:.........................................................................................................23

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3.7 Sample techniques:.........................................................................................................23
3.8 Data Collection instrument and method of administration:...........................................23
3.9 Primary data:..................................................................................................................24
3.9.1 Design of questionnaire:.........................................................................................24
3.9.2 Interviews:...............................................................................................................24
3.10 Secondary data:............................................................................................................24
3.11Method of data analysis:...............................................................................................25
3.12 Limitations of Research:..............................................................................................26
3.13 Conclusion:..................................................................................................................27
CHAPTER FOUR: DATA ANALYSIS..................................................................................27
4.1 Introduction:...................................................................................................................27
4.2 Data analysis:.................................................................................................................27
4.2.1 Quantitative data analysis:......................................................................................27
4.3 Secondary Qualitative Analysis:....................................................................................58
4.4.1 Impact of economic recession in Nigeria:...............................................................58
4.4.2 Improvement of Nigerian economy by adopting diversification:...............................60
4.3 Chapter summary:..........................................................................................................60
CHAPTER FIVE: CONCLUSION AND RECOMMENDATION.........................................61
5.1 Introduction:...................................................................................................................61
5.2 Finding of the study:......................................................................................................61
5.3 Conclusion and recommendation of the study:..............................................................62
5.4 Ethical consideration:.....................................................................................................63
5.5 Future work:...................................................................................................................63
References:...............................................................................................................................64

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CHAPTER ONE: INTRODUCTION
1.1 Introduction:
The economic recession is one such phenomenon which can be defined as the crisis in terms
of economics the finance. During this time economy of a state tends to slow down owing to
high price of the goods and service that eventually leads to fall in the demand and
subsequently fall in supply. This is characterised with the devaluation of the financial
institutions and the declining of the productivity. Under this circumstance, employment tends
to fall and the wage rate ignores the wage principle and start to remain same over a long
period of time if not it fall. This situation leads to rise to growth of alternative source of
income such as side hustle. Present study is focused towards the case of Nigeria as it is one of
the fastest growing south African state that has demonstrated phenomenon growth in their
side hustle activities. As per the previous literary evidences it can be seen that Nigeria,
though has grown at a good rate during the recent years, it has faced recession as well. This
eventually has forced 65% of the working population of the state to opt for the side hustle as
the source of income. Under this situation, this study is aimed to study how the side hustle of
Nigeria has been impacted by the recession and what is the future of the same. Through trend
analysis of the side hustle in Nigeria this study will try to validate whether side hustle has
impacted on the livelihood of the Nigerian people or not.
1.2 Research aims and objective and question:
1.2.1 Research question:
Primary question of the study is as follows:
What is the impact of the recession on the side hustle of Nigeria?
1.2.2 Research aims:
Aim of the present study is as follows:
 To determine the impact of the recession on the side hustle of Nigeria
 To check the trend of the side hustle in Nigeria
 To validate whether side hustle has impact on the livelihood of the Nigerian people
 To judge how recession has impacted the life of Nigerian people
1.2.3 Research objective:
Objective of the present research is as follows:
 Checking the impact of the recession on the performance of Nigerian economy

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 Determining the self-employment level of Nigeria under recession
 Analysing the effect of recession on the livelihood of the people considering private
savings and disposable income
 Judging the economic impact of side hustle in Nigeria
1.2 Research background:
The economic recession is also being referred as the financial crisis as well as the economic
crisis and the financial crisis as well. This is the time when the economy is slowed. This is
characterised with the devaluation of the financial institutions and the declining of the
productivity. This often takes place because of reckless and unsustainable money which is
being lend. The economic recession is being known as the period of general decline of the
economy and is accompanied typically through a drop within the stock market and the
unemployment is increased and thus, a decline is observed within the housing market.
In the year 2016, in Nigeria, the things were turned austere specifically and gave birth to long
impregnate recession (Watkins, 2019). This gave rise to the rate of unemployment
considering the youths of Nigeria. As a flow, the goods prices and the services were
increased continuously by over 100% (Thieme, 2018). There was the devaluation of the
purchasing power. Failures were experienced within several companies which were highly
profiled. The production facilities of the multinational companies have shifted their facilities
out of Nigeria. This is the study where numerous measures are being suggested by the
researchers that is being required to recover the economy of Nigeria. Under this scenario it
can be seen that majority of the population of the state has been doing self-employable job
giving rise to the research regarding the same.
1.3 Research justification:
With the rise in the recession in Nigeria during 2009, there has been phenomenon growth in
the side hustle in the state. Cocoa Farming business of the country Nigeria as well as the
marketing of the production of cocoa within Nigeria has increased rapidly. The cocoa
farming business of Nigeria is being regarded as one of the major business investments of the
country regarding the foreign as well as the local investors in the business of agriculture.
Next to this, business of copy writing as well as the IT security and the Cyber Security side
hustle within Nigeria emerged as the prime alternative source of the Nigerian employment
(Kehoe, 2018). Though it was clear that side hustle has been largely impacted by the

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recession in the state, yet no study has been there regarding the same. Thus analysing the
phenomenon is crucial as this will enable the government of Nigeria and the reader to
understand in terms of personal employment where Nigeria stand and what can be done for
future sustainability of the state.
2.8 Chapter summary:
For the prevention of the meltdown of the economy and to bounce back towards the
economic buoyancy within Nigeria, there should be the adoption of the numerous way-outs
as well as recommendation which is being required to be adopted in an efficient manner due
to the limitation of times. When these recommendations are being adopted by the
Government and the stakeholders as well, then it is required to be counted as an opportunity
for the country Nigeria. The recommendations are like:
 The statutory responsibilities considering the law enforcement agencies are
required to be clearly stated for the prevention of the discharging of the
misalignment of the responsibilities,
 The corruption is being regarded as a deadly disease within the governance which
is being combated with the utilisation of the strict and the deadly punishments
like the death sentence as well as life imprisonment.
 The citizens of the country are required to be empowered for the making of the
reports, through the numerous means towards the established agencies which has
guided against the unlawful acts.
This is the study which has suggested a synchronisation among the fiscal measures as well as
the monitory policy towards the direction of the increment of the liquidity within the
economy, the decreasing rates of the interests, the employment and the increasing investment
along with the increment of the income of the economic entities. The recession is being
regarded as an economic cycle which is involved in affecting the entire economy all over the
world.
1.5 Ethical consideration:
Ethical consideration is one of the essential parts of every research work as it defines the dos
and don’ts of the researchers. As per the ethical code of conduct of the research, every
researcher is bound to follow the ethical perspectives of research so as to ensure no biasness
in survey and interviews (Ravenelle, 2019). The paper considers ethical consideration at the
time of survey. The researcher provides flexibility to each respondent for providing answers.
Moreover, the researcher does not reveal the identity of respondents for their security.

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Besides this, it can also be mentioned that researcher also let the respondents know the reason
of survey so as to reduce the biasness in their responses. With flexibility in casting response,
researcher allow respondents to join with the survey freely underpinning the main focus of
the ethical code of conduct of research.
1.6 Research limitation:
When it comes to research limitation, then every research work has some. This present study
has been done considering the case of the Nigeria and it has considered both the primary and
secondary data for the analysis. However, it has not considered the interview that can enable
the researcher to get in depth knowledge about the real situation. Moreover, though the
researcher has followed the ethical codes of research, yet there is ample scope that the
collected data is not free from error as they have been collected virtually. Besides, it is also
true that there was no outlier within the dataset, yet it is limited to Nigerian people only.
Thus, generalisation of the same cannot be done as different economy has different set of
characteristics that are unique in nature. Lastly, it can be stated that it has considered the
respondents irrespective of the region of Nigeria. Thus, this study only provides overall
recessionary impact on the side hustle in Nigeria, rather than providing region specific
outcome.
1.7 Structure of the study:
This study is divided into five chapters which are introductory chapter, literature review,
methodology, data analysis and conclusive chapter. Introductory chapter sets the course of
the study as it defines the main research question, aims and objective. Moving forward, in
case of literature review, it defines the previous literary studies and the evidences of the
recession on the side hustle of Nigeria. Through the utilisation of the previous literary
evidence, this chapter showcased the literature gap in case of the phenomenon under
research. In next chapter, research methodology has been explained. This chapter is one of
the essential chapters as it defines the method of data collection, method of data analysis and
the how all the calculations will be done. Besides this, this chapter defines the hypothesis
based upon which researcher has done data analysis in next chapter. In data analysis chapter,
researcher has showcased all the finding of the statistical analysis in tabular and graphical
format. With utilisation of the SPSS software, researcher has conducted inferential statistical
analysis and the outcome of the same has been presented in this chapter. Lastly, in fifth
chapter researcher has demonstrated all the finding and the limitation of the researcher.
Providing in depth discussion of the finding of the research, in this chapter, researcher, has

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provided conclusion to the study.
1.8 Chapter summary:
Present chapter of the study was aimed to demonstrate the research question, aims and
objective of the research. Through depicting the research structure, it has demonstrated the
research justification, background of the research and the ethical perspective as well as
limitation that the present study have.
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction:
This is the study which will discuss about the effect of recession which has increased the side
hustle in Nigeria. Nigeria has experienced doldrums for a long period along with five
consecutive quarters when the economy is being shrinking. The economy as well as the
business cycle is being regarded as one of the precious interesting topics within the modern
macroeconomics theory. The economy of Nigeria is being gradually shifting from the
economic recession towards the entire economic meltdown that is catastrophic, deadly as
well as heart-breaking in nature (Ravenelle, 2019). Nigeria is being regarded as the hub of the
economy of Western Africa which is stagnant. The declaration of the global financial crisis is
being followed. The financial crisis as well as the global economy is being regarded as a
major concern of the economists, the political leaders and the financial institution managers
over the world. When the global financial crisis is being expressed, then it is expedient as this
is being regarded as the foundation and the spine of the developing economy (Kilimani,
2017). This is the place where Nigeria is being included.
In the year 2016, in Nigeria, the things were turned austere specifically and gave birth to long
impregnate recession (Murray, 2018). This gave rise to the rate of unemployment considering
the youths of Nigeria. As a flow, the goods prices and the services were increased
continuously by over 100%. There was the devaluation of the purchasing power. Failures
were experienced within several companies which were highly profiled. The production
facilities of the multinational companies have shifted their facilities out of Nigeria. This is the
study where numerous measures are being suggested by the researchers that is being required
to recover the economy of Nigeria.
2.2 Economic Recession in Nigeria:
The word economic recession is comprised of two words that is the Economic and the other
is the Recession. As per the Merriam-Webster Dictionary, the term Economic specifies about
the management of production, the distribution as well as the goods consumption and the

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service consumption. Recession is mentioned as the time of reduced economic activities.
Earlier the economic activities are mentioned as the distribution, the production and
consumption (Wright et al., 2018). As per a study, the recession is being termed as a general
downturn within an economy. This is the thing which is linked with high employment,
maximum inflation and slowing of the gross domestic product.
The economic recession is also being referred as the financial crisis as well as the economic
crisis and the financial crisis as well. This is the time when the economy is slowed. This is
characterised with the devaluation of the financial institutions and the declining of the
productivity. This often takes place because of reckless and unsustainable money which is
being lend (Agri et al., 2017). The economic recession is being known as the period of
general decline of the economy and is accompanied typically through a drop within the stock
market and the unemployment is increased and thus, a decline is observed within the housing
market.
As per some scholars, the cession is known as the period when there is a decline which is
observed significantly considering six months at a minimum. This specifies about a drop
within the following economic indicators:
 Real Gross Domestic Product.
 The individuals’ income level and the government revenue generation.
 Manufacturing,
 Employment and
 Retail Sales.
2.3 Causes of Recession within Nigeria:
There exist two chief reasons for the occurrence of the recession within Nigeria, which are:
 The economic recession which has taken place due to the financial crisis and the
global economic.
 Economic recession which has taken place through the other factors of Nigeria.
2.3.1 The economic recession in Nigeria due to the financial crisis:
The present global crisis has been introduced as a financial crisis which is presently known as
the global economic crisis. This is the crisis which is unprecedented regarding the severity of
the credit contraction. This is having the roots within the segment of banks while not
considering the foreign exchange or the securities market. This is the crisis which is being
born within US as there are certain laxities, which is there within US (Jack & Ibekwe, 2018).
This is then spread towards Europe and then over the entire developing countries and spread

10
globally. Some of the countries which is not being affected by the financial crisis whereas,
these countries then became effected in the second round as this crisis has turned into
economic issues now.
:
Source: (Jack & Ibekwe, 2018)
An economic boom is being followed as the global financial crisis among the year 2003 and
the year 2007. This is the period, when the world economy is being expanding for an average
of 5% in a year. While, a combination of factors has precipitated the current crisis which has
combined the emergence of the subprime rates within the housing sector of USA, which is
being deepening the crisis of the financial market, the crude prices of oil is risen and the
surges within the commodity prices where the series of the bankruptcy is triggered, forced
mergers, employment loss, firm concerns and closures within the corridors of the analysts of
economic policy within USA and the major capitalist economies. Within the financial crisis
course, there is the dropping of the rate of the economic growth rate towards about 1%
among the fourth quarter of 2007 and third quarter of the year 2008 (Aminu & Oyefesbobi,
2018).
The sub-prime crisis impact has been spread well over US, which has reasoned a widespread
squeeze within liquidity as well credit. There is a hike within a price of the primary
commodities, the speculation has fuelled this partly, where the financial crisis is being shifted
towards the commodity markets. The challenge is being added considering the intent of

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policy makers and avoiding the recession. The inflation is kept under control at the same
time. The negative effects of the financial crisis of the world has been revealed by the Global
Development Finance which has reasoned liquidity as well as the further assets has been
flown towards the developing countries within Nigeria for dropping by 41% in the year 2008
(Otache, 2017). As per the same source, in the year 2007, from the peak of $ 1.2 million, the
expansion of the finance has been moved towards the developing countries which is being
sharply dropped down in the year 2008 to $ 707 million. This is being revealed, from the
projection about the dropping of the capital flows further by $363 billion in the year 2009
(Moa et al., 2016).
The current financial crisis which has happened globally has taken place because of
numerous factors which is comprised of numerous things like:
 The United States housing market is collapsed.
 The regulatory conditions of the tax financial.
 The implementation deficiency of the conditions of the strict corporate governance
within US and within most of the developing economies.
Many businesses are being crumbled due to the global financial crisis where the other
corporate giants which are formidable are being included over the world. Regarding these
unusual circumstances, the economic crisis of the country of Nigeria is being drawing the
attention. Nigeria has been passing through the booming cycle of oil from the late 1970 till
the commencement of this period. From the preceding decade, the economy of Nigeria is
caught within a prolonged stagnation which is obvious within the late period during the year
2015 (Eteng et al., 2018). This is the thing which is being coupled along with the financial
crisis which is systematic. This is the reason behind the tagging of the era of the researcher as
the crisis era. This has been marked as memorable due to the dropping of the economic
activity as well as, there is the weakening of the financial system.
2.3.2 Economic recession which has taken place through the other factors of Nigeria:
The oil boom is being regarded as the other reason of the economic recession within Nigeria.
There was a massive increase of the revenue of oil after the Middle-East war at the ear 1973.
This has structured unexpected, unprecedented and unplanned wealth considering the country
of Nigeria. This has given rise to a dramatic shift of the policy from an approach which is
holistic, till the time they are benchmarked against the oil sector state. Moreover, when the
environment of business is conducive considering the new investments, there is the
investment of the newfound wealth of the government within the socio-economic

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infrastructure over the country, especially within the urban countries (Marshal & Solomon,
2017). While, a growth is being observed within the service sector. Many of the Nigerians,
those are able-bodied are being shifted because of the relative attractiveness of the urban
sector from the hinterland, where the farmlands are being abandoned considering the cities
and has hoped for partaking the prosperous and the expanding urban economy. Social issues
like the crimes, unemployment, pollution and congestion has been created by this. While,
economically, Naira which is known as the national currency of the country is being
strengthened as the outflows is being outweighed and there happens the construction of the
foreign reserves. Till the year 1985, Naira is being regarded as a stronger currency than that
of the US dollar (Ake & OKe, 2018). The consumption habit which is import oriented has
been encouraged by which the Nigeria is being turned into the perennial net importer. This is
being considered as a major problem with the decreasing of the oil earning along with the
prices of the oil which is lower internationally.
2.4 General Consequences of the Economic Recession in Nigeria:
The general consequences of the recession are like:
 Maximum Rates of interest: The liquidity limits as well as the availability of the
money amount that is available for making investment.
 The inflation which is being increased: A rise is being experienced within the good
prices as well as the services across a period. When there is an increment of inflation,
a reduction is observed within the percentage of the services and the goods with the
similar amount of money.
 The reduction of confidence of consumers: When it is being believed by the
consumer about the bad economy, then during the spending of money, they are to be
required for less likely. This is being regarded as psychological that possesses a real
impact over the economy.
 The real wage is reduced: The dropping of the real wages specifies about the pay
check of the workers that is not being kept along the inflation (Adeniran, 2016). The
worker is required to make the similar money amount along with a reduction within
the purchasing power.
2.5 Effect of the business development over the Economic Recession:
The economy of the country is being affected by the business cycle that is the economic cycle
of the country. The economic-wide fluctuations within the production, the trade as well as the
activities of the general economy is being referred within the business cycle within a system

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of free market. The free market economy is being mentioned as the one, when there is no
intervention of the government within the economic activities rather than the interaction of
the demand and the supply towards the correct equilibrium within the market. The upwards
as well as the downward movements of the GDP that is the Gross Domestic Product are being
regarded within the business cycle and the period of contraction and the expansion is being
referred within the level of the economic activities that is the business fluctuations
considering the trend of the long-term growth (Afshar & Dennis, 2016). These are the
fluctuations, where the shift is being involved across the time within the periods of a
relatively rapid growth of the economy as well as the period of the decline.
The contemporary development of the country Nigeria is being sustained with extreme
dependence over one single primary commodity, which is oil. This is the thing which is being
accounted for over 95% considering the export earnings. The crude oil is being contributing
over two third revenue of the government and about 12% of the GDP. The Nigeria is being
extremely depended over the crude which is being rendered towards the instability of the
forces of market along the grave implications towards the economic development as well as
the growth of the nation. Thus, for fostering the economic stability of the country, as well as
for becoming an entire partner within the global economy, of this century that us the 21st
century, the country is required to be embarked over the export diversification and benefits
are being granted from the major stock of the natural resources (Ibrahim, 2018). The
diversification approach of Nigeria, the production and the export are required to be covered,
combining the manufacturing, the agro-processing and services. The non-traditional
agricultural goods are required to be extended along with the industrial products that are non-
traditional.

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Source: (Ibrahim, 2018)
In the year 1960, during the time of the political independence of Nigeria, the mainstay of the
economy of the nation is the agriculture. Food is being provided for feeding up the population
and bulk is being fetched regarding the foreign exchange earnings of the nation. While, the
crude oil emergence, since the year 1970, is being involved for modifying the economic
profile of the nation (Akinbobola & Bada, 2018). To enhance the economic growth of the
nation, diversification of the economy is counted to be necessary into the exports that are
non-traditional. Thus, the vulnerability towards the instability of the price is being linked
with the crude oil market. In the sector of the agriculture, the diversification is to be regarded
as to be vertical or to be horizontal. These has the requirement of processing the primary
agricultural commodities into the finished or into intermediate products along with the
considerable value-added. This is the process which is being expected for the fetching of
higher earnings related to export along with the commodities like the palm produce, cocoa,
rubber etc.
The Nigeria is being regarded as a nation which is richly endowed. This is performed with a
major array of solid minerals, that is being comprised of columbite, tin ore, tantalite,
wolfram, lead, gold, zinc, kaolin, shales, clay, and the radioactive materials as well which are
zircon, monazite, barytes, and molybdelite. These are the minerals which are being
distributed across the country Nigeria, where there is the exploitation of only few of them
generally by the minerals that are small-scale. In the 1970s, before the advent of crude oil is

15
being regarded as a major source earner of foreign exchange (Adeniran, 2016). The sub-
sector of the solid minerals has ranked second within the sector of agriculture as the export
earning source.
The solid mineral sector is facing some challenges for increasing the capacity for meeting the
domestic demands and the dynamic market is penetrated with advanced industrialising
economies. There is also the involvement of the adding values towards the primary
commodities within this sector. This is being regarded to be significant for the generation of
the higher earnings of the foreign exchange which is being aimed to diversify the balance of
the payment position of the nation. As there is an unadorned under-capitalisation within the
sector of the solid mineral, thus, the GDP of the nation is being hardly contributed. This is the
sector which is being required to be modified for attracting the investors for the exploitation
of the abundant resources.
The country Nigeria is composed of a fastest growing as well as which has accounted for a
GDP percentage of 59% and the employment is of 58% (Ake & Oke, 2018). Apart from the
majorly advanced economies as well as the emerging economies which is industrialised, the
growth of the economy has been leading a shift from the agriculture towards the
manufacturing and the structural change within Nigeria. This has been resulting towards a
shift starting from the agriculture till the service sector. As per the same source, A 17% of
GDP has been accounted towards the trade and about 23% towards the employment. This has
recorded a growth rate of GDP by 5.48%.
The internet utilisation of the country has been showing an increasing as per the NCC to 95
million people from the year 1996 which was only 10,000 people. Though much are being
busy with the mobile broadband. As the country is being experiencing a weak infrastructure
considering the internet and the physical, thus, the internet penetration is being capped within
Nigeria. The speed of the internet is 50 times slower than that of the South Africa, where the
online communication is limited and there is a potential lying considering the digital
economy (Afshar & Dennis, 2016). The large population considering the young urban people,
the country has experienced an accelerated growth considering the digital economy. An
opportunity is being lying in the court of Nigeria for leveraging the mobile technology for the
generation of the improved economic as well as the social outcomes over the sector of the
consumer by the e-commerce, the sector of the financial services by the utilisation of the
mobile banking, the mobile insurance as well as the social service through the healthcare and
education.

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2.6 Impact of Recession over the side business formation:
As Nigeria is being hit by the recession, thus, the banking sector has been started to swim
within the pond of the self-confidence considering the financial policies. The stock market
experienced a crash and the oil price was rocketed. The economy was being affected by the
crash. The capability of the economy has been reduced for fighting off the underlying
sickness considering the unevenly distributed agricultural depression, the banking issues and
the wealth. The economy of Nigeria has experienced a crisis of global economy along with
the crippling effects which has been resulting decline and a vigour in the economy of the
country (Agri et al., 2017).
There is also the consequence of high indebtedness towards the internal contractors, the
pension payment has been deriving as a major source of he worries as the dwindling finances
are not met with the obligation of the finances regarding the recurrent expenditure. The
country is also being experiencing an increased restiveness over the segment of the labour
unions and thus, has resulted to the increment of the industrial actions.
2.7 Side hustles in Nigeria:
The side hustles of Nigeria are the:
 Cocoa Farming business of the country Nigeria as well as the marketing of the
production of cocoa within Nigeria:
The cocoa farming business of Nigeria is being regarded as one of the major business
investments of the country regarding the foreign as well as the local investors in the business
of agriculture. Considering the local as well as the international market, the cocoa is being
regarded as the chief agricultural product which is being sold rapidly. After the plantation of
the cocoa, this is regarded to be taken care of till this matures. This can harvest a lot of cash
for many years as the cocoa is being regarded as a perennial crop that has its surviving
production for several years. The largest producer of the cocoa in the world are the Indonesia
and the Ivory Coast. After that comes the Nigeria. While the most specific thing that is to be
regarded about the country Nigeria is that, the farming of the cocoa is not utilised within the
country (Eteng et al., 2018). In the south as well as the south west of the country within
Nigeria, there are numerous fertile lands but ate not utilised still. The cocoa was regarded as
the main economy of Nigeria before the booming of the oil while, after oil is boomed, the
farming of cocoa was put aside, and the farming opportunities of the farmers are exploited.
The farming of cocoa is being regarded as the best opportunity within many of the West

17
African countries. The cocoa is being marketed in a very simple and in a rapid manner. This
is the only produce of the farm that is to be sold within one day and the market is observed
for gaining the profit. The owner of the business, those have wished to start the business for
cocoa is only required to start a farm to produce cocoa and then is waited for the profit which
will come after this. An edge will be provided to the business owner in the business of the
cocoa farming (Afshr & Dennis, 2016).
 The next business is the business of copy writing:
When a low start-up business is searched to start within Nigeria, then comes the name of the
copywriting business within the country. This is the thing which can be in the structure of the
web page or a direct mail or else this can be jingle. The entire thing which is being required
for performing during the process of copywriting are the utilisation of the language, which is
required to be convincing for raising awareness and for selling an idea, a product or a service
as well. This is the skill which is being demanded highly through some of the major
companies or some of the business within Nigeria as well as the world. The normal consumer
is being persuaded with the powerful copywriter for changing the brand allegiance, the leads
are being created and the sales are being supercharged. The company’s outcome is being very
much depended over the quality of the written content. The copywriting is being regarded to
be very good opportunity and an easy opportunity considering the people with a better
grammar grasp and the words way (Akinbobola & Bada, 2018). The entire thing which is
being regarded is the laptop with a good internet connection. A basic knowledge is required
regarding the process of email marketing works.
One is required to be defined very much with the chief skills of copywriting as well as the
requirements as the entire thing which is being regarded is the procedure which will work.
Also, the main thing which is being required for starting the business is the command of the
English language.
 The IT security and the Cyber Security side hustle within Nigeria:
With the penetration of the internet, the thing which is being increasing in an alarming rate
with the digital connectivity is the Cybercrime. While, much of the organisations are not
possessing an appropriate security plan. Thus, business can be started for training the in-
house staffs of the organisations as well as recovering in a fast manner after any cyber-attacks
(Afshar &Dennis, 2016).
 Livestock Farming within Nigeria:

18
The easiest and the rapid business opportunity which is being required to be considered
within Nigeria is the Catfish farming. The livestock farming is being regarded as a booming
as well as a business which is much profitable within Nigeria and this is the trend, which will
not die soon. This is the lucrative business that is to be started with individual backyard. This
is the business which can feed over 180 million people over a regular basis (Jack & Ibekwe,
2018). There is a constant requirement of the livestock products.
2.8 Chapter summary:
For the prevention of the meltdown of the economy and to bounce back towards the
economic buoyancy within Nigeria, there should be the adoption of the numerous way-outs
as well as recommendation which is being required to be adopted in an efficient manner due
to the limitation of times. When these recommendations are being adopted by the
Government and the stakeholders as well, then it is required to be counted as an opportunity
for the country Nigeria. The recommendations are like:
 The statutory responsibilities considering the law enforcement agencies are
required to be clearly stated for the prevention of the discharging of the
misalignment of the responsibilities,
 The corruption is being regarded as a deadly disease within the governance which
is being combated with the utilisation of the strict and the deadly punishments
like the death sentence as well as life imprisonment.
 The citizens of the country are required to be empowered for the making of the
reports, through the numerous means towards the established agencies which has
guided against the unlawful acts.
This is the study which has suggested a synchronisation among the fiscal measures as well as
the monitory policy towards the direction of the increment of the liquidity within the
economy, the decreasing rates of the interests, the employment and the increasing investment
along with the increment of the income of the economic entities. The recession is being
regarded as an economic cycle which is involved in affecting the entire economy all over the
world.
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research Design:
Research configuration is the end-all strategy of any exploration work that manages the
scientist to perform a top to bottom investigation of focused result through investigating
different related elements. As per the Robson and McCartan, (2016), look into inquiries to be

19
posted, centre around the flow occurring and specialists hold over the real conduct are the
three conditions, which decide the choice of the exploration structure. Research configuration
is intended to help the specialist through the system of gathering information, examining the
information and translating the equivalent.
As indicated by Bryman, (2015), inquire about structure can be arranged into three distinct
classifications, which are by and large pursued amid the development of philosophy for
specific research work. Figure 7, features these three general classifications, which are
logical, exploratory and illustrative research plan.
Figure 7: Research design types
Source: (Created by Author)
With regards to the informative research structure, at that point as per Mackey and Gass,
(2015), it is one of the examination plans, which manages the distinguishing proof of
different events. An exploratory technique for research plan then again expects to investigate
the different occurrences inside and out to give perfect answers for the issues. Exploratory
research configuration is utilized to follow explicit viewpoints in subtleties, which are under
examinations through the examination work and notwithstanding his it helps the scientist to
perform knowledge investigation of the different variables that influence the result of the
examination (Sekaran and Bougie, 2016). Through using the exploratory research system, it
tends to be express that it is one of the generally utilized research plans that gives knowledge
to the event just as to the arrangement of the examination issue under thought. Alongside this,
Research
design
Explanatory
Exploratory
descriptive

20
comes the clear structure look into technique, which helps the analyst to upgrade the
information base of the examination under thought. It considers the occasions happening and
portray them under the domain of hypothetical and reasonable structure.
The present research work is intended to distinguish how Recession has expanded side hustle
in Nigeria. In this manner, it pursues and exploratory research plan system with some
measure of graphic components.
3.2 Research Type:
As per the Eisner, (2017), there are three general classifications of research type accessible,
which are being used on account of instructive research. As appeared in the outline, these
three distinct kinds of the instructive analysts are graphic, associational and interventional.
For the descriptive research, the scientist performs a study of recorded information, does
writing survey of the recently distributed diaries and articles on the comparative points and
goes for subjective information examination (Veal, 2017). Then again, with regards to
associational research types, at that point, it uses the connection and easygoing similar
examination. Notwithstanding this intercession, investigates play out the semi exploratory
examination just as activity inquire about.
Figure 8: Research type
Source: (Created by Author)
Thinking about the instance of this exploration, it very well may be seen that looks into has
used both the engaging examination just as the associational research to chalk out the end
with respect to its discoveries. The scientist has gathered recorded information on how the
retreat has expanded side hustle in Nigeria.
3.3 Research approaches:
Research
type
Dscriptive
Associational
Intervention

21
The research approach of an examination system demonstrates the fundamental structure of
study contingent on the methodological system of a particular report. As indicated by Lewis,
(2015), there are two unique kinds of research approach is by and large broadly utilized by
the examines amid the plan of the methodological structure of an examination. As appeared
in figure 8, these two unique kinds of research approaches are inductive methodology and
deductive methodology.
Figure 8: Research approach different types
Source: (Created by Author)
Inductive methodology intends to dissect and translate the important experimental
confirmations so as to achieve another end just as produce new speculations alongside
adjusted theory relying on the developing information. On the opposite side, the deductive
research approach is fundamentally utilized for those explores that manage the investigation
of prior hypotheses with the guide of applied and observational confirmations (Bryman,
2015). Chosen investigate is expected to distinguish how the retreat has expanded side hustle
in Nigeria. For this reason, this examination is resolved to experience investigation of the
information gathered and reach to new viable resolution, while creating new hypotheses for
the subsidence in Nigeria (Bryman and Bell, 2015). Along these lines, it tends to be
expressed that the present research has pursued inductive methodology for distinguishing the
strategic alternatives and; in any case, it is likewise evident that it has utilized deductive
measure because of check and approve the past inquires about
Inductive
Deductive
Research
approach

22
3.4 Research Techniques and Ethics:
How recession has expanded side hustle in Nigeria is the main objective of the present study.
For this, it needs to perform both subjective and quantitative research. With regards to
subjective research systems, at that point, there are different measures of choices accessible.
Notwithstanding, for this particular research, the specialist has used the accompanying
exploration strategies:
Ethnographic strategy – Through evaluation of natural reaction, this examination method has
controlled the specialist to manage difficulties, subjects and fluctuated parts of the
exploration (Marcus, 2014).
Story strategy – from firm hypotheses, account techniques attempts to grandstand and break
down more extensive event of genuine case situation. For example, the analyst in this
particular research can consider the building up a nation's monetary execution, which has
been crumbling since most recent five years (Lewis, 2015).
Grounded hypothesis – it helps the specialist to have an extension for breaking down the
calculated structure through the occasions examines in other concerned investigates.
Contextual analysis – generally utilized strategy for subjective research that directs the
analyst to ponder the topic of research broadly with the guide of other substantial
information. It controls the analyst to comprehend just like the circumstance so as to give
vital suggestion. As per Hancock and Algozzine, (2016), contextual analysis is important for
each examination work since it offers a window to the scientist to follow how, why, and what
variables of the investigation.
With regards to quantitative research methods, at that point, the specialist has performed
expressive research alongside connection, exploratory and semi test examine. It has direct the
scientist to chalk out a connection between the distinctive factors and the execution of the
economy of Nigeria. Relationship between the chosen quantitative variable has helped the
specialist to follow whether there is any improvement in the financial execution of Nigeria.
So also, exploratory research has helped the scientist to follow different result levels by
making a change in the integral components.
The specialist has played out this exploration by keeping up the severe moral direction. As
indicated by Jacob et al., (2016), in the event that any scientist breaks the set of accepted
rules, at that point the individual in question is subject to legitimate procedures. The specialist
of this exploration affirms that there is no instance of constrained or copy overview and
notwithstanding this the examination permits to pull back the name of respondents any time

23
of time.
3.5 Study Population:
Study populace is the gathering of people, article, thing or people from whom the information
is taken for examination. Test populace is the whole gathering of study populace relying on
whom the analyst surmises the end on the all-out populace (Woods et al., 2015). This
scientist is intended to discover how the retreat has expanded side hustle in Nigeria.
Notwithstanding this, the analyst has studied populace of Nigeria and their point of view with
respect to the monetary advancement of the equivalent (Etikan et al., 2016).
3.6 Sample population:
This examination has been performed relying on both quantitative and subjective
information. Consequently, it has overviewed General populace of the economy. There have
been a general 100 respondents for the investigation.
3.7 Sample techniques:
This exploration has used both the subjective and quantitative information for information
examination. So as to gather information from the example populace, the specialist has used
the precise testing strategy as the example method. As indicated by the Palinkas et al., (2015),
efficient testing is a technique for information accumulation, which used the likelihood
information examining strategy, where test individuals from the huge populace are being
chosen from an irregular beginning stage and with a fixed intermittent interim. As the orderly
testing strategy, looked into has studied 100 odd populace of Nigeria from various states, who
are more seasoned than 18 years to survey the best possible circumstance.
3.8 Data Collection instrument and method of administration:
Information accumulation is the vital piece of very research that encourages the scientist to
draw an appropriate diagram with respect to the examination point through breaking down
the gathered information utilizing different devices. As per the Fellows and Liu, (2015),
information accumulation is the foundation of each examination work and relying on the
gathered information an exploration can without much of stretch chalk out the connection
between the retreat and expanded side hustle in Nigeria. In this exploration work, the analyst
has utilized the deliberate information gathering just as organized meetings. For essential
information gathering, the specialist has utilized addressing through field review. What's
more, for the optional information gathering the analyst has used the archive audit,
perception, writing a survey and has caught vital information from past examines.
Through keeping up the legitimacy and dependability of the examination work, the specialist

24
has administrated the information accumulation. For the legitimacy of the information, the
analyst has gathered from the sound, valid and dependable sources, which has made it
fundamental for the scientist to administrate the information appropriately (Elo et al., 2014).
Then again for the dependability of information, the analyst has used pilot study without
anyone else's input that has made the information accumulation strategy mistake free to a
great extent.
Through the appropriate organization, the analyst has empowered himself to draw
information from the focused on populace while keeping up the moral principles. As the
methods for correspondence, a scientist has sent letters to the focused on members for the up
close and personal review through email. Moreover, a scientist has likewise sent a second
mail, where assent letter, reference and privacy terms of the members have been referenced to
guarantee that moral models have been kept up.
3.9 Primary data:
Primary information is one of the fundamental wellsprings of data for any examination.
Contingent on the studies and meetings, scientists assemble essential information, which
helps the analyst to examine the exploration point appropriately. Mill operator, (2017)
contends that essential information is veritable in its very nature, in any case, it very well may
be controlled to deliver wanted result. Under the domain of the chose research work, it tends
to be expressed that it gathers the essential information with most extreme truthfulness and
the information are certified in their actual sense.
3.9.1 Design of questionnaire:
The examination work has been done dependent on the organized and semi-organized study.
For this reason, the analyst has used the Likert Scale as the method of doing the reactions to
investigate the assortment of reaction from the respondents. The scientist has gathered
quantitative information through using the organized examiners and subjective information
has been recovered from the respondents using the semi-organized meetings. Insights about
the examiner have been referenced in the informative supplement segment.
3.9.2 Interviews:
The analyst has used both the organized and unstructured meeting technique where
institutionalized meeting process has been used by the specialist to gather information. As
indicated by Kendall, (2014), organized meeting is used by the analyst so as to follow the
quantitative information and then again unstructured meetings has been used by the specialist
to play out the subjective information gathering.

25
3.10 Secondary data:
Optional information is another sort of information source that helps the specialists by
giving fundamental and legitimate information contributions to examine the exploration point
(Sekaran and Bougie, 2016). Optional information is basically gotten from the books,
distributed diaries, articles, overview report of past inquires about and from numerous other
fluctuated sources.
3.11Method of data analysis:
Information examination is the fundamental and most basic piece of each exploration work.
This exploration is expected to recognize how retreat has expanded side hustle in Nigeria,
along these lines it has performed both the subjective and quantitative information
investigation (Gelman et., 2014). Investigation of subjective information is focused on sorting
the information with explicit example codes for revealing the basic topics of the reaction got
from the members. Then again, quantitative information investigation has been performed so
as to follow the factual significance of the ITS in UK street traffic framework.
Figure 9: Thematic framework of qualitative data analysis
Source: (Smith, 2015)
The examination has performed a topical investigation of the subjective information and with
regards to quantitative information examination, at that point the exploration has used

26
illustrative insights, using the appropriate application programming (Smith, 2015).
Notwithstanding this the scientist has portrayed the codes of the subjective information and
test cites too through using the transcripts to make plausible blueprint with respect to the
connection among subsidence and expanded side hustle in Nigeria.
Essential subject, sorting out the topic and worldwide topic are the three distinctive topical
investigation devices, which has been used in this exploration structure for topical
examination. Essential subject of an informational index characterizes the untimely state of
apparent information, which should be perused inside the setting of fundamental topics that
create from a sorting out topic. By this, sorting out subject has bunch the fundamental
thoughts given by the few other essential topics and it has call attention to the principle
presumptions for the more extensive topics, which are noteworthy to the setting of the chose
research (Chambers, 2018). Worldwide topic then again has spoken to the entire
informational collection obviously showing the entire thought of the exploration worth using
introduction of topical system (Phillips et al., 2014).
With regards to breaking down the inquiry question, for example, "how retreat has expanded
side hustle in Nigeria", at that point fundamental topic, which is additionally recognized as
the codes in this exploration structure, is gathered under the few factors. Notwithstanding this
to assess quantitative information, numerical estimations of the informational collection have
been changed into reasonable structure so as to exhibit different tables, outlines and charts.
Aside from appearing unmistakable measurements, this exploration has used mean, mode and
middle just as standard deviation of the discoveries to reach inference with respect to the
examination point. Then again so as to assess the subjective information, transcript of the
trough's meeting has additionally been readied and the equivalent has been breaking down
through topical examination.
3.12 Limitations of Research:
Confinement is one of the intrinsic pieces of any exploration work. Extent of impediment
relies on the idea of information utilized and its accumulations strategy. Considering the
instance of street auto collisions, this report has different restrictions as well. Initially, the
examination has concentrated on the monetary and budgetary effect side hustle in Nigeria
(McCarthy and Libby., 2016). In spite of the fact that the measurements with respect to side
hustle has been very much recorded, a large portion of the past looks into have neglected to
give any monetary and financial estimation of the equivalent.

27
Furthermore, the exploration has been mostly cantered around street traffic state of UK, while
it has neglected to think about the world traffic situation. However, some measure of
authentic insights about world traffic condition has been referenced in the writing survey, in
any case, absence of time and spending imperative has constrained the examination from
worldwide viewpoint (Edelaar et al., 2015).
Thirdly, the examination time period has been short and spending plan was another worry,
which obliged the review technique. The examination has been made relying on the reviews
led in Nigeria; be that as it may, it would have been extraordinary if the scientist could
perform overview all through the nation.
Fourthly, bustling timetable of reacted and suspicious mentality has imperative the
information accumulation strategy. Numerous respondents favoured not to address addresses
like effect of side hustle in Nigeria, strategy choice before government. It has hampered the
information accumulation technique to a great extent.
Fifthly, English being not the local language of the analyst, there has been an issue of
misconception, while gathering information. Respondents has neglected to comprehend the
subject of the scientist numerous a period that has obliged the information accumulation
strategy prompting need in clearness of the study
3.13 Conclusion:
It is very much recorded that retreat has been expanding step by step. Contingent on the
organized and semi-organized meeting, the analyst has gathered information from the overall
public just as scholarly experts. Further through the topical meeting, the analyst has seen both
the essential and auxiliary information, which will help the scientist to perform a nitty-gritty
investigation. Different impediments have been experienced amid the information
accumulation, anyway, it is improbable that the confinements will influence the finding of the
examination. Definite examination of subjective and quantitative information gathered has
been referenced in the following investigation and discovering the area.
CHAPTER FOUR: DATA ANALYSIS
4.1 Introduction:
In this chapter, the researcher has analysed primary quantitative data along with secondary
quantitative and qualitative data to know the impact of recession o side hustle in Nigeria.
From measured outcomes, the researcher has aimed to conclude whether recession has
affected Nigerian economy in a positive way or not. To collect primary quantitative data, this
paper conducts survey on 100 Nigerians. In case of secondary quantitative and qualitative

28
data, the researcher considers literary evidences as well as previous researchers and statistical
data from authentic sources. With the help of MS Excel and SPSS, this paper has arranged
both primary and secondary quantitative data to conduct statistical analysis.
4.2 Data analysis:
4.2.1 Quantitative data analysis:
To conduct quantitative data analysis, this paper has considered some basic questions to
know the impact of Nigeria’s recession on its side hustle.
4.2.1.1 Frequencies of primary quantitative data:
Statistics
Business Type
Experiences
recession
before its
arrival
Does Nigeria
experience
economic
growth?
Side hustle has
increased after
recession
Side hustle has
increased
during
recession
Side hustle has
successfully
helped
Nigerian
economy to
change
N Valid 100 100 100 100 100 100
Missing 0 0 0 0 0 0
Mean 1.96 2.99 3.13 1.51 1.23 2.72
Median 2.00 3.00 3.00 2.00 1.00 2.00
Mode 1 1a 4 2 1 1
Std. Deviation .816 1.453 1.390 .502 .423 1.478
Skewness .074 .018 -.260 -.041 1.303 .268
Std. Error of Skewness .241 .241 .241 .241 .241 .241
a. Multiple modes exist. The smallest value is shown
4.2.2.2 Frequency tables and graphs of primary quantitative data:
Duration of business
N Valid 100
Missing 0
Mean 2.93
Range 4
Duration of business
Frequency Percent Valid Percent Cumulative
Percent

29
Valid
1 20 20.0 20.0 20.0
2 26 26.0 26.0 46.0
3 16 16.0 16.0 62.0
4 17 17.0 17.0 79.0
5 21 21.0 21.0 100.0
Total 100 100.0 100.0
The above diagram represents duration of business of 100 respondents to know whether
recession affects those businesses for long times or not. According to survey data, the
researcher has obtained that most of the businesses are from 2 to 5 years as 26 people out of
100 are conducting their businesses over these time. Furthermore, 21 people have businesses
for more than 13 years which imply that they are conducting their business for many times in
Nigeria. Thus, they have experienced the impact of recession closely.

30
Business Type
Frequency Percent Valid Percent Cumulative Percent
Valid 1 35 35.0 35.0 35.0
2 34 34.0 34.0 69.0
3 31 31.0 31.0 100.0
Total 100 100.0 100.0
In this quantitative research, the researcher considers three types of businesses, which are,
micro businesses, small businesses and medium businesses. In micro businesses less than 10
employees work while in small businesses 11 to 49 people work. On the other side, more than
50 employees work in medium businesses. The chief reason for selecting those people is that
most of the side hustle in Nigeria fall under these three categories of business. According to
above figure it is observed that most of the businesses are of micro type where less than 10
people work. This implies that among 100 respondents, 35 people have micro business.
Following this, 34 respondents have small businesses while remaining 31 people have
medium businesses.
Experiences recession before its arrival
Frequency Percent Valid Percent Cumulative Percent
Valid 1 21 21.0 21.0 21.0
2 21 21.0 21.0 42.0
3 17 17.0 17.0 59.0

31
4 20 20.0 20.0 79.0
5 21 21.0 21.0 100.0
Total 100 100.0 100.0
Based on the survey data, the researcher has obtained that the distribution of people who
experience recession before its arrival is almost equal. This implies that total 42 people out of
100 have not understood that the recession is arriving in the economy. On the other side, 41
people have understood that the country is going to experience recession in coming years. On
the contrary, only 17 people have informed that they have not thought about economic
recession and consequently have remained neutral. Therefore, from this diagrammatical
representation it can be said that many have received the chance to adopt proper business
strategies to combat with recession in order to establish their business.
Does Nigeria experience economic growth?
Frequency Percent Valid Percent Cumulative Percent
Valid 1 20 20.0 20.0 20.0
2 11 11.0 11.0 31.0
3 24 24.0 24.0 55.0
4 26 26.0 26.0 81.0
5 19 19.0 19.0 100.0
Total 100 100.0 100.0

32
From above figure, it has been observed that 20 out of 100 respondents have strongly realised
that Nigeria has not experienced any economic growth for many years. Following this, 11
people also have supported that the country has not experienced any economic growth. On
the other side, 45 people have agreed and strongly agreed that this country has experienced
economic growth since the last many years.
Side hustle has increased after recession
Frequency Percent Valid Percent Cumulative Percent
Valid 1 49 49.0 49.0 49.0
2 51 51.0 51.0 100.0
Total 100 100.0 100.0

33
As per 49 respondents out of 100, side hustle has increased in Nigeria after recession
however remaining 51 respondents have stated that the number of micro or small businesses
have not increased in this country.
Side hustle has increased during recession
Frequency Percent Valid Percent Cumulative Percent
Valid 1 77 77.0 77.0 77.0
2 23 23.0 23.0 100.0
Total 100 100.0 100.0

34
According to above figure, it has been observed that 77 people have agreed that side hustle
has increased during recession. On the other side, only 23 respondents have replied that they
do not think recession has influenced side hustle of this country to increase further. Hence,
according to this statistical outcome it can be said that most of the respondents have agreed
recession has helped the country to increase side hustle.
Side hustle has successfully helped Nigerian economy to change
Frequency Percent Valid Percent Cumulative Percent
Valid 1 29 29.0 29.0 29.0
2 22 22.0 22.0 51.0
3 14 14.0 14.0 65.0
4 18 18.0 18.0 83.0
5 17 17.0 17.0 100.0
Total 100 100.0 100.0

35
According to above statistical bar diagram, it has been obtained that 29 respondents out of
100 have strongly disagreed that side hustle has not helped Nigerian economy. In addition to
this, 22 people have also disagreed that the economic condition of this country has changed
due to side hustle. On the opposite, 18 and 17 respondents have agreed and strongly agreed
respectively that side hustle has led the country’s economy to change. However, 14
respondents have not said anything and therefore have replied neutrally.
4.2.2.3 Frequencies ofsecondary quantitative data:
Table 1: Annual GDP growth in Nigeria:
Year Economic
growth of
Nigeria
2000 5.015935
2001 5.917685
2002 15.32916
2003 7.347195
2004 9.250558
2005 6.438517
2006 6.059428
2007 6.59113
2008 6.764473

36
2009 8.036925
2010 8.005656
2011 5.307924
2012 4.230061
2013 6.671335
2014 6.309719
2015 2.652693
2016 -1.61687
2017 0.805887
2000
2002
2004
2006
2008
2010
2012
2014
2016
-5.00
0.00
5.00
10.00
15.00
20.00
Economic growth of Nigeria
Economic growth of Nigeria
Axis Title
Source: (Data.worldbank.org. 2019)
The above table and diagram have represented GDP growth of Nigeria since 2000 to 2017.
To represent this trend, the researcher has considered annual GDP growth rate of this country
over the years. From above figure, it can be observed that the economic growth of Nigeria
has decreased significantly after 2014. Moreover, the trend has also experienced slowdown
during the period of Global financial crisis of 2009. Before this period, the economic growth
of this country was at a stagnant position.
Table 2: Inflation in Nigeria
Year Inflation,
consumer
prices
(annual
%)

37
2000 6.93
2001 18.87
2002 12.88
2003 14.03
2004 15.00
2005 17.86
2006 8.24
2007 5.38
2008 11.58
2009 11.54
2010 13.72
2011 10.84
2012 12.22
2013 8.48
2014 8.06
2015 9.01
2016 15.68
2017 16.52
2000
2002
2004
2006
2008
2010
2012
2014
2016
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
Inflation, consumer prices (annual %)
Inflation, consumer prices (annual
%)
Axis Title
Table 2 along with figure 2 have shown the inflation rate of Nigeria since 2000 to 2017. The
researcher has observed that the inflation rate of this country has fluctuated drastically over
the years. Moreover, the rate has remained high above 6 percent all over the years which also
have indicated a higher price level in this country.
Table 3: Unemployment in Nigeria

38
Year Unemployment,
total (% of total
labor force)
(modeled ILO
estimate)
2000 3.954
2001 4.029
2002 4.11
2003 4.063
2004 3.98
2005 3.87
2006 3.666
2007 3.439
2008 3.424
2009 3.757
2010 3.77
2011 3.697
2012 3.693
2013 3.703
2014 4.437
2015 5.313
2016 6.237
2017 6.013
2000
2002
2004
2006
2008
2010
2012
2014
2016
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Unemployment, total (% of total labor force)
(modeled ILO estimate)
Unemployment, total (% of total
labor force) (modeled ILO
estimate)
Axis Title

39
The unemployment rate of Nigeria has remained low as well as stable since 2000 to 2013.
However, after this year, the rate has started to increase drastically. Hence, from this analysis
it can be said that the unemployment rate of this county has increased sharply after 2013.
Therefore, the negative economic growth rate of Nigeria along with its high and fluctuated
inflation rate and increasing unemployment have indicated that the country has remained in
recession over the long period. In this context, it can be mentioned that recession has not
impacted side hustle of Nigeria significantly as the number of employment has increased over
the years. If recession could influence people to establish side hustle extensively then the
number of unemployed person would increase drastically over the years.

40
Statistics
Eco
no
mic
gro
wth
of
Nig
eria
Unemploy
ment, total
(% of total
labour
force)
(modelled
ILO
estimate)
Self-
employed,
total (% of
total
employme
nt)
Self-
employed,
male (% of
male
employme
nt)
Self-
employed,
female (%
of male
employme
nt)
Unemploy
ment,
youth total
(% of total
labour
force ages
15-24)
(modelled
ILO
estimate)
Gross
savings
growth
Change in
net primary
income
Labour
force
growth
NValid 18 18 18 18 18 18 18 18 18
Missing 82 82 82 82 82 82 82 82 82
Mean 6.0
620
781
916
808
10
4.1752777
76188320
90.523166
656494140
78.358499
315049930
87.198610
941569020
11.034777
80024210
7
-
2.82963863
1466608
-
16.2294686
07978138
2.6249954
10528577
Median 6.3
741
175
903
249
00
3.9119999
40872190
90.583000
183105500
77.737499
237060550
87.022003
173828100
9.3625001
90734865
-
1.81244838
0509612
16.1576591
91008392
2.6528951
19491914
Mode -
1.6
168
689
500
007
36a
3.4240000
24795530a
90.043998
718261700
a
77.101997
375488300
a
86.157997
131347700
a
8.5139999
38964840a
-
46.2735052
72477800a
-
516.622236
531799800a
2.0357233
74179683a
Std.
Deviation
3.5
145
047
591
369
21
.82600634
2700167
.29218881
0051128
1.3521454
20225941
.68527494
1007044
3.8422303
03366817
24.6168615
66011565
133.508113
601130800
.19530422
9940191
Skewness .30
6
1.760 -.371 .874 .742 1.934 -.194 -3.321 -1.604

41
Std. Error
of
Skewness
.53
6
.536 .536 .536 .536 .536 .536 .536 .536
a. Multiple modes exist. The smallest value is shown
4.2.2.4 Histogram
The histogram of Nigeria’s economic growth represents symmetric distribution that indicates
mean, medium and mode is same. The growth rate of Nigeria has remained 6.06 percent on
an average. This implies that the maximum number of occurrence of country’s economic
growth lies at a middle value.

42
The histogram of Nigeria’s total unemployment represents positively skewed distribution of
the frequency. This indicates a maximum number of occurrences have happened in the lower
value. The mean value of unemployment rate in Nigeria has remained 4.18 percent on an
average. Here, the mean value lies above the medium one.
The histogram of Nigeria’s self unemployment in total represents symetrical skewed

43
distribution of the frequency. This indicates a maximum number of occurrences have
happened in the medium value. The mean value of self-unemployment rate in Nigeria has
remained 90.5 percent on an average. Here, the mean value and the medium one is almost
same.
The histogram of Nigeria’s self-unemployment for male represents positively skewed
distribution of the frequency. This indicates a maximum number of occurrences have
happened in the lower value. The mean value of this unemployment rate in Nigeria has
remained 78.4 percent on an average. Here, the mean value lies above the medium one.

44
The histogram of Nigeria’s self unemployment for female in total represents symetrical
skewed distribution of the frequency. This indicates a maximum number of occurrences have
happened in the medium value. The mean value of self-unemployment rate among female in
Nigeria has remained around 87.2 percent on an average. Here, the mean value and the
medium one is almost same.

45
The histogram of Nigeria’s total unemployment among youth represents positively skewed
distribution of the frequency. This indicates a maximum number of occurrences have
happened in the lower value. The mean value of this unemployment rate in Nigeria has
remained 11.03 percent on an average. Here, the mean value lies above the medium one.

46
The histogram of Nigeria’s gross savings growth represents symmetrical skewed distribution
of the frequency. This indicates a maximum number of occurrences have happened in the
medium value. The mean value of self-unemployment rate in Nigeria has remained 2.8 on an
average. Here, the mean value and the medium one is almost same.
The histogram of Nigeria’s change in primary income represents negatively skewed
distribution of the frequency. This indicates a maximum number of occurrences have
happened in the upper value. The mean value of the sector’s income Nigeria has remained
16.22 on an average. Here, the mean value lies below the medium one.

47
The histogram of Nigeria’s labour force growth represents negatively skewed distribution of
the frequency. This indicates a maximum number of occurrences have happened in the upper
value. The mean value of this labour force growth rate in Nigeria has remained 2.6 on an
average. Here, the mean value lies above the medium one.
CORRELATIONS
/VARIABLES=EconomicgrowthofNigeria UnemploymenttotaloftotallaborforcemodeledILOestimate
Inflationconsumerpricesannual Selfemployedtotaloftotalemployment
Unemploymentyouthtotaloftotallaborforceages1524modeledILOestimat Grosssavingsgrowth
Changeinnetprimaryincome
/PRINT=TWOTAIL NOSIG
/MISSING=PAIRWISE.
4.2.2.5 Correlations ofsecondary quantitative data:
Correlations
Economi
c growth
of
Nigeria
Unemployment,
total (% of total
labour force)
(modelled ILO
estimate)
Inflation,
consumer
prices
(annual
%)
Self-employed,
total (% of
total
employment)
Unemployment,
youth total (%
of total labour
force ages 15-
24) (modelled
ILO estimate)
Gross
savings
growth
Change
in net
primary
income

48
Economic
growth of
Nigeria
Pearson
Correlatio
n
1 -.651** -.082 .640** -.733** -.152 .186
Sig. (2-
tailed)
.003 .746 .004 .001 .547 .459
N 18 18 18 18 18 18 18
Unemployment
, total (% of
total labour
force)
(modelled ILO
estimate)
Pearson
Correlatio
n
-.651** 1 .324 -.614** .973** .059 -.044
Sig. (2-
tailed)
.003 .189 .007 .000 .817 .861
N 18 18 18 18 18 18 18
Inflation,
consumer
prices (annual
%)
Pearson
Correlatio
n
-.082 .324 1 .090 .230 .217 .251
Sig. (2-
tailed)
.746 .189 .723 .358 .386 .316
N 18 18 18 18 18 18 18
Self-employed,
total (% of total
employment)
Pearson
Correlatio
n
.640** -.614** .090 1 -.756** -.081 -.195
Sig. (2-
tailed)
.004 .007 .723 .000 .749 .437
N 18 18 18 18 18 18 18
Unemployment
, youth total (%
of total labour
force ages 15-
24) (modelled
ILO estimate)
Pearson
Correlatio
n
-.733** .973** .230 -.756** 1 .078 .026
Sig. (2-
tailed)
.001 .000 .358 .000 .760 .918
N 18 18 18 18 18 18 18
Gross savings
growth
Pearson
Correlatio
n
-.152 .059 .217 -.081 .078 1 -.066
Sig. (2-
tailed)
.547 .817 .386 .749 .760 .793
N 18 18 18 18 18 18 18
Change in net
primary income
Pearson
Correlatio
n
.186 -.044 .251 -.195 .026 -.066 1
Sig. (2-
tailed)
.459 .861 .316 .437 .918 .793

49
N 18 18 18 18 18 18 18
**. Correlation is significant at the 0.01 level (2-tailed).
Economic growth in Nigeria has positive correlation with the number of total self-employed
people and change in primary income. This indicates that the country has grown and
consequently the number of self-employed person also has grown. Moreover, income in
primary sector has also changed over the years but has remained positive. Unemployment
rate has a positive correlation with inflation. This implies that higher unemployment leads
people to lose jobs.
4.2.2.6 Correlation of primary quantitative data:
Correlations
Duration
of
business
Robust
business
strategy
taken
before
recession
Business
performance
changes after
recession
Experiences
recession
before its
arrival
Side
hustle has
increased
after
recession
Side hustle
has
successfully
helped
Nigerian
economy to
change
Side
hustle has
increased
during
recession
Duration of
business
Pearson
Correlation
1 .030 .139 .043 -.020 -.047 -.122
Sig. (2-
tailed)
.767 .169 .671 .844 .641 .226
N 100 100 100 100 100 100 100
Robust
business
strategy
taken before
recession
Pearson
Correlation
.030 1 -.114 -.052 .016 -.123 .064
Sig. (2-
tailed)
.767 .259 .609 .872 .222 .525
N 100 100 100 100 100 100 100
Business
performance
changes after
recession
Pearson
Correlation
.139 -.114 1 -.067 .146 -.043 -.176
Sig. (2-
tailed)
.169 .259 .505 .148 .671 .079
N 100 100 100 100 100 100 100
Experiences
recession
before its
arrival
Pearson
Correlation
.043 -.052 -.067 1 .049 .074 .070
Sig. (2-
tailed)
.671 .609 .505 .631 .465 .492
N 100 100 100 100 100 100 100
Side hustle
has increased
Pearson
Correlation
-.020 .016 .146 .049 1 -.159 -.558**

50
after
recession
Sig. (2-
tailed)
.844 .872 .148 .631 .113 .000
N 100 100 100 100 100 100 100
Side hustle
has
successfully
helped
Nigerian
economy to
change
Pearson
Correlation
-.047 -.123 -.043 .074 -.159 1 .217*
Sig. (2-
tailed)
.641 .222 .671 .465 .113 .030
N 100 100 100 100 100 100 100
Side hustle
has increased
during
recession
Pearson
Correlation
-.122 .064 -.176 .070 -.558** .217* 1
Sig. (2-
tailed)
.226 .525 .079 .492 .000 .030
N 100 100 100 100 100 100 100
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
In the above table, the researcher has tried to establish a relationship between robust business
strategy taken before recession and Business performance changes after recession. The
obtained value is -0.114 that shows a negative relationship between these two variables.
Therefore, it implies that robust business strategy taken before recession cannot change he
business performance in Nigeria. In other words, it can be said that business strategies that
companies take before recession do not work after recession. The above table represents a
correlation between side hustle and its impact on Nigerian economy and business
performance changes after recession. In this analysis, the obtained correlation value is -0.043
which means changing business performance in Nigeria after recession do not influence side
hustle of this country to change. Hence, from this it can be said that large scale businesses
have improved in this country after recession while micro, small and medium sized
businesses do not change.
CORRELATIONS
/VARIABLES=Business_Performance EconomicGrowth
/PRINT=TWOTAIL NOSIG
/MISSING=PAIRWISE.
Correlations

51
Business
performance
changes after
recession
Does Nigeria
experience
economic
growth?
Business performance
changes after recession
Pearson Correlation 1 -.085
Sig. (2-tailed) .398
N 100 100
Does Nigeria experience
economic growth?
Pearson Correlation -.085 1
Sig. (2-tailed) .398
N 100 100
The correlation between business performance changes after recession in Nigeria and
economic growth of this country is represented in above table. The value of correlation in this
context is -0.085 which indicates a negative relationship between these two variables. Hence,
from this the researcher has observed that small business performance in Nigeria after
recession does not have the country to experience economic growth. Therefore, it is observed
from the above figure that economic recession does not help side hustle to increase.

52
4.2.2.7 Regression of secondary quantitative data:
Variables Entered/Removeda
Model Variables Entered Variables Removed Method
1 Labour force growth, Change in net
primary income, Gross savings
growth, Inflation, consumer prices
(annual %), Unemployment, total
(% of total labour force) (modelled
ILO estimate)b
. Enter
a. Dependent Variable: Self-employed, total (% of total
employment)
b. All requested variables entered.
Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .874a .764 .666 .168933532529676
a. Predictors: (Constant), Labour force growth, Change in net primary income,
Gross savings growth, Inflation, consumer prices (annual %), Unemployment,
total (% of total labour force) (modelled ILO estimate)
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 1.109 5 .222 7.771 .002b
Residual .342 12 .029
Total 1.451 17
a. Dependent Variable: Self-employed, total (% of total employment)
b. Predictors: (Constant), Labour force growth, Change in net primary income, Gross savings growth,
Inflation, consumer prices (annual %), Unemployment, total (% of total labour force) (modelled ILO
estimate)

53
Coefficientsa
Model
Unstandardized Coefficients
Standardized
Coefficients
t Sig.B Std. Error Beta
1 (Constant) 92.887 .614 151.325 .000
Unemployment, total (% of
total labour force) (modelled
ILO estimate)
-.175 .063 -.496 -2.803 .016
Inflation, consumer prices
(annual %)
.023 .013 .301 1.788 .099
Change in net primary income -.001 .000 -.345 -2.335 .038
Gross savings growth -.002 .002 -.182 -1.255 .233
Labour force growth -.733 .252 -.490 -2.913 .013
a. Dependent Variable: Self-employed, total (% of total employment)
REGRESSION
/MISSING LISTWISE
/STATISTICS COEFF OUTS R ANOVA
/CRITERIA=PIN (.05) POUT (.10)
/NOORIGIN
/DEPENDENT SidehustlehassuccessfullyhelpedNigerianeconomytochange
/METHOD=ENTER Sidehustlehasincreasedafterrecession Sidehustlehasincreasedduringrecession
Businessperformancechangesafterrecession BusinessType.
For self-employed people, the number of total unemployment, inflation rate, changing
primary income, gross saving growth and labour force has provided any significant impact.
4.2.2.8 Regression of primary quantitative data:
a. Dependent Variable: Business performance changes after
recession
b. All requested variables entered.
Model Summaryb
Model Change Statistics Durbin-Watson
R Square Change F Change df1 df2 Sig. F Change
1 .018a .908 2 97 .407 1.983
a. Predictors: (Constant), Experiences recession before its arrival, Robust business strategy taken before recession
b. Dependent Variable: Business performance changes after recession
Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t

54
B Std. Error Beta
1
(Constant) 3.599 .435 8.281
Robust business strategy taken
before recession -.112 .096 -.118 -1.169
Experiences recession before its
arrival -.073 .100 -.073 -.729
Coefficientsa
Model Sig. 95.0% Confidence Interval for B
Lower Bound Upper Bound
1
(Constant) .000 2.737 4.462
Robust business strategy taken before
recession .245 -.303 .078
Experiences recession before its arrival .468 -.270 .125
a. Dependent Variable: Business performance changes after recession
Coefficient Correlationsa
Model Experiences
recession before
its arrival
Robust business
strategy taken
before recession
1
Correlations
Experiences recession before its
arrival 1.000 .052
Robust business strategy taken
before recession .052 1.000
Covariances
Experiences recession before its
arrival .010 .000
Robust business strategy taken
before recession .000 .009
a. Dependent Variable: Business performance changes after recession
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value 2.67 3.41 3.07 .195 100
Residual -2.342 2.325 .000 1.424 100
Std. Predicted Value -2.029 1.768 .000 1.000 100
Std. Residual -1.628 1.616 .000 .990 100
a. Dependent Variable: Business performance changes after recession
The above table has represented the outcome of regression equation, considering the survey

55
data. In this analysis, business performance changes after recession is considered as
dependent variable while robust business strategy taken before recession and experiences
recession before its arrival are considered as independent variables. From the above diagram
it has been observed that all independent variables are statistically insignificant, which mean
independent variables have significant influence on the variation of dependent variable. Thus,
from here it can be stated that business performance in Nigeria has changed due to robust
business strategy taken by people before recession and expectations of recession to be
arrived. Therefore, from the entire analysis it can be stated that recession changes business
performance for large businesses where micro, small and medium businesses have not
improved.
Variables Entered/Removeda
Model Variables Entered Variables Removed Method
1 Business Type, Business
performance changes after
recession, Side hustle has increased
after recession, Side hustle has
increased during recession
. Enter
a. Dependent Variable: Side hustle has successfully helped
Nigerian economy to change
b. All requested variables entered.
Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .226a .051 .011 1.469
a. Predictors: (Constant), Business Type, Business performance changes after
recession, Side hustle has increased after recession, Side hustle has increased
during recession
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 11.032 4 2.758 1.277 .284b
Residual 205.128 95 2.159
Total 216.160 99

56
a. Dependent Variable: Side hustle has successfully helped Nigerian economy to change
b. Predictors: (Constant), Business Type, Business performance changes after recession, Side hustle has
increased after recession, Side hustle has increased during recession
From the value of R-square it can be stated that only independent variables can explain only 5
percent variance of the dependent variable. Moreover, the regression function is statistically
insignificant as the value is more than 0.05 (.284> 0.05). This indicates that all the considered
independent variables together cannot influence side hustle of Nigeria to change its economic
condition.
Coefficientsa
Model
Unstandardized Coefficients
Standardized
Coefficients
t Sig.B Std. Error Beta
1 (Constant) 2.022 1.068 1.893 .061
Side hustle has increased after
recession
-.178 .357 -.061 -.500 .619
Side hustle has increased during
recession
.670 .426 .192 1.572 .119
Business performance changes
after recession
-.003 .105 -.003 -.026 .979
Business Type .077 .186 .043 .414 .680
a. Dependent Variable: Side hustle has successfully helped Nigerian economy to change
T-TEST GROUPS=SidehustlehassuccessfullyhelpedNigerianeconomytochange(1 2)
/MISSING=ANALYSIS
/VARIABLES=BusinessType Durationofbusiness Businessperformancechangesafterrecession
/CRITERIA=CI(.95).
In another regression analysis, the researcher has considered the impact of side hustle on
Nigerian economy as dependent variable. Furthermore, the researcher has considered
business type, changing business performance after recession, increasing side hustle after
recession, increasing side hustle during recession as independent variables.
From above table, it can be said that increasing side hustle after recession has not influenced
Nigerian economy to change successfully as it has a negative coefficient. Moreover, the
significance value is also 0.619 that is above 0.05. Hence, this variable does not have any
significant impact of the dependent variable. Increasing side hustle during recession has
influenced Nigerian economy to change successfully as it has a positive coefficient.

57
Moreover, the significance value is also 0.119 that is above 0.05. Hence, this variable does
not have any significant impact of the dependent variable. Changing business performance
after recession has not influenced Nigerian economy to change successfully as it has a
negative coefficient. Moreover, the significance value is also 0.979 that is above 0.05. Hence,
this variable does not have any significant impact of the dependent variable. Business type
has influenced Nigerian economy to change successfully as it has a positive coefficient.
Moreover, the significance value is also 0.680 that is above 0.05. Hence, this variable does
not have any significant impact of the dependent variable.
4.2.2.9 T-Test of primary quantitative data:
Group Statistics
Side hustle has successfully
helped Nigerian economy to
change N Mean Std. Deviation
Business Type 1 29 1.97 .865
2 22 2.00 .816
Duration of business 1 29 3.00 1.363
2 22 2.86 1.552
Business performance changes
after recession
1 29 3.38 1.374
2 22 2.68 1.555
Group Statistics
Side hustle has successfully helped Nigerian
economy to change Std. Error Mean
Business Type 1 .161
2 .174
Duration of business 1 .253
2 .331
Business performance changes after recession 1 .255
2 .332
Independent Samples Test
Levene's Test for
Equality of Variances
t-test for Equality
of Means

58
F Sig. t
Business Type Equal variances assumed .539 .466 -.144
Equal variances not assumed -.146
Duration of business Equal variances assumed .645 .426 .333
Equal variances not assumed .327
Business performance changes after
recession
Equal variances assumed .818 .370 1.697
Equal variances not assumed 1.668
Independent Samples Test
t-test for Equality of Means
df Sig. (2-tailed) Mean Difference
Business Type Equal variances assumed 49 .886 -.034
Equal variances not assumed 46.638 .885 -.034
Duration of business Equal variances assumed 49 .740 .136
Equal variances not assumed 41.977 .745 .136
Business performance changes
after recession
Equal variances assumed 49 .096 .697
Equal variances not assumed 42.146 .103 .697
Independent Samples Test
t-test for Equality of Means
Std. Error
Difference
95% Confidence Interval of the
Difference
Lower Upper
Business Type Equal variances assumed .239 -.514 .445
Equal variances not
assumed
.237 -.511 .442
Duration of business Equal variances assumed .409 -.686 .958
Equal variances not
assumed
.417 -.704 .977
Business performance changes after
recession
Equal variances assumed .411 -.129 1.524
Equal variances not
assumed
.418 -.147 1.542
4.3 Secondary Qualitative Analysis:
4.4.1 Impact of economic recession in Nigeria:
Economic recession has influenced Nigeria from various aspects. Such as, this economic

59
phenomenon has decreased the price of crude oil, reduced the supply of power shortage,
increased the rate of unemployment and reduced the living standard of people. Furthermore,
economic recession of this country also has affected inflation of this country and
consequently these economic phenomenons have affected people adversely to create side
hustle.
Decrease in price of crude oil: One of the crucial impacts of recession in Nigeria is the price
collapse of crude oils. The country has earned its maximum national income by exporting this
crude oil in other countries. Hence, when the price of oil has declined due to recession, the
national income of this country has also reduced drastically (Olanrewaju, Idiake and
Oyewobi 2018). This economic impact also has affected the business sector and the entire
business environment of this country adversely. Thus, the impacts of economic recession due
to decrease in the price of crude oil has led Nigeria to experience a lower level of living
standard as well as scarcity of this natural resource. Most of the businesses in Nigeria depend
on this natural resource and consequently the increase in crude oil price compared to service
rates have forced the entire business sector of this country to experience downturns.
Shortage of power supply: In Nigeria, another significant impact of recession is shortage in
power supply. As the country’s major income depends on a single business that is crude oil,
the changing price of this product leads the country’s national income to change further. This
economic change towards either positive or negative direction depends on the fluctuation of
price of crude oil. Due to recession, the shortage in power supply occurs that further leads the
business sectors of this country to experience various difficulties.
Risk of unemployment: Due to economic recession, the level of unemployment has increased
in Nigeria. As a result, many people have left their jobs due to lack of demand and other
negative economic activities. Some people try to relive their works to maintain a minimum
living standard while some businesses of other people are crashed during the period of
recession. Instead of this, some exporting companies have made significant profit during the
period of recession. This happens due to the devaluation of Nigerian currency in terms of the
US dollar. However, for the entire business sector of Nigeria, this currency devaluation has
brought negative impacts.
Fall in living standard: Due to economic recession and other negative activities, the living
standard of people has fallen noticeably over the years. In most of the lower income-group
families, it becomes difficult to maintain a minimum living standard by consuming the
minimum amount of food and other basic things (Kida et al. 2019). This further restricts

60
people to do any job due to insufficient health conditions. As a result, the possibility of
making new businesses during this period also decreases effectively.
Inflation: For many years, it has been observed that a falling economy leads the income to be
fallen accordingly. However, to maintain the business standard at a minimum level, each
manufacturers and producers intend to increase their product prices. As a result, the entire
price levels in Nigerian economy increases and this further leads the country to experiences
higher rate of inflation. However, such economic phenomenon also forces those businesses to
shrink further due to increasing production costs.
4.4.2 Improvement of Nigerian economy by adopting diversification:
The economists project that gross domestic product along with population of Nigeria will be
$ 3.3 trillion and 399 million, respectively by 2050. However, the gap between the actual
economic condition of Nigeria and its potentiality is large enough though achievable.
However, the essential function of this country is to implement strategies in a systematic way
so that it can achieve the targeted future. For Nigeria, the last 3 years have remained
challenging at both home and domestic sectors. During this period, price of oil and non-oil
products have varied drastically. The global trends of trade, security and politics of this
country have also remained unpredictable. However, the policymakers along with economists
have tried to progress this country’s economy through managing those economic disruptions
strategically (Attoh and Fapetu 2018). As a result, such administration has led to country’s
economic condition to experience growth, stability and prosperity. For achieving such
progresses, the government of Nigeria has conducted many diversified activities to make a
competitive and productive economy by using limited resources. Thus, this strategy has
protected the territorial integrity of this country by retrieving Northeast territory. Moreover,
such diversified strategies have controlled grand corruption through introducing and
developing accountability and transparency in the public funds’ management.
Nigerian economy has recovered from recession and has experienced a growth of consecutive
six quarters. For instance, the real gross domestic product of this country has reached to 1.81
percent during the June quarter of 2018 while that of 017 was 1.17 percent. In addition to
this, foreign exchange reserve of Nigeria has grown from $28.57 billion to $42.92 billion
between 2015 and 2018 (Uche and Familusi 2018). This change reflects exchange rate
stability and gives buffer against unpredicted external shocks. Furthermore, inflation also has
reduced from 18.72 percent of initial month of 2017 to 11.28 percent during the end of 2018.

61
4.3 Chapter summary:
In short, from entire primary and secondary analysis, it has been observed that increasing
recession has a mixture effect on side hustle in Nigeria. The increasing inflation tends the
number of unemployment along with the number of youth employment to increase.
Moreover, the number of unemployment has increased over the years as the country’s
economic growth has declined.
CHAPTER FIVE: CONCLUSION AND RECOMMENDATION
5.1 Introduction:
This chapter has intended to conclude the entire research work by describing statistical
outcomes and literary evidences. This chapter, at first, has observed the outcome of the study
and linked this with the research objectives and questions. Based on those findings, the paper
has concluded the study. Furthermore, this chapter has discussed about ethical consideration
and future scope for the research.
5.2 Finding of the study:
The study has observed a mixture of outcome which does not reflect any clear relationship
between recession and side hustle in Nigeria. Over the years, the economic growth of Nigeria
has remained at a lower level and in recent years, it has started to decline. The overall
inflation rate has also fluctuated drastically and started to increase for the few years. In
addition to this, the overall unemployment rate has also increased continuously, which shows
that the country has remained in recession in 2017. From primary data, it has been observed
that the most of people think side hustle of Nigeria has not increased after recession but it has
increased during this period. Furthermore, by conducting survey it has been observed that
most of the people have micro and small businesses in Nigeria. However, from statistical
analysis, it has been observed that the impact of side hustle to change Nigerian economy does
not depend on the number of these businesses that increase during recession, after recession
and business types. Moreover, changing business performance also does not force side hustle
to change economic conditions of Nigeria. Moreover, increasing side hustle influenced
Nigerian economy adversely. This indicates that most of the people have started illegal
businesses over here and has affected the economy adversely. Moreover, the researcher has
also observed that business performance of Nigeria does not depend on experience of
business owners to predict recession before its arrival and significant business strategies
taken before recession to protect the business from economic downturn. Moreover, these two

62
variables have negative correlation with the changing business performance of Nigeria after
recession. Hence, from this it can said that the business sector of this country after recession
has changed negatively due to these prediction of recession and prior strategies taken by
businesses.
Moreover, from correlation based on secondary quantitative data, it is observed that the
number of total self-employed person has positive relationship with economic growth of
Nigeria. In addition to this, self-employment of this country has also increased due to
inflation, though this relationship does not reflect an accurate relationship. In addition to this,
from primary data analysis, the researcher has also observed that increasing side hustle of
Nigeria after recession has positive correlation with economic strategies, changing business
performance after recession and experience of businesspersons regarding recession. In
addition to this, increasing side hustle of Nigeria during recession has positive correlation
with all factors. This implies that the number of side hustle during recession has increased in
Nigeria for robust business strategy, experience of recession and changing Nigerian economy
due to side hustle. However, from secondary qualitative analysis, it has been observed that
the number of business in this country has declined due to increasing price of crude oil. This
is because most of the businesses in this country depend heavily on this natural resource.
5.3 Conclusion and recommendation of the study:
From the entire discussion, the researcher has come to the conclusion that increasing side
hustle ultimately cannot improve the economic growth of Nigeria. This implies that most of
the side hustles fall under illegal activities, side as smuggling and so on. Hence, it is also
essential, in this section, to analyse whether the researcher has successfully fulfilled all
research question. From analysis, it is observed that recession has increased the number of
self-employed people in Nigeria though it cannot change the economic growth of this
country. Hence, based on entire analysis it can be said that the increasing number of side
hustle has increased after recession in an illegal way and for this it cannot contribute enough
to the country’s economic condition. This also addresses the second question that recession
leads side hustle towards a negative direction where self-employed persons try to improve
their conditions through conducting illegal activities. As a result, officially the number of
unemployed people becomes high after recession. In economic growth of this country, side
hustle does not have any significant effect. From regression analysis, it has already been
observed that all variables have insignificant impact on the country’s economic growth after
recession. In addition to this, economists have stated that industrial structure of Nigeria has

63
changed due to changing industrial structure. However, from analysis, it has also been
observed that the net income of primary sector has changed over the years. Hence, the growth
of manufacturing sector is very low in this country.
Hence, it is essential for the policymaker of this country to implement some legal actions for
protecting the business activities of side hustle in Nigeria. Due to higher unemployment and
low economic growth, many people, especially youth, have tried to follow illegal activities to
remain a minimum standard of living. Moreover, the government also needs to generate
enough employment opportunity along with training for developing skills and developments
to youth of Nigeria.
5.4 Ethical consideration:
The paper considers ethical consideration at the time of survey. The researcher provides
flexibility to each respondent for providing answers. Moreover, the researcher does not reveal
the identity of respondents for their security.
5.5 Future work:
In future, the researcher can consider more variables and sample size to obtain different
answers. A large number of samples tend the possibility of standard error of the research
paper to decrease. Moreover, the researcher can consider more literally evidences to
understand the situation.

64
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