Impact of Business Strategies on Economic Growth during Recession

The analysis aims to establish a relationship between robust business strategy taken before recession and business performance changes after recession, as well as the impact of side hustle on Nigerian economy and business performance changes after recession. The study finds that there is no significant correlation between these variables. Additionally, it examines the relationship between business performance changes after recession and economic growth in Nigeria, and finds a negative correlation indicating that small business performance does not lead to economic growth. Finally, it conducts a regression analysis to examine the impact of robust business strategy taken before recession and experiences recession before its arrival on business performance changes after recession. The results show that all independent variables are statistically insignificant, indicating that they have no significant influence on the variation of dependent variable.

Chapter 4: 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
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. Primary Quantitative Data Analysis:
4.2.1: Descriptive Analysis:
Frequencies
Statistics
Business Type
N
Valid 100
Missing 0
Mean 1.96
Range 2
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.

Frequency:
FREQUENCIES VARIABLES=Business_Duration
/STATISTICS=RANGE MEAN
/BARCHART FREQ
/ORDER=ANALYSIS.
Statistics
Duration of business
N
Valid 100
Missing 0
Mean 2.93
Range 4
Duration of business
Frequency Percent Valid Percent Cumulative
Percent
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.
4.2.2: Analysis of correlation coefficient:
CORRELATIONS
/VARIABLES=Business_Strategy Business_Performance
/PRINT=TWOTAIL NOSIG
/MISSING=PAIRWISE.

Correlations
Robust
business
strategy taken
before
recession
Business
performance
changes after
recession
Robust business strategy
taken before recession
Pearson Correlation 1 -.114
Sig. (2-tailed) .259
N 100 100
Business performance
changes after recession
Pearson Correlation -.114 1
Sig. (2-tailed) .259
N 100 100
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.
/VARIABLES=Business_Performance SideHustle_Impact
/PRINT=TWOTAIL NOSIG
/MISSING=PAIRWISE.
Correlations

Business
performance
changes after
recession
Side hustle has
successfully
helped
Nigerian
economy to
change
Business performance
changes after recession
Pearson Correlation 1 -.043
Sig. (2-tailed) .671
N 100 100
Side hustle has
successfully helped
Nigerian economy to
change
Pearson Correlation -.043 1
Sig. (2-tailed) .671
N 100 100
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

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.
4.2.3: Regression Analysis:
Regression
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
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
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.
4.3: Secondary quantitative analysis:
4.3.1: Economic growth in Nigeria:
4.3.2: Recession in Nigeria:
4.3.4: Industrial changes in Nigeria:
4.3.5: Employment in Nigeria: