Impact of Increasing Production Costs on the Nigerian Economy

The economists project that by 2050, Nigeria's GDP and population will be $3.3 trillion and 399 million respectively. Despite the challenges faced in the last three years, the country has experienced economic growth, stability, and prosperity through diversified strategies to manage economic shocks. The study also concludes that increasing side hustles do not necessarily improve economic growth in Nigeria, as most of these activities fall under illegal practices. Therefore, it is recommended that policymakers take legal actions to protect legitimate business activities and generate employment opportunities for the youth.

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
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
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.
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
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

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

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

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

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.
4.2.2.8 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

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.
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

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.
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.
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
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
4.2.2.3 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
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
%)
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
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
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.

Statistics
Ec
on
om
ic
gro
wth
of
Nig
eri
a
Unemplo
yment,
total (%
of total
labour
force)
(modelle
d ILO
estimate)
Self-
employed,
total (% of
total
employme
nt)
Self-
employed,
male (%
of male
employme
nt)
Self-
employed,
female (%
of male
employme
nt)
Unemplo
yment,
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
62
07
81
91
68
08
10
4.175277
7761883
20
90.52316
66564941
40
78.35849
93150499
30
87.19861
09415690
20
11.03477
78002421
07
-
2.8296386
31466608
-
16.229468
607978138
2.624995
4105285
77
Median 6.3
74
11
75
90
32
49
00
3.911999
9408721
90
90.58300
01831055
00
77.73749
92370605
50
87.02200
31738281
00
9.362500
19073486
5
-
1.8124483
80509612
16.157659
191008392
2.652895
1194919
14
Mode -
1.6
16
86
89
50
00
07
36a
3.424000
0247955
30a
90.04399
87182617
00a
77.10199
73754883
00a
86.15799
71313477
00a
8.513999
93896484
0a
-
46.273505
27247780
0a
-
516.62223
653179980
0a
2.035723
3741796
83a

Std.
Deviation
3.5
14
50
47
59
13
69
21
.8260063
4270016
7
.2921888
10051128
1.352145
42022594
1
.6852749
41007044
3.842230
30336681
7
24.616861
56601156
5
133.50811
360113080
0
.1953042
2994019
1
Skewness .30
6
1.760 -.371 .874 .742 1.934 -.194 -3.321 -1.604
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.

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

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.

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.

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.

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.

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
Unemployme
nt, total (% of
total labour
force)
(modelled ILO
estimate)
Inflation,
consume
r prices
(annual
%)
Self-
employed,
total (% of
total
employment)
Unemployme
nt, youth total
(% of total
labour force
ages 15-24)
(modelled ILO
estimate)
Gross
saving
s
growth
Chang
e in
net
primar
y
incom
e

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
Unemployme
nt, 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
Unemployme
nt, 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

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
Correlatio
n
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
Correlatio
n
.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
performanc
e changes
after
recession
Pearson
Correlatio
n
.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
Correlatio
n
.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
after
recession
Pearson
Correlatio
n
-.020 .016 .146 .049 1 -.159 -.558**
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
Correlatio
n
-.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
Correlatio
n
-.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
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.

4.2.2.7 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)

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.
4.3 Secondary Qualitative Analysis:
4.4.1 Impact of economic recession in Nigeria:
Economic recession has influenced Nigeria from various aspects. Such as, this economic
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
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.
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
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
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.