The Social Sciences

Year: 2012
Volume: 7
Issue: 2
Page No. 270 - 282

Management of Economic Recession in a Non-Banking Sector in Lagos, Nigeria

Authors : Oludayo Tade and Christopher N. Okwara

Abstract: The economic recession that hit the world global economy between 2008 and 2010 had considerable consequences for industrial organizations. Worse hit is the banking sector in Nigeria where many lost their jobs through massive downsizing. While studies have been conducted on the trend in banking sector, literature is diminished on the management of the recession in a non-banking sector. Against this backdrop, the study focused on the management of the recession in a manufacturing sector. The study triangulated quantitative and qualitative tools. Simple random was used to reach 166 respondents comprising the top, middle and bottom cadres while qualitative data were obtained through in-depth interviews conducted with 3 management staffs and 3 employee staffs purposively selected. Results indicated that manufacturing sector employed internal mechanisms such as efficient planning and utilization of resources to cope with the recession crisis. Hence, staff layoff and downsizing were minimal. Consequently, the organization was stronger in its finances and productivity. Recruitment of professional and non professional staffs as well as motivation for employees was also stable. Therefore, the quality of leadership that subsists in an organization is vital to its survival, especially in periods of economic crisis. Hence, organization should give preference to recruitment of professionals who are proficient in forecasting future certainty for sustainability. Distinct department should exist for such function.

How to cite this article:

Oludayo Tade and Christopher N. Okwara, 2012. Management of Economic Recession in a Non-Banking Sector in Lagos, Nigeria. The Social Sciences, 7: 270-282.

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