By the time the Nigerian Bureau of Statistics (NBS) announced that Q2 2016 was our second quarter of negative growth, most businesses already knew that we were in a recession. Businesses were seeing input costs rise, and consumer demand weaken. It goes without saying that businesses in Nigeria are facing some of the toughest times they've faced in a decade.
With the Minister of Finance hoping to return to positive growth by Q4 2016, and Dangote predicting Q1 2017, it is clear that the tough times may last a little longer. I've spent the better part of ten years working to with companies in all manner of situations, and I figured I'd share some strategies for businesses to consider as they work to manage through these trying times.
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