Economic Recession and Operational Dynamics of Businesses in Molete Market, Ibadan Oyo-State

Abstract

Economy is one of the basic social institutions that determine the condition of living of people within a given geographical entity. To this extent, studies have examined various aspects of the economy viz-a-viz the good, the bad and the ugly. One of the negative aspects of the economy that has attracted the attention of scholars is economic recession. To advance the frontier of knowledge on the dynamics of economic recession, this study examined the effect of economic recession on operational dynamics of business as experienced by traders in Molete market, Ibadan-Oyo State. To achieve this objective,the survey was adopted as the research design, all traders in Molete market constituted the study population,and two-stage sampling technique was used to select sample for the study. Both questionnaire and interview were utilized as instruments of data collection. Quantitative data were analyzed using descriptive and inferential statistical tools. Frequency count and simple percentage were used as descriptive statistical tools; regression analysis was adopted as the inferential statistical while verbatim quotation method was used to analyse qualitative data collected for the study. Findings of the study revealed that incidence of economic recession has devastating effects on business operational dynamics of the grassroot traders and by implications negatively affected their economic conditions and general livelihood. The study recommends that the Federal ministry of finance should add more to their effort of managing the country out of recession. This could be achieved by floating appropriate economic policies that will mitigate the effects of recession on the people, take the economy out of recession and prevent its further occurrence in the society.