A financial expert based in Ilorin, Kwara state capital, Mr. Babatunde Salami has noted that the current economic situation may further increase unemployment and inflation rates in the country.

Salami who gave the warning in Ilorin last while reacting to the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele's flexible exchange rates said alerted that, "the Nigerian economy is on the verge of a recession."

According to him, "Nigeria is experiencing high inflation rate due to scarcity of foreign exchange, a weak Naira, high interest rates, poor electricity supply, dependence on importation and the high cost of doing business in the country.

"As Nigeria goes into a recession, the inflation rate will go higher as the above mentioned factors will still persist."

The financial expert cautioned that the economy should not be allowed to go into recession as it is a negative growth for two consecutive quarters.

He called on Nigerians to prepare for economic recession by venturing into part time jobs , business or small scale farming that requires little capital, and engage in farming of crops that are of short harvest period, as well as rearing farm animals on a small scale.

"Unemployed people should accept a low paying job as a short term solution pending when a better job offer is available ,while individuals and families would need to make changes in their plans, such changes may include relocating to affordable accommodation and switching of children's school to affordable ones and keeping a positive attitude at both at work and home, and while in company of friends and strangers" he added.

He also warned against extravagant spending and urged Nigerians to prioritise their needs, stressing the need for them to understand the difference between needs and wants during a recession, while areas of priority spending should be housing, food, affordable health care, transportation, clothing and education.

The financial expert cautioned those involving in lifestyle that leads to wastage of money to make changes, especially people that engaged in excessive smoking and alcohol consumption, excessive clubbing, womanising, unnecessary and irrelevant travels, buying new household gadgets and appliances when old ones are still in good condition.

According to him, "Anger, bitterness, hopelessness, frustration and persistent complaining makes it difficult for people to cope with recession leading to unsalutory consequences for the people and the nation". Salami added that another lifestyle to be changed is the buying of new clothes for every social functions and events.