People don't really understand why recession might be imminent in Nigeria.
So I will try to explain according to my own understanding.
I am sure y'all know Nigeria's economy isn't diversified, and all those lies they told us about diversifying doesn't hold water

And this is why they had to cut the budget by 10% I believe.
So that one commodity that our economy's budget is based on, Oil, has crashed in terms of price.
Crude oil are of two types, Brent crude also known as sweet light due to its low sulphur content and

West Texas Intermediate, these 2 types of crude differ in terms of price and their components such as sulphur.
Well, sweet light is what we produce in nigeria and the price is actually higher. Even though WTI' price had dropped so low and hitting negative, as at today,

Sweet light is still selling for $26.44/barrel which is actually still low.
How does this affect Nigeria ?
Nigeria is solely dependent on oil and the initial bench mark price for crude oil was $57/barrel for the budget, which was dropped to $30/barrel due to crash of

Oil price globally as a result of the pandemic, even at that, the oil price had dropped lower than the new benchmark.
What does this mean?
It means Nigeria will not be able to finance it's budget, companies will run into problems, government will not be able to pay

Salaries, and the value of Naira will drop.
You must also understand that crude oil price has some technicality, it is not stable and the fate of the price can be determined by two countries, Russia and Saudi Arabia.
So why will a country want to base it's own source of

Budget funding on such unstable pricing system.
Lessons from this:
Economy must be diversified, without that, Naira will never have any value.
If you took your time to read this thread, I hope you've been able to learn something.
You can add some more info on this as well.