Application of forecasting technique to salvaging Nigerian recessed economy

Abstract

This study unveils how application of a forecasting technique can lead to minimization of waste, maximization of profit, recovery and revival of ailing and moribund businesses, firms and industries. Specifically, the trend of coal production and sales in Nigeria was used for a practical illustration using least squares method. The study expounded the various forecast assumptions, challenges and benefits of forecasting. The study presents application of forecasting technique as veritable tool for salvaging Nigerian economy from recession.