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Abstract:
It is no longer news that Nigeria is in recession as indicated by the Gross Domestic Product (GDP) Figures of the second quarter (Q2) of 2016 where the figure was in negative (-2.06). This led to a lot of problems in the economic landscape of the country ranging from massive job loss, inflation, and cash crunch, inability to pay salaries by public and private firms. All these were occasioned by the fall in the global oil price from a high of 145USD to as low as 25USD. Thus, this study sought to identify the extent of relationship that exists between Strategic Reengineering and recessed economy in Nigeria focusing on food and beverage industry in Nigeria. Correlation research design was adopted for the study. Secondary source of data collection was used and analyzed using Regression Analysis. It was revealed from the analysis that there was a significant positive relationship existing between profitability and process redesign as shown by the coefficient of determination (R2) of 0.203256. It was therefore recommended that the studied organizations should find new ways of doing things like assessing foreign exchange and importation of raw materials as old ways are fraught with a lot of albatross and that employees should be encouraged to proffer new ideas and solutions so as to catapult the company's performance and make them survive through this tough time.
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