Nigeria now out of recession, economy growing strongly, says World Economics - The organization producing analysis and data relating to world economy
Nigeria now out of Recession, Economy Growing Strongly — World Economics
Nigeria now out of recession, economy growing strongly, says United Kingdom-based World Economics – the organisation, which is dedicated to producing analysis, insight and data relating to questions of importance in understanding the world economy, said.
This development was reflected in the growth of its April Sales Managers’ Index, SMI, for Nigeria, which rose to 58.5 per cent from 56.7 per cent in March, its highest value since 2015 and representative of rapid growth.
Price inflation for April, which is tracked by the Prices Charged Index, remained high at 58.7 – indicative of high levels of inflation. A slowing trend has, however, developed for the past nine months.”
This is coming on the heels of the February inflation report released in March by the National Bureau of Statistics revealed that the rate slowed down in February for the first time in 15 months.
The data further noted that the country recorded a market growth index above 50 percent for the first time in 11 month in March 2017. “The Market Growth Index grew to 53.5 percent in March as the monthly Sales Growth Index edged up to 51.3 percent, its highest value since March 2016.”
According to a report on its website, the organisation said: “April Sales Managers’ Index, SMI, data suggests that the Nigerian economy is continuing to grow out of the recession which saw 10 months of consecutive contraction in 2016.
“Overall, conditions in Nigeria have improved over the past month and managers are expressing optimism that the economy will continue to grow,” it stated.
The report was however quick to point out that it is too early to speculate if the recovery is built on solid fundamentals for a sustained recovery but the changes reflected are not insubstantial.