‘Nigerian Economy Out Of Recession’
The Nigerian economy is out of recession and growing strong, but “conditions remain difficult for businesses,” says World Economics.
World Economics is a London-based organisation dedicated to producing financial analysis, insight and data relating to questions of importance in understanding the world economy.
According to information on its website, the organization 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.
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“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.
“The Market Growth Index grew to 58.5 in April as the monthly Sales Growth Index ticked up to 56.7, 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.”
Nigeria’s economy officially slipped into recession in August 2016. According to data released by the National Bureau of Statistics (NBS), the GDP contracted by 2.06 percent in the second quarter of last year, following a contraction of 0.36 percent in the first quarter, placing Africa’s biggest economy in a recession, which is defined by two or more consecutive quarters of negative economic growth.
