World Economics Declares Nigeria Out Of Recession
World Economics said Tuesday that the Nigerian economy is out of recession, but “conditions remain difficult for businesses.”
World Economics is a London-based organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy.
In a release published on its website, it 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,” it said in a release published on its website.
It is recalled that the National Bureau of Statistics (NBS) last Thursday said the inflation rate dropped by 0.52 percent in March to close at 17.26 percent, the second decline recorded in two months.
“This is the second consecutive month of a decline in the headline CPI on a year-on-year basis,” NBS said in its report.
“It represents the effects of stabilising prices in already high food and non-food prices as well as favourable base effects over 2016 prices.”