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.

 “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 – however, a slowing trend has developed for the past 9 months.”

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.”

 

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