Good News! Nigeria’s Economy No Longer In Recession Mode
UK based research and financial analysis organization, World Economics, has declared Nigeria’s economy out of recession.
The renown organization based in London, has declared that Nigeria’s economy is out of recession.
World Economics is an organization dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy.
On Tuesday, World Economics stated through a publication on its website and a thread on Twitter that Nigeria’s economy is “continuing to grow out of recession.”
The publication disclosed with facts and data that “Nigeria economy is now out of recession and growing strongly in April.”
It stated that:
“The rate of price inflation remains substantial but continues to moderate in April.”
According to World Economics, “Monthly sales continue to pick up sharply in April.”
— World Economics (@WorldEconomics) April 19, 2017
They affirmed that the Nigerian economy will continue to grow and regain strength after the recession.
See below excerpt of their publication:
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.
Nigeria’s Economy Out of Recession – World Economics
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.
Panelists have explained that although conditions remain difficult for businesses, they are adapting to the challenges and the recent changes to the Naira’s FX rate are aiding sales transactions.
Overall, conditions in Nigeria have improved further over the past month and managers are expressing renewed optimism that the economy will continue to grow and regain strength after the recession.