Nigerian Economy Now Out of Recession and Growing Strongly –Report

London-based organisation, World Economics, has declared that Nigerian economy is now out of recession and growing strongly, but that “conditions remain difficult for businesses” despite their adaptation to the challenges.

World Economics, which is dedicated to producing financial analysis, insight and data on world economy, stated on Tuesday that its “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 further stated that “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.”

The organisation said its panellists 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,” it added.