World Economics, a well known organisation dedicated to producing financial analysis of the world economy based in London has said that Nigeria’s economy is no longer in recession.
The organisation made the declaration on Tuesday.
It stated through a series of tweets that “Nigeria economy is now out of recession and growing strongly in April.”
The organisation noted that the rate of price inflation remains substantial but continues to moderate in April.
It also added that monthly sales continue to pick up sharply in April.
The organisation tweeted: “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, 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.”
