Nigeria economy now out of recession, growing strongly-World Economics

  Nigeria economy now out of recession, growing strongly-World Economics — Daily Times Nigeria

   Reports from World Economics says that Nigeria has moved out of recession and the economy is growing strongly.

    World Economics is an organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy.

    In a message published on Tuesday on its website, the organisation believed that things were turning around in Nigeria. The Nigerian economy went fully into recession at the second quarter of 2015 as President Muhammadu Buhari-led administration took over power.

    According to the reports, April’s 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 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.”

   “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,” the economics experts noted.
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