- Nigeria has finally moved out of recession according to reports
- This is according London-based organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy
- Nigeria’s National Bureau of Statistics (NBS) also corroborated this in its recent report
President Muhammadu Buhari-led federal government has finally moved Nigerian economy out of recession according April Sales Managers’ Index (SMI) data by World Economics.
According to the report, the economy has seen a steady growth in the past few months.
The London-based organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy declared on Tuesday despite negative growth that oversaw the death of many business that the country's economy is out of recession, but “conditions remain difficult for businesses.”
In a release published on its website, the body said that: “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.
National Bureau of Statistics (NBS) last week also said the inflation rate dropped by 0.52 percent in March to close at 17.26 percent, the second decline recorded in two months.
Parts of the NBS report read: “This is the second consecutive month of a decline in the headline CPI on a year on year basis, representing the effects of stabilizing prices in already high food and non-food pricesas well asfavourable base effects over 2016prices. It is also indicative of early effects of a strengthened naira in the foreign exchange rate market.
Recall that Legit.ng reported that the Emir of Kano, Muhammadu Sanusi blamed the Nigerian government for the current economic situation.
Sanusi who served as the governor of the Central Bank of Nigeria during the administration of Goodluck Jonathan said this during the 15th meeting of the joint planning board and national council on development planning.
Sanusi warned President Muhammadu Buhari not to make the same error made during Jonathan’s administration and also cautioned against focusing on blaming others.
He urged that the most important thing is to look forward for development rather than focusing on the past.
In the video below by Legit.ng, some Nigerians claim the government was not responsible for the inflation in the country.
Watch the video: