Nigeria’s economy already out of recession – World Economics

by Azeez Adeniyi

The World Economics on Tuesday said Nigeria’s economy was rising sharply and already out of recession.

The London-based organisation dedicated to producing financial analysis said this in a report published on its website.

It said: “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.”

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The report 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.

Special Adviser on Media Matters to the Minister of Budget and National Planning, James Akpandem said analyses indicated that the economy was coming out of recession.

“The latest report from the National Bureau of Statistics which details significant aspects of economic activities in the first quarter of this year, clearly showed that inflationary trends are coming down, while the major fundamentals are increasingly showing  positive outlook.

[Read Also: NIGERIA WILL SOON RECOVER FROM RECESSION – WORLD BANK]

“That showed that the economy is coming out of recession,” Akpandem said.

“The statistics are very clear on that and if you also listen to our economic experts, that is what they are saying; some of them had been predicting the trend before now,” he said.

“For instance, at least one of the banks and some notable economists predicted that inflation would be going down and the current indicators showed that the economy is coming out of recession,” Akpandem said.

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