This
might be coming as massive news to President Muhammadu Buhari as the
local economy has reportedly strolled out of recession.
President Muhammadu Buhari
The Nigerian economy is out of recession and growing strong, says United Kingdom-based World Economics.
The organisation, which is dedicated to producing analysis, insight
and data relating to questions of importance in understanding the world
economy, said this development was reflected in the growth of its April
Sales Managers’ Index, SMI, for Nigeria, which rose to 58.5 per cent
from 56.7 per cent in March.
According to a report on its website, the organisation 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.
“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. A slowing trend has, however, developed for
the past nine months.”
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