Worldeconomics.com, a renowned organization in the UK dedicated to producing financial analysis of the world economy, has declared that Nigeria’s economy is out of recession.
The declaration was made known in a series of tweet which reads; “Nigeria economy is now out of recession and growing strongly in April.” adding that “The rate of price inflation remains substantial but continues to moderate in April.
The organisation equally opines that “Monthly sales continue to pick up sharply in April.”
Further findings via their website stated that 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 reports on their 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.”