The Nigerian economy is looking up, signalling an end of the recession, the World Economics declared on Tuesday.
However, the London based organisation cautioned that “conditions remain difficult for businesses.”
According to the body,“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.”
In a release published on its website, it explained that 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, giving an indication of rapid growth.
It explained that price inflation for April, which is tracked by the Prices Charged Index, remained high at 58.7 – indicative of high levels of inflation.
The Special Adviser on Media Matters to the Minister of Budget and National Planning, James Akpandem, explained that statistical analyses and economic experts’ assessments clearly indicated that the economy was coming out of recession.
He said: “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.
“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.
