Categories: EconomyNews

Nigeria Finally Out Of Recession

Muhammadu Buhari, former Nigerian military ruler and presidential candidate for the Congress for Progressive Change (CPC) speaks during an interview with Reuters at a private residence in Lagos February 19, 2011. Buhari, the main opposition candidate in Nigeria's presidential election, said he was optimistic it would be a more credible race than in the past but warned events in north Africa showed people would no longer accept a rigged vote. Picture taken February 19, 2011. To match Interview NIGERIA-BUHARI/ REUTERS/Akintunde Akinleye (NIGERIA - Tags: POLITICS HEADSHOT)

A London Based organization, World Economics declared that after a few quarters of negative growth that saw the death of businesses, the Nigerian economy has wriggled out of recession. The organization which focuses on producing fininacial analysis on world economy said that Nigeria’s “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”.
Although the organization acknowledged that Price inflation for April, which is tracked by the Prices Charged Index, remained high at 58.7 – indicative of high levels of inflation, it added however that “a slowing trend has developed for the past 9 months”.
Whereas conditions remain difficult for businesses in the country, World Economics said, “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”, it added.