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A report released by World Economics, a financial analysis organisation, yesterday says Nigeria is on its way out of recession. The reports titled: Sales Managers’ Index (SMI), released Tuesday said, “The data suggests that the Nigerian economy has started growing out of the recession which saw 10 months of consecutive contraction.”
This is coming on the heels of the February inflation report released in March by the National Bureau of Statistics revealed that the rate slowed down in February for the first time in 15 month
The data further noted that the country recorded a market growth index above 50 percent for the first time in 11 month in March 2017. “The Market Growth Index grew to 53.5 percent in March as the monthly Sales Growth Index edged up to 51.3 percent, its highest value since March 2016.”
The report was however quick to point out that it is too early to speculate if the recovery is built on solid fundamentals for a sustained recovery but the changes reflected are not insubstantial.
It added that, “Price inflation for March, which is tracked by the Prices Charged Index, remained high at 61.3 – and indicative that very high levels of inflation continue.
“Overall, conditions in Nigeria have improved over the past month and managers are expressing optimism that the economy will continue to grow,” it stated from Leadership.
Source: African Leadership Magazine.