Nigeria might be out of economic recession going a recent data released by World Economics which stated that Nigeria’s economy is out of recession and ‘growing strong’.
World Economics said in its latest report that posted on its website that:
“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 – however, a slowing trend has developed for the past 9 months”.
However, the final statement that will be taken more serious by all and sundry will be the first quarter gross domestic report from the National Bureau of Statistics which is due to be released later this month.
Inflation is still a major problem in spite of the fact that the venom of inflation has seen a month on month decline. Banks are still not lending huge toxic debt weighing down on their viability.