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Confusion in Rivers as 1,500 APC members decamp to PDP

President Buhari finally moves Nigeria out of recession, as economy grows stronger

Posted: 18 April, 2017 at 09:40 pm
President Buhari finally moves Nigeria out of recession, as economy grows stronger
President Buhari Finally Moves Nigeria Out Of Recession, As Economy Grows Stronger Photo 1

According to April Sales Managers' Index (SMI) data by World Economics, President Muhammadu Buhari-led federal government has finally moved Nigerian economy out of recession

The London-based organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy declared on Tuesday despite negative growth that oversaw the death of many business that the country's economy is out of recession, but “conditions remain difficult for businesses.”

According to the report, the economy has seen a steady growth in the past few months.

In a release published on its website, the body said 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.

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

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

“Panelists have explained that although conditions remain difficult for businesses, they are adapting to 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.

National Bureau of Statistics (NBS) last week also said the inflation rate dropped by 0.52 percent in March to close at 17.26 percent, the second decline recorded in two months.

President Buhari finally moves Nigeria out of recession, as economy grows stronger

Parts of the NBS report read: “This is the second consecutive month of a decline in the headline CPI on a year on year basis, representing the effects of stabilizing prices in already high food and non-food pricesas well asfavourable base effects over 2016prices. It is also indicative of early effects of a strengthened naira in the foreign exchange rate market.

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Nigeria have never been in recession. I was a grammar by APC led government to cover up and move money to their private homes - segun@gmail.com
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