World Economics, a London-based organisation, declared yesterday that after a few quarters of negative growth that saw the death of businesses, the Nigerian economy has wriggled out of recession.
According to the organisation, which focuses on producing financial analysis on world economy, 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 organisation 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.
Also, in its Global Financial Stability Report for 2017, it claimed that economic activity has gained momentum, amid broadly accommodative monetary and financial conditions which have spurred hopes for reflation.
It said that this has given rise to longer term interest rates which, in turn, have helped to boost earnings of banks and insurance companies. Remarkably, the fund insisted that gains in many asset prices reflect a more optimistic outlook.
- Nigeria And Its Elite Machinations
- 5 Misconceptions About Stay-At-Home Dads
- Anatomy of Nigerians Cultural Dishonesty
- How Western Makeup Trends Have Shaped the Nigerian Makeup Industry
- The First Lady Syndrome in Nigeria
- Nigeria: A Once Vibrant Country Dwarfed by Criminals and Rogues
- In what ways do you think Nigerian Government can handle the problem of insecurity?
- What do you want the federal government to do in order for 2017 to be better?
- Nigeria: A Country Needing Expertise Surgery
- Yakubu Dogara’s place in history
- FASHION ICON OF THE WEEK
- EFCC intercepted N49 million at Kaduna airport
- Former EFCC boss, Farida Waziri loses husband
- President Buhari Returns
- Babatunde Osotimehin, Former Minister of Health Is Dead
- Aisha Buhari returns from UK, speaks about President’s health
- Undeniable Facts about Living in Abuja
- Kidnapping: Nigeria’s Fastest Growing Crime
- Maitama Sule: Kano declares work-free day
- Elder Statesman Maitama Sule is Dead
- ASUU Strike: Lecturers reach agreement with Nigerian government
- Does the EFCC Chairman have the backing of the President?
- Buhari extends vacation, writes National Assembly
- Many killed as suicide bomber attack Adamawa mosque
- Rape of Minors: A Growing Menace
- Eid El-Fitr Celebration: Muslims to look for new moon Saturday
- Police arrest man for cutting off penis of nine-month-old boy
- Full Text Of 2face Idibia’s Speech On The Proposed Nationwide Protest And A New Date For The Protest
- Should Nigeria have stayed longer under Colonial rule?
- Fall in oil price and its effect on our economy
- Nigeria’s new World Trade Centre poised to send its economy sky-high
- Sports Minister Dalung loses wife
- Buhari suspends SGF, NIA boss
- Ambode Approves Death Penalty For Kidnappers
- Airlines resume flights as Abuja airport reopens
- Man jailed 10 years for defiling 10-year-old girl.
- Scores killed, many injured as fighter jet misfires
- Atiku to emerge as new Waziri Adamawa, son takes over as Turakin
- Petrol tanker crashes on Abuja-Lokoja express way, death toll said to be five
- Man, 50, docked for allegedly raping 9-year-old
- 4 year old girl sold for N350, 000 recused
- Man arrested for raping friend’s 8-year-old daughter
- Father arrested for serially raping own 13-year-old daughter
- Suspected ritualists wiped out family, take out pregnant woman’s unborn baby
- Man arrested in Ogun for allegedly raping 7-year-old girl
- 42-Year-Old Man Caught Having Sex with Goat in Katsina
- China Donates N60 Million to Aisha Buhari’s Project
- Breaking News: ASUU set for nationwide indefinite strike
- 50-year-old man allegedly raped 15 months old girl in Bayelsa.
- The Impending Criminal Trial of Maryam Sanda over the Death of Bilyaminu Bello Halilu: The Legal Scenario
- The Argument For Buhari
- Barca sue Neymar for €8.5 million
- Ahmed Musa Frees 40 Prisoners, Donates Millions Of Naira