THE BIG BANG: President Buhari miraculously moves Nigeria out of recession, as economy grows stronger.
President Buhari miraculously moves Nigeria out of recession according to April Sales Managers’ Index (SMI) data by World Economics. According to the report, the economy has seen a steady growth in the past few months. 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.”
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.
“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.