Did Osinbajo’s work pull Nigeria out of recession?

Nigerian economy has begun to grow out of its economic recession which saw 10 months of consecutive contraction, March Sales Managers’ Index (SMI) data by World

- Nigerian economy has started growing out of recession

- The Growth Index grew to 53.5 in March as the monthly Sales Growth Index edged up to 51.3, its highest value since March 2016

- Rate of price inflation remains substantial

- For more of the latest news and updates on Economic recession visit https://www.naij.com/tag/economic-recession.html

Nigerian economy has begun to grow out of recession which saw 10 months of consecutive contraction, March Sales Managers’ Index (SMI) data by World Economics has revealed.

World Economics reports that Growth Index grew to 53.5 in March as the monthly Sales Growth Index edged up to 51.3, its highest value since March 2016.

READ ALSO: Dangote drops out of TOP 100 richest in the world, meet 3 richest Nigerians for 2017

This development is coming as the Central Bank of Nigeria (CBN) monetary policy committee (MPC) on Tuesday March 21 retained all monetary parameters rates.

The committee said inflation was down, year-on-year, but the food index rose in February from figures recorded in January, mounting pressure on consumers.

However, the world Statistics body says 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.

READ ALSO: Antigraft war: Buhari personally monitoring governors as they spend Paris Club cash

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.