Nigerian Economy Starts to Climb Out of Recession
- Market Growth Index above 50 for the first time in 11 months
- Monthly sales pick up sharply in March
- Rate of price inflation remains substantial
March Sales Managers’ Index (SMI) data suggests that the Nigerian economy is starting to grow out of the recession which saw 10 months of consecutive contraction. The Market 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. 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. 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.
