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World Economics, a London-based organization, 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 organization, which focuses on producing financial analysis on the 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 organization 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.
Similarly, the International Monetary Fund (IMF) has forecast 2.6 per cent growth for sub-Saharan Africa in 2017.
It projected Nigeria’s economy to grow by 0.8 percent this year, despite current economic realities, even as it also said the expected growth will be a modest recovery in large economies led by Nigeria, South Africa, and Angola.
“Output in Nigeria is projected to grow by 0.8 percent in 2017 as a result of a recovery in oil production,” so said IMF chief economist, IMF’s Maurice Obstfeld who unveiled the fund’s World Economic Outlook in Washington yesterday.
Pointing out sustained growth in the agricultural sector. IMF said, “In sub-Saharan Africa, a modest recovery is foreseen in 2017. Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016.
“After contracting by 1.5 percent in 2016 because of disruptions in the oil sector coupled with foreign exchange, power, and fuel shortages, output in Nigeria is projected to grow by 0.8 percent in 2017 as a result of a recovery in oil production, continued growth in agriculture, and higher public investment”.
In the 2017 Global Financial Stability Report, the fund claimed that Momentum in the global economy has been building since the middle of last year.