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Business Nigerian Economy Climbs Out of Recession



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Nigerian economy is starting to grow out of the recession which saw 10 months of consecutive contraction, March Sales Managers’ Index (SMI) data by World Economics suggested..

According to World Economics data, 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.

This development is coming as the Central Bank of Nigeria (CBN) monetary policy committee (MPC) on Tuesday 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.

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World Economic - Nigeria Economic Indicator

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.

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.

Source: World Economics