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.
World economics report stated that 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.
The report however, states that 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,”the report concluded.
Meanwhile, the Nigerian currency – naira has continued to appreciate against the dollar, trading at N420 per dollar in the parallel market on Wednesday. This development is prompted by increased dollar supply by the Central Bank of Nigerian and declining demand.