3 reasons Nigeria is out of recession - World Economic Report

The news that Nigeria is out of the economic recession has raised a lot of eyebrows - However the World Economic Report indicate a remarkable Market Growth Index in the Nigerian economy - The presidency has said the news is a sign that President Buhari's economic policies are successfully According to Mr Bismarck Rewane, the Chief Executive Officer of the Financial Derivatives Company Limited, the World Economics report of Nigerian economy is a good news for everyone but the government must continue to maintain the current status. The world economics data suggested on Tuesday, April 18 that the Nigerian economy was out of its recession that had lasted about 10 months. The report showed that the Market Growth Index (MGI) grew to 58.5 in April as the monthly Sales Growth Index (SGI) ticked up to 56.7, its highest value since 2015 and representative of rapid growth. In the Nigerian markets, however, the effect of the positive market growth index is yet to be felt In the Nigerian markets, however, the effect of the positive market growth index is yet to be felt READ ALSO: Economic recession may continue if services of academic scholars are not sought, Nigerian tells Buhari Mr Rewane said: “Technically, speaking, the moment you get to 0 per cent of positive growth, it means you are out of recession. "We expected this to happen and our projection was Q4. We came out of this primarily for the following reasons: 1. Improvement in Power sector 2. Improvement in Forex environment 3. Increase revenue – borrowing “The recovery has started already, it is just for the government to work to make sure it is sustainable." Below are some reactions to the news from Nigerians: However in the markets and on the street, is the recession over? Watch a NAIJ.com video survey below: Source: Naij.com ADVERTISING inRead invented by Teads Think it is important? Share with your friends! Share on Facebook Send via email Advertise with us Advertise with us Subscribe now To get news every day from NAIJ.com Read more: