According to reports recently, A London Based organization, World Economics declared that after a few quarters of negative growth that saw the death of businesses, the Nigerian economy has wriggled out of recession. The organization which focuses on producing financial analysis on world economy said that 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 a representative of 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”. Although the report also added that, “conditions remain difficult for business in the country”, it however indicated that there is renewed optimism that the economy will continue to grow and regain strength.
As fantastic a news as this is, especially for the ears of the average Nigerian, it still brings to bare certain questions especially as every economic indicators currently suggests; Are we truly out of recession? What part of recession are we out of? Is recession merely a statement of figures or an experience? Can recession be said to be over when all indicators points to the fact that inflation, hunger and unemployment are still a long way from dissipation? No doubt that these indices take
time alleviate but shouldn’t coming out of recession reflect a considerable reduction in this mire of a hardship that the masses are currently submerged in?
