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.
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.