Nigeria’s Economy In Recession In Q4

Nigeria's Economy In Recession In Q4; IMF, Nigeria, Recession, 2017Overall, conditions in Nigeria remain challenging with little sign that the economy will exit recession over the coming months, that is according to London-based World Economics.

The new report released states that Africa’s largest economy sees its business confidence fall to lowest levels on record, in the fourth quarter of October to December.

Nigeria’s December Sales-Managers’ Index – measuring growth across the country, reveals a continuation of the recession gripping the economy since the new year started.

World Economics says business confidence reduces steadily for four years, and is now at the lowest level recorded in the survey’s history.

Nigeria’s September Inflation Moderated At 17.9%

September Inflation, Inflation, NBSNigeria’s inflation level moderated at 17.9 percent, up 0.24 percent in September, according to the new report released on Friday by the statistics office.

The data however, shows headline inflation eased to 0.8 percent last month, against 1.0 percent growth in the month of August.

Contributing to the headline index was food input, up 0.19 percent to 16.6 percent last month.

The statistics office report states that energy and energy-related prices continue to be the largest increases reflected in the core sub-index.

The National Bureau of Statistics (NBS) said, “During the month, the highest increases were seen in the electricity, liquid fuel (kerosene), solid fuels, and fuels and lubricants for personal transport equipment groups.

“Communication and restaurants and hotels recorded the lowest rates of increase of the 12 divisions, growing by 5.6 per cent and 9.6 per cent respectively.”

The NBS said price movements recorded by all items less farm produce or core sub-index increased by 17.7 per cent year-on-year in September, up by 0.5 per cent points from rates recorded in August (17.2 per cent).

It added, “During the month, the highest increases were seen in clothing materials, other articles of clothing and clothing accessories, garments, shoes and other footwear, books and stationeries, jewellery, clocks and watches, and motorcycles.”

The latest inflation report was consistent with Nigeria’s sales managers’ index data released by the London-based World Economics, showing a three-month moderation in all divisions contributing to key economic indices.

Sales Managers Index: Nigeria Continues To Drop

Sales Managers IndexNigeria’s inflationary pressures intensified in the month of March, pushing all five parameters of the Sales Managers Index to a 12-month low.

A new set of data released on Monday by the London-based World Economics shows Nigeria’s Business Confidence Index down for the seventh consecutive month, reaching the lowest level in a year.

Businesses in the survey commented on poor consumer demand, rising unemployment, high inflation, lower oil prices and difficult exchange rate conditions.

The Market Growth Index measured by the report also shows fifth consecutive decline and the lowest since March 2015.

The Product Sales Index falls first time in 12 months as managers point to general rise in prices charged for products and services.

At the employment level in the first quarter of 2016, the staffing index fell below the 50.0 no-change mark for the first time, as companies comment on staff rationing as part of cost-cutting measures at lower level of employment.