Why Nigerian economy is out of recession - Bismarck Rewane

The Chief Executive Officer of the Financial Derivatives Company Limited, Mr. Bismarck Rewane has said that the World Economics report of the Nigerian economy is a good news for everyone but the government must continue to maintain the status quo.

World Economics data suggested on Tuesday that Nigerian economy out of its over 10-month recession. The report showed that the 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 representative of rapid growth.

He stated this on Tuesday while he featured on Channels Television Politics Today anchored by Seun Okin.

“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 come out of this primarily before of two reasons
- Improvement in Power sector
- Improvement in forex environment
- Increase revenue – borrowing

“The recovery has started already, it is just for the government to work to make sure it is sustainable”, he said.