According to OPEC, Nigeria’s Economy would Rebound in the Following Months.

Although Nigeria’s economy suffered difficulties in the first half of the year, according to the Organization of the Petroleum Exporting Countries, it may improve in the upcoming months.

The company stated that the recovery would depend on Nigeria’s Purchasing Manager Index for April, which rebounded sharply to 53.8 from only 42.3 in March, in its most recent report on the Monthly Oil Market Report for May.

The Stanbic IBTC Bank Nigeria PMI for April rose sharply to 53.8 from only 42.3 in March, indicating a potential near-term recovery, according to the report. The country’s inflation figures for March revealed a continuous acceleration, with an annual rate of 22% year over year, up from 21.9% year over year in February and 21.8% year over year in January. 

OPEC said food inflation had been a key factor in the rise, reaching about 25 per cent year-on-year in March, adding that the Central Bank of Nigeria had kept the policy rate unchanged at 18 per cent, following a 50 basis points hike in March and a 100 basis points hike in January.