Nigerian Economy Enters 4th Consecutive Quarter of Recession

December data for the Nigeria Sales Managers’ Index (SMI) which measures growth across the country, reflects a continuation of the recession gripping the country. Persistent low oil prices, weak currency exchange rates, falling sales and rampant levels of inflation are putting increasing pressure on businesses as they slash profit margins and reduce workforces to survive. Business confidence has fallen steadily for 4 years and is now at the lowest level recorded in the survey history. The Market Growth Index for December was 43.4, well below the 50.0 ‘no change level’ that separates growth from contraction. Overall, conditions in Nigeria remain challenging with little sign that the economy will exit recession over the coming few months.