The Organisation of the Petroleum Exporting Countries has said, although Nigeria’s economy faced challenges in the first half of the year, it may recover in the coming months.
The group in its latest report on the Monthly Oil Market Report for May said the recovery would be hinged on Nigeria’s Purchasing Manager Index for April, which recovered strongly to 53.8 compared with only 42.3 in March.
“Despite the challenges, April’s Stanbic IBTC Bank Nigeria PMI recovered strongly to 53.8, compared with only 42.3 in March, indicating a potential near-term recovery,” it stated.
The report further explained part of the challenges faced by Nigeria’s economy in May, saying that business activities and consumers’ purchasing power remained low, in addition to high input-cost inflation and lower employment levels compared with 2022.
Nigeria’s economy faced challenges in gaining momentum in 1H23, with business activity and consumer spending remaining subdued, in addition to high input-cost inflation and lower employment levels compared with the previous year,” the report further indicated.
