Kale, NBS D-G faults reports that Nigeria’s economy out of recession

The Statistician General of the Federation, Dr Yemi Kale, has faulted the news going round that the nation’s economy is already out of recession, describing the report as false.
He was responding to a news report that the Nigerian economy is out of recession and growing strong. A United Kingdom-based World Economics spearheaded the report which was given prominence by the Nigeria media in the past two weeks.
The organisation which is said to be dedicated to producing analysis, insight and data relating to questions of importance in understanding the world economy, said this development was reflected in the growth of its April Sales Managers’ Index, (SMI) for Nigeria, which rose to 58.5 per cent from 56.7 per cent in March.
According to a report on its website, the organisation said: “April Sales Managers’ Index, SMI, data suggests that the Nigerian economy is continuing to grow out of the recession which saw 10 months of consecutive contraction in 2016.
“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.
“Price inflation for April, which is tracked by the Prices Charged Index, remained high at 58.7 – indicative of high levels of inflation. A slowing trend has, however, developed for the past nine months.”
Kale on his twitter handle said: “Any data about Nigeria’s economy is “fake news” or at best just an opinion until verified and reported by the National Statistics Office (NBS).
He said that no amount of insults or attacks will make NBS manipulate data for good or bad and it will be released at is when completed
“Because by LAW it isn’t but the official source of data in Nigeria and by law any other source without NBS validation is not only illegal but fake news”
He explained further that MDAS and CBN partner with NBS in data production including many development agencies. Most of their data are compiled with NBS. He explained.