(2017’s economic recovery has commenced in a chequered but sustainable path. The FGN has announced the growth and recovery plan.

The Purchasing Managers’ Index (PMI) has retreated into negative territory of 48.2 (CBN) and Fitch has downgraded the outlook of both Lagos and Nigeria to negative. However, oil price is at an 18-month high of $56, gross external reserves are growing again to $28.51bn and the N5,000 stipend has been paid.

In this edition of the Monthly Economic Publication, the FDC Think Tank takes a critical look at the social intervention programme, the impact of cocoa price at $2,072 per metric ton, and the relationship between the surge in M1 and inflation).