Even as the Nigerian Bureau of Statistics, confirmed that food prices in Nigeria have reached a 9 year high, it seems other data sources are hinting an improvement in the Nigerian economy.
Bloomberg reports that data from Space, yes space, hints an improvement in Nigeria’s economy.
Here is Bloomberg’s report: Nigeria’s battered economy improved between April and June, at least according to satellite data. San Francisco-based SpaceKnow’s Nigeria Night Light Index, which measures light intensity and provides an indication of electricity usage, rose 29 percent year-on-year in that period, the first time it’s showed a positive reading since the final three months of 2015, which was also the last time output in Africa’s largest oil producer grew.
Nigeria’s statistics office is scheduled to release gross domestic product figures for the second quarter on Sept. 4.