Nigeria’s second-quarter report released earlier today by the office of the Nigerian Bureau of Statistics (NBS) showed the country’s economy slowed down compared to the first quarter of the year. Nigeria’s Gross Domestic Product (GDP) growth shrunk from 1.95 percent recorded in the first quarter to 1.50 percent. However, Nigeria’s GDP growth was higher than in Q2 2017. GDP growth in Q2 2017 was 0.72 percent.
According to the report, “…growth in Q2 2018 was driven by developments in the non-oil sector as Services sector recorded its strongest positive growth since 2016. However, the relatively slower growth when compared to Q1 2018 and Q2 2017 could be attributed to developments in both the oil and non-oil sectors.”
Below is the Ventures Africa Weekly Economic Index, for the week ending 24th of August 2018. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE), as of 24th August 2018, showed that the All-Share Index appreciated by 0.45 percent from the previous week ending 17th August 2018. Market capitalization at the close of trading during the week under review was N12.933 trillion, a 0.4 percent increase from N12.875 trillion recorded the previous week. The All Share-Index for the week under review closed at N35, 426.17
Top five price gainers and decliners in the week under review:
Top five price gainers
Newrest ASL Nigeria Plc.
Skye Bank Plc.
Veritas Kapital Assurance Plc.
FCMB Group Plc.
Dangote Cement Group Plc.
Top five price decliners
Jaiz Bank Plc.
Union Diagnostic and Clinical Services Plc.
University Press Plc.
Livestock Feeds Plc.
International Breweries Plc.
How did the Naira fare?
The Naira lost value against the Dollar by the 24th of August 2018 at N362 to a dollar, from N360/$, recorded the previous week.
How did the price of oil fare?
Brent oil prices rose between Friday, 17th August and 24th August 2018 due to signs pointing to a decrease in Iranian oil exports. Fuel prices rose from $72.35 to $75.60 within that period.