Deputy Secretary-General of the United Nations, Amina Mohammed recently commented on the worrying state of Nigeria’s debt profile. She made this known during the Working Together Conversation organized by the International Monetary Fund (IMF) and the United Nations. It also featured IMF Managing Director, Christine Lagarde.
According to her, it was a herculean task for the then minister of finance, Dr. Ngozi Okonjo-Iweala to move the country out of debt trap while in office. “…We are now back again, in my country, the level of debt is worrying, but it is happening all over, for Africa, if that is the way we want to go, we need to sit down and have a better conversation about all the asks of a growing economy; that needs to be inclusive,” she said during the conversation.
Also, the data released by the National Bureau of Statistics (NBS) revealed that inflation in the country has risen for the first time in 18 months. According to the data, the Consumer Price index (CPI), which measured inflation for August recorded a slight increase, moving from 11.14 per cent recorded in July to 11.23 per cent (year-on-year).
Below is the Ventures Africa Weekly Economic Index, for the week ending 14th of September 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 14th September 2018, showed that the All-Share Index depreciated by 5.02% percent from the previous week ending 7th September 2018. Market capitalization at the close of trading during the week under review was N11.802 trillion, a 5.2 percent decrease from N12.426 trillion recorded the previous week. The All Share-Index for the week under review closed at N 32,327.59
Top five price gainers and decliners in the week under review:
Top five price gainers
Law Union and Rock Ins. PLC
Unity Bank PLC
Skye Bank PLC
Union Diagnostics & Clinical Services PLC
Learn Africa PLC
Top five price decliners
Cement Co. Of North. Nig. PLC
Universal Insurance PLC
Forte Oil PLC.
Consolidated Hallmark Insurance PLC
Linkage Assurance PLC
How did the Naira fare?
The exchange rate depreciated from 361 Naira, ending the week at 362.78 Naira to a dollar.
How did the price of oil fare?
Brent oil prices rose between Friday, 17th August and 24th August 2018 due to the US sanctions on Iran. Fuel prices rose from $75.60 to $78.09 within that period.