Since the global oil price crash in 2014, Nigeria has been one of the hardest-hit economies due to its over-dependence on oil as its main source of revenue. China’s economic slowdown, as well as the United States’ rate hike, also affected its economy adversely. As a result, Nigeria’s economic growth has declined dramatically, with its currency falling to an all-time low. As a result of the new monetary policies, investors are pulling out regularly as most of them are scared to leave their investments in the country. The Central Bank of Nigeria (CBN) put in stringent policies to help save the Naira from falling but all efforts seem to have backfired.

However, it looks like that is all about to change as the CBN, which once showed that its decisions were not independent of the federal government, seems to be taking a different turn. But it is still uncertain if the CBN will be able to sustain some of its recent policies, which are geared towards saving the Naira from falling.

Below is the Ventures Africa Weekly Economic Index, for the week ending 12th of May 2017. This economic index gives you a glimpse into the recent activities in Nigeria’s economy as well as changes that could affect the economy:

Did the price of crude oil change?

A pump jack used to help lift crude oil from a well in South Texas’ Eagle Ford Shale formation stands idle in Dewitt County Texas

The OPEC weekly basket price revealed that between 8th and 12th of May 2017, the price of crude oil increased considerably from $46.87 per barrel to $48.37 per barrel. The increase in price was due to the facts that U.S. oil inventories fell by more than forecast and it was also reported that the OPEC-led production cuts could be extended.

How low is the external reserve?

External reserve

Data from the website of the Central Bank of Nigeria reveals that as of 11th May 2017, Nigeria’s external reserve decreased by $77.282 million to $ 30.911billion from $ 30.988billion recorded on 4th May 2017.

How did the Naira fare?


During the week under review, the Naira depreciated further against the dollar at the parallel market to 383 Naira/$ on Friday 12th May 2017, from 385 Naira/$ recorded on Friday 5th May 2017.

The CBN Acting Director, Corporate Communications, Isaac Okorafor, confirmed that the Central Bank of Nigeria (CBN) approved the sale of $100 million at the Wholesale Secondary Market Intervention Sales (SMIS) auction announced on Monday, May 8, 2017. During the week under review, CBN sold $14 million in the Investors and Exporters (I&E) foreign exchange window

What we know about the 2017 Budget passed by the National Assembly

2017 budget

The Nigerian National Assembly (NASS) on Thursday, 11th May 2017, passed the 2017 Appropriation Bill, five months after President Muhammadu Buhari presented the budget to the assembly. It would be recalled that President Buhari presented a budget of N7.30 trillion to the National Assembly on December 14th, 2016. The budget was raised from N7.30 billion to N7.44 trillion. For the first time in the history of Nigeria, the full details of the National Assembly’s budget are in the appropriation bill. the oil price benchmark proposed in the budget was raised from $42.50 to $44.50

The Nigerian Stock Market

The Nigerian Stock Market

According to the recent data released by the Nigerian Stock Exchange, as of 12th May 2017, the market closed trading on a positive note as the all share index increased 7.46 percent from the previous week ending 5th May 2017. Market capitalization at the close of trading was 9.746 trillion up from N9.069 trillion recorded the previous week. The All Share Index for the week under review closed at 28,192.46. This is the best post recorded by NSE since President Muhammadu Buhari’s election.

Top five price Gainers and Decliners in the week under review:

Top five price Gainers

  1. May & Baker Nigeria Plc
  2. Ecobank Transnational Incorporated
  3. Fidson Healthcare Plc
  4. P Z Cussons Nigeria Plc.
  5. Oando Plc

Top five price Decliners

  1. Jaiz Bank Plc
  2. Seplat Petroleum Development Company Ltd
  3. Newrest Asl Nigeria Plc
  4. Neimeth International Pharmaceuticals Plc
  5. O.C. Gases Plc

Dividends announced so far in 2017


Tracking companies that have announced their dividends are very important for the country as it affects the share price of the company. This also enables people to know if they are eligible to collect the dividend, when it will be approved and when it will be paid. So far the following companies have announced the full year reports are:

  1. Vitafoam Plc
  2. Greif Nigeria Plc
  3. United Capital
  4. Nigerian Breweries
  5. Transcorp Hotels Plc
  6. Africa Prudential
  7. Zenith Bank
  8. Dangote Cement
  9. Nestle Nigeria
  10. Access Ban
  11. Guaranty Trust Bank
  12. Total Nigeria Plc
  13. Lafarge Africa Plc
  14. Custodian and Allied Plc
  15. MRS Oil Nigeria Plc
  16. United Bank for Africa Plc
  17. GlaxoSmithKline Consumer Nig. Plc
  18. Unilever Nigeria Plc
  19. FCMB Group Plc
  20. Dangote Sugar Refinery Plc
  21. Stanbic IBTC Holdings Plc
  22. Pharma-Deko Plc
  23. UACN Plc
  24. AIICO Insurance Plc
  25. Chemical and Allied Products Plc
  26. Trans-Nationwide Express Plc
  27. AXA Mansard Insurance Plc
  28. Mobil Oil Nigeria Plc
  29. Beta Glass Plc
  30. Infinity Trust Mortgage Bank Plc
  31. Okomu Oil Palm Company Plc
  32. NASCON Allied Industries Plc
  33. O.C. Gases Plc
  34. Learn Africa Plc
  35. NEM Insurance Plc
  36. Nigerian Aviation Handling Company Plc
  37. Med-View Airline
  38. Fidelity Bank
  39. Okomu oil
  40. Regency Alliance
  41. Presco Plc
  42. Consolidated Hallmark Insurance Plc
  43. Nestle Nigeria Plc
  44. Aluminium Extrusion Industries Plc
  45. Berger Paints Plc.,
  46. FBN Holdings Plc.
  47. NPF Microfinance Bank
  48. Newrest ASL Nig
  49. UAC of Nigeria Plc
  50. Chemical and Allied Products Plc
  51. Continental Reinsurance Plc


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