When the global oil price crashed in 2014, Nigeria was one of the hardest-hit economies due to its over-dependence on oil as a revenue source. Nigeria’s economy was also affected by China’s economic slowdown, as well as the United States’ rate hike. In order to save the economy from a total collapse, the Central Bank of Nigeria (CBN) put stringent monetary policies in place, which saw investors pulling out of the country.

However, from all indications, the country’s economic situation is changing, as the CBN, which once showed that its decisions were not independent of the federal government, seems to have taken a new turn. The country is no longer in recession and it seems investor confidence in the country has improved.

Below is the Ventures Africa Weekly Economic Index, for the week ending 1^st of December 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?

According to the OPEC weekly basket price, the price of crude oil decreased from $61.51 per barrel to $61.06 per barrel between 27^th and 30^th November 2017.

On the 30^th of November 2017, the Organization of Petroleum Exporting Countries (OPEC) held a meeting with its members and they agreed to remove 1.2m barrels a day (b/d) from global oil production. However, OPEC is waiting for non-OPEC countries such as Russia to reduce their production by a further 600,000 b/d. If this happens it would bring oil production cut to 1.8 million barrels per day and the size of this proposed cut will be the first since 2008. OPEC pegged Nigeria’s oil output at 1.8 million barrels per day.

How low is the external reserve?

Data from the website of the Central Bank of Nigeria reveals that as of 29th of November 2017, Nigeria’s external reserve increased by $ 324824414 to $34,816,024,450 from $ 34,491,200,036 recorded on 23^rd of November 2017.

According to the Central Bank of Nigeria’s governor, Godwin Emefiele, Nigeria’s external reserve rose as a result of development finance effort and the dogged implementation of the CBN’s FX policies.

How did the Naira fare?

During the week under review, the Naira remained unchanged against the dollar at the parallel market as it still sold at 364 Naira/$ on Friday 1^st of December 2017.

The relative stability of the Naira against the Dollar has impacted positively on price stability of most goods in the market.

According to reports, the Naira has appreciated by 30.3 percent since February when the CBN began its aggressive interventions at the foreign exchange market.

The Nigerian Stock Market

According to the recent data released by the Nigerian Stock Exchange (NSE), as of 30^th of November 2017, the market closed trading on a positive note as the all share index increased by 1.55 percent from the previous week ending 24^th of November 2017. Market capitalization at the close of trading was N13.215 trillion, which is a 1.58 percent increase from N13.009 trillion recorded the previous week. The All Share Index for the week under review closed at 37,944.60.

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

Top five price Gainers

1. Fidelity Bank Plc.
2. Forte Oil Plc.
3. Law Union And Rock Ins. Plc.
4. Caverton Offshore Support Grp Plc
5. Dangote Flour Mills Plc

Top five price Decliners

1. 11 Plc.
2. University Press Plc.
3. Neimeth International Pharmaceuticals Plc
4. Livestock Feeds Plc.
5. Guinness Nig Plc.

Dividends announced so far

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 companies who have announced their full-year reports are:

1. Greif Nigeria Plc
2. United Capital
3. Nigerian Breweries
4. Transcorp Hotels Plc
5. Africa Prudential
6. Zenith Bank
7. Dangote Cement
8. Nestle Nigeria Plc
9. Access Bank
10. Guaranty Trust Bank
11. Total Nigeria Plc
12. Lafarge Africa Plc
13. Custodian and Allied Plc
14. MRS Oil Nigeria Plc
15. United Bank for Africa Plc
16. GlaxoSmithKline Consumer Nig. Plc
17. Unilever Nigeria Plc
18. FCMB Group Plc
19. Dangote Sugar Refinery Plc
20. Stanbic IBTC Holdings Plc
21. Pharma-Deko Plc
22. UACN Plc
23. AIICO Insurance Plc
24. Chemical and Allied Products Plc
25. Trans-Nationwide Express Plc
26. AXA Mansard Insurance Plc
27. Mobil Oil Nigeria Plc
28. Beta Glass Plc
29. Infinity Trust Mortgage Bank Plc
30. Okomu Oil Palm Company Plc
31. NASCON Allied Industries Plc
32. Gases Plc
33. Learn Africa Plc
34. NEM Insurance Plc
35. Nigerian Aviation Handling Company Plc
36. Med-View Airline
37. Fidelity Bank
38. Okomu oil
39. Regency Alliance
40. Presco Plc
41. Consolidated Hallmark Insurance Plc
42. Nestle Nigeria Plc
43. Aluminium Extrusion Industries Plc
44. Berger Paints Plc.,
45. FBN Holdings Plc.
46. NPF Microfinance Bank
47. Newrest ASL Nig
48. UAC of Nigeria Plc
49. Chemical and Allied Products Plc
50. Continental Reinsurance Plc
51. Ashaka Cement
52. Smart Products Nigeria Plc
53. Lasaco Assurance Plc
54. Eterna Plc
55. The Initiates Plc
56. Vetiva Griffin 30 ETF
57. Fidson Healthcare Plc
58. eTransanct
59. Conoil
60. UPDC Real Estate Investment Trust
61. Redstar Express
62. University Press
63. Honeywell Flour Mills
64. Tripple Gee and Company
65. Flour Mills Nigeria
66. Stanbic IBTC ETF 30
67. Stanbic IBTC Pension ETF 40
68. Redstar Express Plc
69. Vitafoam Plc
70. Rak Unity Petroleum Plc
71. Skye Shelter Fund
72. Flour Mills of Nigeria Plc
73. Custodian And Allied Insurance Plc
74. Dangote Sugar Refinery Plc
75. McNichols Consolidated Plc
76. UnityKapital Assurance
77. Guiness Nigeria
78. PZ Cussons Nigeria Plc
79. Nigerian Enamelware Plc
80. Cutix Plc