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 5th of January 2018. 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 $61.94 per barrel to $61.48 per barrel from 1st to 15th of December 2017. Oil price was extremely volatile during the week under review.

On Thursday, the International Energy Agency reported that global oil supply has jumped to a one-year high as U.S. shale producers roar back to life, while data from the Energy Information Administration Wednesday showed a bigger-than-expected weekly drop in U.S. crude inventories, along with a climb in domestic production to its highest weekly level on record at the EIA.

Meanwhile, Natural-gas prices reached its lowest intraday levels since February as a weekly decline in U.S. supplies of the fuel was a lot smaller than the five-year average.

How did the Nigerian stock market fare?

According to the recent data released by the Nigerian Stock Exchange (NSE), as of 15th of December 2017, the all share index decreased by 32.09 percent from the previous week ending 8th of December 2017. Market capitalization at the close of trading was N13.678 trillion, which is a 3.04 percent increase from N13.672 trillion recorded the previous week. The All Share Index for the week under review closed at 38,436.08.

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

Top five price Gainers

  1. Berger Paints Plc
  2. Dangote Sugar Refinery Plc
  3. Nascon Allied Industries Plc
  4. Seplat Petroleum Development Company Ltd
  5. 11 Plc

Top five price Decliners

  1. Linkage Assurance Plc
  2. Learn Africa Plc
  3. Flour Mills Nig. Plc.
  4. Sterling Bank Plc.
  5. Nigerian Aviation Handling Company Plc

How low is the external reserve?

Weekly Economic Index

Data from the website of the Central Bank of Nigeria reveals that as of 14th of December 2017, Nigeria’s external reserve increased by $ 990,029,515 to $ 36,853,971,499 from $ 35,863,941,984 recorded on 7th of December 2017. From the available data, Nigeria’s foreign exchange reserve has been on the rise.

How did the Naira fare?

Weekly Economic Index

During the week under review, the Naira depreciated against the dollar as it was sold at 364 Naira/$ on Friday 15th December 2017 from 363 Naira/$ recorded on Friday 8th December 2017.

As at Tuesday, December 12, 2017, the interbank window of Nigeria’s Foreign Exchange market received another boost of $210,000,000.00 from the Central Bank of Nigeria (CBN). The interventions were for the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.

The Acting Director, Corporate Communications at the CBN, Mr Isaac Okorafor disclosed that the Bank offered the sum of $100million to the wholesale segment, while the SMEs and Invisibles segments each received the sum of $55 million. He reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

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. Guinness Nigeria
  78. PZ Cussons Nigeria Plc
  79. Nigerian Enamelware Plc
  80. Cutix Plc
  81. Sim Capital Alliance Value Fund
  82. UPDC Real Estate Investment Trust

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