According to a report released by Oxfam last week, Nigeria is not committed to reducing inequality. The ‘Commitment to Reducing Inequality’ (CRI) Index report was compiled by Development Finance International and Oxfam to measure the commitment of governments of countries around the world to closing the inequality gap in their country, i.e. the gap between the rich and the poor.
Nigeria was ranked 157 out of 157 countries sampled in the index, meaning there is no clear policy from the government to reduce inequality. The three criteria used by the index to measure CRI include social spending, tax policies, and labor rights. The top 5 African countries on the index include South Africa, Namibia, Seychelles, Mauritius, and Lesotho while the worst performing 5 African countries on the list are the Democratic Republic of Congo, Madagascar, Sierra Leone, Chad, and Nigeria.
Below is the Ventures Africa Weekly Economic Index, for the week ending 12th of October 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 12th October 2018, showed that the All-Share Index appreciated by 0.23 percent from the previous week ending 5th October 2018. Market capitalization at the close of trading during the week under review was N11.849 trillion, a 0.23 percent increase from N11.822 trillion recorded the previous week. The All Share-Index for the week under review closed at N32,456.98.
Top five price gainers and decliners in the week under review:
Top five price gainers
Wema Bank Plc.
Mutual Benefits Assurance Plc.
Niger Insurance Plc.
Wapic Insurance Plc.
Top five price decliners
First Aluminium Nigeria Plc.
McNichols Plc. Cutix Plc.
John Holt Plc.
Champion Brew Plc.
How did the Naira fare?
The naira appreciated a little from 362.75 naira recorded two weeks ago to 362.56 naira to a dollar last week.
How did the price of oil fare?
Brent oil prices fell by more than 2 percent between 5th October and 12th October 2018 from $84.43 to $80.88 per barrel. The fall in prices was attributed to a fall in the global stock market. However, oil prices have recovered this week owing to a standoff between the US and Saudi Arabia over the alleged murder of a Saudi journalist in Turkey.