Nigeria’s Minister for Works, Power and Housing, Babatunde Fashola has projected that Nigeria’s power generation could reach 9000MW by the first quarter of 2020. He said this while speaking at the Nigeria-South Africa Chamber of Commerce meeting which held in Lagos last week.
Currently, Nigeria’s power generation is at 7000MW, it continued to rise steadily by 1000MW every year since 2015. “That power is available as we are averaging 1000MW per year in incremental worth,” he said.
Below is the Ventures Africa Weekly Economic Index, for the week ending 19th 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 19th October 2018, showed that the All-Share Index appreciated by 1.19 percent from the previous week ending 12th October 2018. Market capitalization at the close of trading during the week under review was N11.990 trillion, a 1.19 percent increase from N11.849 trillion recorded the previous week. The All Share-Index for the week under review closed at N32,841.69
Top five price gainers and decliners in the week under review:
Top five price gainers
Prestige Assurance Plc.
Axamansard Insurance Plc.
The Initiates Plc.
Continental Reinsurance Plc.
Africa Prudential Plc.
Top five price decliners
Niger Insurance Plc.
Universal Insurance Plc.
Japaul Oil & Maritime Services Plc.
Sovereign Trust Insurance Plc.
How did the Naira fare?
The Naira depreciated from 362.56 Naira recorded two weeks ago to N363.75 to a dollar last week.
How did the price of oil fare?
Brent oil prices fell slightly between 12th October and 19th October from $80.88 to $80.21. This was due to rising US crude oil inventories at the Cushing Hub, Oklahoma, USA, for the fourth straight week. Though U.S. crude oil stockpiles rose by 6.5 million barrels and contributed to oil prices falling, the potential face-off between the United States and Saudi Arabia, over the murder of journalist Jamal Khashoggi in Saudi’s consulate in Turkey limited the impact of the falling oil prices.