Nigeria, along with 3 other African countries, is set to receive support from the African Development Bank (AfDB) Group to drive infrastructural development. A $40 million fund will be provided under the Africa Infrastructure Investment Fund (AIIF3) for key infrastructure projects in sub-Saharan Africa, including in energy and transport. The AIIF fund is being managed by the Africa Infrastructure Investment Managers (AIIM).
Below is the Ventures Africa Weekly Economic Index, for the week ending 16th of November, 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 16th November 2018, showed that the All-Share Index depreciated by 0.44 percent from the previous week ending 9th November 2018. Market capitalization at the close of trading during the week under review was N11.704 trillion, a 0.44 percent decrease from N11.756 trillion recorded the previous week. The All Share-Index for the week under review closed at 32,058.28.
Top five price gainers and decliners in the week under review:
Top five price gainers
Unity Bank Plc.
Flour Mills Nigeria Plc.
Prestige Assurance Nig. Plc.
Glaxo SmithKline Consumer Nig. Plc.
Niger Insurance Plc.
Top five price decliners
Diamond Bank Plc.
C & I Leasing Plc.
Eterna Plc.
Veritas Kapital Assurance Plc.
University Press Plc.
How did the Naira fare?
The Naira remained unchanged last week as it was still pegged at N362 to a dollar on the 16th November 2018.
How did the price of oil fare?
Brent oil prices continue to fall for the sixth week in a row, eventually finishing the week at $68.4 per barrel. This fall in oil prices has been attributed to the continuing increase in oil output from the US, Saudi Arabia, and Russia. Also, despite the Iranian sanctions, which was the original reason for the hike in oil prices earlier this year, there have been special waivers for eight countries to continue importing Iranian oil.
