Photograph — Financial Times

The government of Cross River state has concluded agreements with Sirieco Company Limited to set up industrial facilities in the state, as it reaffirms its commitment to attract investors. Under the partnership, the Slovak firm will establish an electric car assembling plant in the state.

The state governor, Mr. Ben Ayade disclosed the plans last week Tuesday when he led a team from the foreign company on an inspection tour. During the tour of the state’s mega industrial layout, Ayade offered them to make a choice of a location. According to the governor, the industrial layout, “Ayade Industrial Park” has 42 plots of land ready for any serious investor who is willing to create jobs for at least 50 Cross Riverian from its investment outlay.

The foreign company also confirmed its readiness to collaborate with the state. The Chief Executive Officer of Sirieco Company Limited, Mr Groidis Peter said after a fruitful deliberation with the governor and tour of some of the projects in the industrial park, “I am glad to announce to you, gentlemen, that we will love to build a strong working relationship with the Cross River State government which will culminate in the building of a hub that will be second to none in Africa.”

“We are starting with Eco-Cars; electric cars and we hope to set up the car assembling plant here in this park. We are also building a factory for the manufacturing of long-lasting street lambs,” he said. Read the rest of the story here.

Below is the Ventures Africa Weekly Economic Index, for the week ending 3rd of May, 2019. 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 3rd May 2019, showed that the All-Share Index depreciated by 1.78 percent from the previous week ending 26th April 2019. Market capitalization at the close of trading during the week under review was N10.979 trillion, a 1.77 percent decrease from N11.177 trillion recorded the previous week. The All Share-Index for the week under review closed at 29,212.00

Top five price gainers and decliners in the week under review:

Top five price gainers

Japaul Oil & Maritime Services Plc.

Julius Berger Nig. Plc.

Forte Oil Plc.

Jaiz Bank Plc.

UACN Property Development Company Plc.

Top five price decliners

Goldlink Insurance Plc.

First Aluminium Nigeria Plc.

Royal Exchange Plc.

Total Nigeria Plc.

Afromedia Plc.

How did the Naira fare?

Nigeria's-Inflation-rate
PIUS UTOMI EKPEI/AFP/Getty Images

The Naira depreciated against the dollar last week as it ended at 360 naira per dollar on the 3rd of May 2019, one naira above the 359 naira per dollar it had recorded a week before.

How did the prices of oil fare?

Brent oil prices closed out the week on the 3rd of May 2019 at $72.09 per barrel, regaining its upwards trajectory that it had made in the past few weeks when it reached a 5-month high of over $74 per barrel two weeks. A fall in oil prices last week was attributed to U.S. President Donald Trump’s continued pressure on OPEC to lower oil prices. “Spoke to Saudi Arabia and others about increasing oil flow. All are in agreement. The California tax on gasoline is causing big problems on pricing for that state. Speak to your Governor about reducing. Economic numbers, 3.2% GDP for what is often the worst quarter, looking good!” Donald Trump tweeted. Oil prices recovered last week over a dip in the value of the dollar.

However, even that small gain on Friday is set to be reversed this week as President Trump announced on Sunday that he would increase tariffs on Chinese goods, while China is also intending to cancel trade talks with the USA.

Comments

Elsewhere on Ventures

Triangle arrow