Photograph — Financial Times

The government of Sierra Leone has made a purchase of a fleet of cars from Nigeria’s car manufacturer, Innoson Motors. This business deal took place during a visit by Sierra Leone’s Defence Minister, Hon Soloku and other delegates from the states’ ministry of finance to the company’s headquarters in Nnewi, Anambra state.

In a tweet by the car company, Innoson vehicles announced the visit of the Sierra Leonean delegation to its offices.


The Sierra Leonean Defence minister encouraged the Nigerian car manufacturing company to consider expanding its footprints by opening an outlet in Sierra Leone.

The reason why these vehicles will be deployed solely to contribute to the military Defence of the country wasn’t stated, but its decision to purchase locally made cars in Nigeria represents a new venture for Innoson motors.

An automobile deal with Sierra Leone earns Innoson motors an International recognition and a place to compete with other automobile producers on the continent. Innoson Vehicles, which has other investments in Nigeria ranging from transport to logistics, sources its part locally. Read more here.

Below is the Ventures Africa Weekly Economic Index, for the week ending10th 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 10th May 2019, showed that the All-Share Index depreciated by 1.25 percent from the previous week ending 3rd May 2019. Market capitalization at the close of trading during the week under review was N10.842 trillion, a 1.25 percent decrease from N10.979 trillion recorded the previous week. The All Share-Index for the week under review closed at 28,847.81.

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

Top five price gainers

Beta Glass Plc.

Courteville Business Solutions

NEM Insurance Plc.

Regency Assurance Plc.

Sovereign Trust Insurance Plc.

Top five price decliners

Goldlink Insurance Plc.

Japaul Oil and Maritime Services Plc.

Neimeth International Pharmaceuticals Plc.

Caverton Offshore Support Group Plc.

Ikeja Hotel Plc.

How did the Naira fare?

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

The Naira appreciated against the dollar last week as it ended at 359 naira per dollar on the 10th of May 2019, one naira below the 360 naira per dollar it had recorded a week before.

How did the price of oil fare?

Brent oil prices closed out the week on the 10th of May 2019 at $72.07 per barrel, at around the same price that was recorded a week before that on the 3rd of May, 2019. However, oil prices rose today over attacks on Saudi Arabian oil vessels off the coast of the United Arab Emirates. Oil prices have increased by 1.5 percent since then.

Comments

Elsewhere on Ventures

Triangle arrow