Leading international oil and gas company, Shell Nigeria Gas (SNG), has announced a 150 percent increment in its gas distribution capacity in Nigeria. This follows the completion of a world-class gas supply facility which is aimed at meeting the increasing demand for gas in the country.
The new gas plant facility is said to be Shell’s second gas train in Nigeria and it is described as the “Agbara-Ota Capacity Increase Project” in Ogun State, Nigeria. The facility will enable SNG and its partners to achieve a regular supply of gas to subscribed industries in the state, though efforts are in place to reach out to more states.
Below is the Ventures Africa Weekly Economic Index, for the week ending 7th of June, 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 7th June 2019, showed that the All-Share Index depreciated by 2.05 percent from the previous week ending 31st May 2019. Market capitalization at the close of trading during the week under review was N13.402 trillion, a 2.06 percent decrease from N13.602 trillion recorded the previous week. The All Share-Index for the week under review closed at 30,432.13
Top five price gainers and decliners in the week under review:
Top five price gainers
Champion Brew Plc
Academy Press Plc.
Livestock Feeds Plc.
NPF Microfinance Bank Plc.
Lasaco Assurance Plc.
Top five price decliners
NEM Insurance Plc.
Capital Oil Plc.
Consolidated Hallmark Insurance Plc.
Dangote Sugar Refinery Plc.
Vitafoam Nig. Plc.
How did the Naira fare?
The Naira’s value against the dollar fell last week as it ended at 359 naira per dollar on the 7th of June 2019, one dollar above the value it recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 7th of June 2019 at $65.54 per barrel, down from $68.02 recorded a week before due to rising tensions in the Middle East and the ongoing trade war between the US and China.