The African Export-Import Bank (Afreximbank) last week approved a $500 million facility to aid Nigerian manufacturers in taking full advantage of the African Continental Free Trade Agreement (AfCFTA).
During a luncheon organized by the Manufacturers Association of Nigeria (MAN), the bank’s President and Board Chairman, Prof. Benedict Oramah, announced his decision to support manufacturers in the country. More details here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 6th of September, 2019. This economic index gives you a glimpse into recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE) as of September 6, 2019, showed that the NSE All-Share Index and Market Capitalization both depreciated by 1.38 percent to close the week at 27,146.57 and N13.207 trillion respectively. Similarly, all other indices finished lower with the exception of NSE Banking, NSE Pension, NSE Insurance, etc, while the NSE ASeM index closed flat.
Top five price gainers and decliners in the week under review:
Top five price gainers
Cornerstone Insurance Plc.
International Breweries Plc.
UACN Property Development Company Plc.
Continental Reinsurance Plc.
Top five price decliners
University Press Plc.
Ikeja Hotel Plc.
Tripple Gee And Company Plc.
Forte Oil Plc.
Neimeth International Pharmaceuticals Plc.
How did the Naira fare?
The Naira appreciated against the dollar at the close of last week, rising to 362 Naira per dollar on the 6th of September 2019. This is slightly higher than the N364 per dollar it had recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 6th of September 2019 at $61.57 per barrel, a modest rise from the $61.13 recorded a week earlier. As the year winds down, three essential factors are expected to determine the direction of the oil price in 2020 according to the Head of Oil Market Research at Rystad Energy, Bjørnar Tonhaugen.
In a market update, Tonhaugen states that the absence of global recession; continued production cuts by the Organization of Petroleum Exporting Countries (OPEC); and the effect of new International Marine Organization (IMO) regulations will be the three pillars on which a balanced oil market will rest next year.