Last week, the International Monetary Fund (IMF) published an assessment of the Nigerian economy based on a recent visit made to the country by members of its staff. While the International finance body commended the Nigerian government for its recovery from recession in 2017, and other economic indices that point to economic growth for the country, it also noted that none of these developments have done much to lift many Nigerians out of poverty. 80 million Nigerians live below the poverty line in Nigeria. The body advocated for more “comprehensive and coherent policy actions” from the Nigerian government to solve the poverty problem.
Below is the Ventures Africa Weekly Economic Index, for the week ending 9th of March 2018. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes that could affect the economy:
How did the Nigerian Stock Market perform?
According to recent data released by the Nigerian Stock Exchange (NSE), as of 9th of March 2018, the all share index appreciated by 0.68 percent from the previous week ending 2nd March 2018. Market capitalization at the close of trading during the week under review was N15.508 trillion which is a 0.68 percent increase from N15.403 trillion recorded the previous week. The All Share Index for the week under review closed at 43,167.86.
Top five price Gainers and Decliners in the week under review:
Top five price gainers
Japaul Oil & Maritime Services Plc.
Consolidated Hallmark Insurance Plc.
Lasaco Assurance Plc.
Unilever Nigeria Plc.
Caverton Offshore Support Group Plc.
Top five price decliners
Regency Alliance Insurance Company Plc.
African Alliance Insurance Company Plc.
FTN Cocoa Processors Plc.
Sovereign Trust Insurance Plc.
C & I Leasing Plc.
How Nigeria’s Forex reserves are faring
Nigeria’s Foreign reserves hit $46 billion as at the close of business on the 9th of March, 2018. The Central Bank of Nigeria (CBN) confirmed over the weekend that Nigeria’s foreign reserves increased by $3.2 billion between February and March 2018. The CBN says its efforts at “vigorously discouraging unnecessary importation and reducing the nation’s import Bill; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market” resulted in the rise of the country’s foreign reserves.
How did the Naira fare?
During the week under review, the Naira depreciated against the dollar in the parallel market. It was sold at N360/$ on Friday ending 9th of March 2018, decreasing from an average of N359/$ recorded on the 2nd of March 2018.
How did the price of oil fare?
Global oil price rose last week from $63.40 per barrel on the 2nd of March to $64.40 last week, bouncing back after an extended OPEC cut to oil output last week.