The Central Bank of Nigeria (CBN) has unveiled its policy direction for the next five years under the second tenure of the Governor, Godwin Emefiele. Among other things, the roadmap targets a double-digit growth for the Nigerian economy, single-digit inflation, $12 billion non-oil exports by 2023 and a 95 percent financial inclusion rate by 2024.
At a press conference in Abuja, Emefiele gave extensive details of the CBN’s priorities over the stated period, which span across a wide array of economic issues. Here is a breakdown of the CBN’s comprehensive roadmap for the journey to 2024: Read more here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 28th 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 28th June 2019, showed that the All-Share Index appreciated by 0.39 percent from the previous week ending 21st of June 2019. Market capitalization at the close of trading during the week under review was N13.206 trillion, while the All Share-Index closed at 29,966.87.
Top five price gainers and decliners in the week under review:
Top five price gainers
Champion Breweries Plc.
Consolidated Hallmark Insurance Plc.
Mutual Benefits Assurance Plc.
Associated Bus Company Plc.
UACN Plc.
Top five price decliners
NPF Microfinance Bank Plc.
NEM Insurance Plc.
Forte Oil Plc.
Beta Glass Plc.
Sterling Bank Plc.
How did the Naira fare?
The Naira’s value depreciated against the dollar last week as it ended at 360 Naira per dollar on the 28th of June 2019, slightly lower than N359 per dollar it had recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 28th of June 2019 at $68.96 per barrel, up from around $65 recorded a week ago. Oil experts surveyed by CNBC last week expect crude to trade between $50 and $70 a barrel by the end of this summer. Also, most analysts consider demand and trade disputes as the biggest drivers of oil prices despite escalating tension between the U.S. and Iran.
