A 2017 World Bank Global Findex Database Report says that 67 million Nigerians are unbanked – don’t use formal banks or semi-formal microfinance institutions to save or borrow money.
This comes as a blow to all efforts geared towards promoting a more financially inclusive Nigeria. Financial inclusion means that people who have better access to financial services through traditional, bank accounts and digital payments have greater control over their money, and their savings, securing business loans, insurance, and are better prepared for financial emergencies.
The report also discovered that men are about twice as likely to hold accounts than women in Nigeria, implying that fewer women are participating in the national economic growth. Read the rest of the story here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 15th of June 2018. 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 revealed by the Nigerian Stock Exchange (NSE), as of 14th June 2018, showed that the All-Share Index appreciated by 0.67 percent from the previous week ending 8th June 2018. Market capitalization at the close of trading during the week under review was N14.102 trillion, a 0.67 percent increase from N14.008 trillion recorded the previous week. The All Share Index for the week under review closed at 38,928.02
Top five price gainers and decliners in the week under review:
Top five price gainers
Japaul Oil & Maritime services
Equity Assurance Plc.
Union Bank Nig. Plc.
Okomu Oil Palm Plc.
Learn Africa Plc.
Top five price decliners
Mutual Benefits Assurance Plc.
A.G Leventis Nigeria Plc.
Nigerian Breweries Plc.
Berger Paints Plc.
B.O.C. Gases Plc.
How did the Naira fare?
In the week under review, the Naira’s value against the Dollar remained unchanged in the parallel market. It was sold at N361/$ on Friday 15th of June 2018, the same value recorded on the 8th of June 2018.
How did the price of oil fare?
Last week, Brent Oil prices took a slight dip from $76.80 on 8th June 2018 to 75.49 on 15th June 2018. Oil prices remained relatively stable due to Venezuela’s struggles to meet supply obligations.