Fifteen Nigerian companies working with the African Development Bank (AfDB) and the World Bank have been blacklisted by both financial institutions. Meanwhile, nine individuals were also indicted over several procurement malpractices.
Although the debarment is primarily by the African bank, it qualifies for cross-debarment by other multilateral development banks under the Agreement for Mutual Recognition of Debarment Decisions. Thus, companies blacklisted cannot engage in any business with similar institutions and remain ineligible for the periods stipulated against their names. Read more here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 19th of July, 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 19th July 2019, showed that the NSE All-Share Index and Market Capitalization both depreciated by 2.27 percent to close the week at 27,919.50 and N13.607 trillion respectively. Similarly, all other indices finished lower.
Top five price gainers and decliners in the week under review:
Top five price gainers
Lasaco Assurance Plc.
Abbey Mortgage Bank Plc.
Cornerstone Insurance Plc.
A.G. Leventis Nigeria Plc.
Dangote Sugar Refinery Plc.
Top five price decliners
Mcnichols Plc.
Cement Co. Of North.Nig. Plc.
Courteville Business Solutions Plc.
Union Bank Nig. Plc.
Nigerian Aviation Handling Company Plc.
How did the Naira fare?
The Naira’s value depreciated against the dollar last week as it closed at 362 Naira per dollar on the 19th of July 2019, lower than the N360 per dollar it had recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 19th of July 2019 at $61.18 per barrel, down from around $67.14 – about nine percent change – recorded a week ago. The International Energy Agency (IEA) on Friday disclosed that it would cut its oil demand forecast due to China’s slowest economic growth in the last three decades, and the general slowing global economy. Meanwhile, oil prices keep fluctuating based on shifting sentiment between the United States and Iran as well as U.S.-China trade negotiations.
