Leading telecoms provider, MTN Nigeria has begun the trial of the fifth generation technology(5G) as part of the 2020 initial target in the country. The inauguration took place in Abuja, attended by the Minister of Communication and Digital Economy, Dr Isa Ali Pantami, the ICT Infrastructure provider, Huawei, and other technology stakeholders.
During the event, the application of this technology was demonstrated in virtual reality, gaming, 3D holographic communication and video conferencing at a test tube designed to show proof of concept. More details here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 29th of November 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 November 29th 2019, showed that the NSE All-Share Index and Market Capitalization appreciated by 0.04 percent to close the week at 27,002.15 and N13.033 trillion respectively. Meanwhile, all other indices finished lower with the exception of NSE Main Board, NSE Consumer Goods, NSE Industrial Goods indices, etc, while the NSE ASeM Index closed flat.
Top five price gainers and decliners in the week under review:
Top five price gainers
Neimeth International Pharmaceuticals Plc.
A.G. Leventis Nigeria Plc.
Royal Exchange Plc.
Lasaco Assurance Plc.
Top five price decliners
FBN Holdings Plc.
C&I Leasing Plc.
Okomu Oil Palm Plc.
Ikeja Hotel Plc.
How did the Naira fare?
The Nigerian currency rose against the dollar at the close of last week, trading at 362 Naira per dollar. This is slightly lower than N363 per dollar recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 29th of November 2019 at $62.39 per barrel, a decrease from $66.07 recorded a week earlier. In a bid to keep global oil prices from falling below $65 per barrel, Saudi Arabia plans to get the world’s largest oil producers to maintain a tight rein on their oil output for 2020 at a meeting this week. The de-facto OPEC leader is looking to boost oil prices before the $25 billion stock market debut of its state-owned oil giant, Aramco.