Nigeria’s tax to gross domestic product ratio as at last December stood at 6.1 percent after recording total tax collection of more than ₦8 trillion in 2019 and nominal GDP at ₦145.6 trillion.
Total taxes collected, include oil and non-oil tax plus those collected by states, totaled ₦8.883 trillion, according to data from the 2019 Budget Implementation report and the Internally Generated Revenue report published by the National Bureau of Statistics. More details here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 24th of July 2020. 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 as of July 24, 2020, showed that the NSE All-Share Index and Market Capitalization both appreciated by 0.58 percent to close the week at 24,427.73 and N12.743 trillion respectively. All other indices finished higher with the exception of NSE-Main Board, NSE Banking, NSE Insurance, NSE AFR Bank Value, NSE AFR Div Yield, NSE MERI Value, NSE Consumer Goods and NSE Oil/Gas Indices while NSE ASeM closed flat.
Top price gainers and decliners in the week under review:
Top five price gainers
Fidson Healthcare Plc.
Unity Bank Plc.
Royal Exchange Plc.
Custodian Investment Plc.
Julius Berger Nigeria Plc.
Top five price decliners
Prestige Assurance Plc.
International Breweries Plc.
Seplat Petroleum Development Company Plc.
Cornerstone Insurance Plc.
How did the Naira fare?
The Nigerian currency rose against the dollar at the close of last week, trading at ₦383 per dollar, an appreciation from the ₦388 a dollar recorded a week before. At the Investors and Exporters (I&E) window, the local unit depreciated significantly against the dollar on Friday to close at ₦389.50/$1, according to FMDQOTC data.
How did the price of oil fare?
International benchmark Brent Crude on Friday 24th of July 2020 rose from last week’s price of $43.87, closing at $44.45. Oil is expected to experience its fourth monthly gain in July but investors’ concern remains on a likely second wave of COVID-19 as well as escalating tensions between the world’s two biggest economies. The United States and China both closed their embassies in Houston and Chengdu.