Reports surfaced last week that Nigeria, Africa’s biggest oil producer, will be increasing production to 1.774 million barrels per day (bpd), from 1.685 million bpd it was allowed previously. The country was granted approval by the Organization of Petroleum Exporting Countries and allies (OPEC+) at its last meeting.

The consideration to raise Nigeria’s allocation is believed to be based on the coming on stream of the Egina offshore oilfield, owned by French multinational Total, where production started in January this year. Moreover, the West African nation factored in a production quota of 2.18 million bpd at $57 per barrel to fund its 2020 budget. More details here.

Below is the Ventures Africa Weekly Economic Index, for the week ending 18th of October 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

Nigerian Stock Exchange

Data released by the Nigerian Stock Exchange (NSE), as of October 18, 2019, showed that the NSE All-Share Index and Market Capitalization both depreciated by 0.32 percent to close the week at 26,448.62 and N12.875 trillion respectively. Similarly, all other indices finished lower with the exception of NSE Insurance, NSE Consumer Goods, etc while the NSE ASeM index closed flat.

Top five price gainers and decliners in the week under review:

Top five price gainers

Consolidated Hallmark Insurance Plc.

Fidson Healthcare Plc.

Custodian Investment Plc.

Law Union And Rock Ins. Plc.

Livestock Feeds Plc.

Top five price decliners

Cornerstone Insurance Plc.

Cutix Plc.

PZ Cussons Nigeria Plc.

Chams Plc.

UACN Plc.

How did the Naira fare?

The Naira appreciated against the dollar at the close of last week. The local currency rose to 360 Naira per dollar on the 18th of October 2019, higher than 362 recorded a week before.

How did the price of oil fare?

Brent oil prices closed out the week on the 18th of October 2019 at $60.50 per barrel, a decrease of over 1 percent from the $61.48 recorded a week earlier.