Nigeria needs to increase GDP growth from 2 percent to about six or seven percent for it to arrest declining per capita in the near future. This was revealed by Alderman Charles Bowman, Lord Mayor of the City of London Corporation, in a round-table session with Nigeria’s co-creation hub and EFInA last week. “To ensure the opportunity is harnessed (to increase growth), the economic engine needs to shift up a gear or two,” he said. To do this, Nigeria needs to create about 3 to 4 million new jobs each year.
A rapidly growing population, the high number of poor people in the country, and slow economic growth imply that per capita indices for Nigeria will be dreary if adequate measures are not put into place to increase GDP.
Below is the Ventures Africa Weekly Economic Index, for the week ending 6th of July 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 6th July 2018, showed that the All-Share Index depreciated by 1.71 percent from the previous week ending 29th June 2018. Market capitalization at the close of trading during the week under review was N13.630 trillion, a 1.71 percent decrease from N13.866 trillion recorded the previous week. The All Share Index for the week under review closed at 37,625.59.
Top five price gainers and decliners in the week under review:
Top five price gainers
Mutual Benefits Assurance Plc.
Multiverse Mining and Exploration Plc.
Unity Bank Plc.
University Press Plc.
Royal Exchange Plc.
Top five price decliners
Forte Oil Plc.
Omoluabi Mortgage Bank Plc.
Cornerstone Insurance Company Plc.
MRS Oil Nigeria Plc.
How did the Naira fare?
In the week under review, the Naira’s value against the Dollar improved slightly in the parallel market. It was sold at N359/$ on Friday 6th of July 2018, increasing slightly against N361/$ that was recorded on the 29th of June 2018.
How did the price of oil fare?
Last week, Brent Oil prices took a slight dip from $78.3 on 29th June 2018 to $73.5 on 6th July 2018. The slight dip represented the first loss in three weeks amidst fears of increased oil supplies. There were speculations last week of increased supply of US Shale oil, and a concession from OPEC and Russia to increase oil supplies.