The Nigerian government cannot afford further delay to the planned reform of its energy sector as regulatory uncertainty delays key investments by oil majors; an issue that could cost the country more than a quarter of oil output within a decade.

Energy consultant, Wood Mackenzie in a recent report said the cost increases and uncertainty in Nigeria’s crucial energy sector are forcing companies to delay investments in key oilfields, and that could lead to a 35 percent decline in oil output over 10 years. Read more here.

Below is the Ventures Africa Weekly Economic Index, for the week ending 21st of February, 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 (NSE) as of February 21, 2020, showed that the NSE All-Share Index and Market Capitalization depreciated by 1.32 percent and 1.30 percent to close the week at 27,388.62 and N14.268 trillion respectively. Similarly, all other indices finished lower with the exception of NSE Industrial Goods index while NSE ASeM Index closed flat.

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

Top five price gainers

C&I Leasing Plc.

Aiico Insurance Plc.

United Capital Plc.

NPF Microfinance Bank Plc.

Africa Prudential Plc.

Top five price decliners

Law Union and Rocks Ins. Plc.

Axamansard Insurance Plc.

SFS Real Estate Investment Trust

Forte Oil Plc.

May & Baker Nigeria Plc.

How did the Naira fare?

The Nigerian currency rose against the dollar at the close of last week, trading at 361 Naira per dollar, a significant appreciation from the 365 per dollar recorded a week before.

How did the price of oil fare?

Brent oil prices continued its weekly rally, closing out the week on the 21st of February, 2020 at $58.12 per barrel, an increase from $57.37 a week earlier. But on Monday, prices plunged by 3 percent as the rapid spread of a coronavirus in several countries outside China left investors fretting about a hit to demand.