The Nigerian Bureau of Statistics (NBS) released its quarterly report for the last quarter of 2018 last week. According to the NBS, Nigeria’s Gross Domestic Product grew by 2.38 percent in real terms (year on year) in the last quarter of 2018.
This growth represents an increase of 0.27 percent when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11 percent. It also indicates a rise of 0.55 percent when compared with the growth rate recorded in the third quarter of 2018.
The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93 percent in 2018, compared to 0.82 percent recorded in 2017, an increase of 1.09 percent. Read the rest of the story here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 15th of February 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 15th of February 2019, showed that the All-Share Index appreciated by 3.76 percent from the previous week ending 8th February 2019. Market capitalization at the close of trading during the week under review was N12.200 trillion, a 3.76 percent increase from N11.758 trillion recorded the previous week. The All Share-Index for the week under review closed at N32,715.20. However, there are rumours that the gains made by the NSE have reversed due to the postponement of the Nigerian presidential elections that were set to hold over the weekend.
Top five price gainers and decliners in the week under review:
Top five price gainers
Wema Bank Plc.
Livestock Feeds Plc.
Dangote Flour Mills Plc.
Transnational Corporation of Nigeria
Royal Exchange Plc.
Top five price decliners
C & I Leasing Plc.
M.R.S. Oil Nigeria Plc.
Academy Press Plc.
Medview Airline Plc.
How did the Naira fare?
The value of the Naira appreciated against the dollar, with the Naira ending the week at 361NGN against the dollar on the 15th of February 2019, a Naira less than the 362NGN recorded the week before.
How did the price of oil fare
Brent oil prices finished the week at $66.04 per barrel on the 15th of February 2019, representing an increase from $62.3 recorded a week earlier. This marks the first time oil prices have risen above $66 in 2019. The rise has been attributed to oil supply cuts made by OPEC, and Saudi Arabia. Saudi’s Energy Minister Khalid al-Falih announced last week that the kingdom will produce 9.8 million barrels a day in March, “about half a million barrels below levels the Saudis agreed to and down from 11.1 million bpd in November.”