In line with the federal government’s strategy on electrifying rural communities, Nigeria has moved to actualize equitable access to electricity through its nationwide initiative, Nigeria Electrification Project (NEP) which targets about 500,000 people and 105,0000 households including micro, small and medium enterprises. For the project, the Federal Executive Council (FEC) on April 17 approved the request to obtain a loan of $200 million.
The approved loan facility is from two multinational institutions. The African Development Bank (AfDB) will provide $150 million while $50 million will come from the African Grow Together. With the funds, the country hopes that maximum power would be generated at 76.5 megawatts (MW) installed generating capacity, part of which is 68,000 MW of solar. In addition, eight universities and about 20,000 SMEs across different communities in the nation will benefit from the project.
NEP has four components – first is solar hybrid mini-grid for rural economic development, second is productive appliances equipment for up-grid communities, the third is energizing education and the fourth component is institutional capacity building. Accordingly, the project will be implemented by the national Rural Electrification Agency (REA). Read more here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 26th of April, 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 26th April 2019, showed that the All-Share Index depreciated by 1.15 percent from the previous week ending 18th April 2019. Market capitalization at the close of trading during the week under review was N11.177 trillion, a 1.09 percent decrease from N11.301 trillion recorded the previous week. The All Share-Index for the week under review closed at 29,740.41
Top five price gainers and decliners in the week under review:
Top five price gainers
Dangote Flour Mills Plc.
Japaul Oil & Maritime Services Plc.
Neimeth International Pharmaceuticals
Royal Exchange Plc.
Top five price decliners
Guinness Nig. Plc.
May & Baker Nigeria Plc.
International Breweries Plc.
Julius Berger Nig. Plc.
Okomu Oil Palm Plc.
How did the Naira fare?
The Naira remained unchanged against the dollar last week as it sat at 359 Naira to a dollar on the 26th of April 2019, the same value it recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 26th of April 2019 at $70.72 per barrel, slowing down on gains it had made in the past few weeks when it reached a 5-month high of over $74 per barrel last week Monday. The fall in oil prices has been attributed to U.S. President Donald Trump’s continued pressure on OPEC to lower oil prices. “Spoke to Saudi Arabia and others about increasing oil flow. All are in agreement. The California tax on gasoline is causing big problems on pricing for that state. Speak to your Governor about reducing. Economic numbers, 3.2% GDP for what is often worst quarter, looking good!” Donald Trump tweeted.