According to a report by PricewaterhouseCoopers (PwC), the inflow of remittances by Nigerians in Diaspora rose to an estimated $25 billion in 2018, making it the highest in sub-Saharan Africa. Currently, Nigeria is one of the top five nations with high remittance inflows globally.
The report titled ‘Nigeria Economic Outlook-top 10 themes to watch out for in 2019,’ revealed that the record level of diaspora remittance to Nigeria represents 6.1 percent of Gross Domestic Product (GDP), and translates to 83 percent of the federal government budget in 2018.
The leading countries worldwide by the value of migrant remittances into Nigeria are the United States of America, Switzerland, Germany, Russia, and China, PwC Nigeria noted in the report by Andrew Nevin, Partner and Chief Economist and Omosomi Omomia, Senior Industry Associate.
Remittances to Nigeria have been on the rise for over a decade now. Data from BusinessDay reveals that $14.64 billion was remitted in 2005; in 2006 it was $16.93 billion; $18.014 billion in 2007; $19.203 billion in 2008; 2009 saw $18.368 billion remitted; in 2010 it was $19.745 billion; and $20.617 billion in 2011. Read more here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 22nd 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 22nd of February 2019, showed that the All-Share Index depreciated by 0.61 percent from the previous week ending 15th February 2019. Market capitalization at the close of trading during the week under review was N12.126 trillion, a 0.61 percent decrease from N12.200 trillion recorded the previous week. The All Share-Index for the week under review closed at N32,515.52.
Top five price gainers and decliners in the week under review:
Top five price gainers
Japaul Oil & Maritime Services
Associated Bus Company Plc
Ikeja Hotel Plc.
Top five price decliners
Livestock Feeds Plc.
Wema Bank Plc.
Vitafoam Nig. Plc.
Transnational Corporation of Nigeria Plc.
Unity Bank Plc.
How did the Naira fare?
The value of the Naira depreciated against the dollar, with the naira ending the week at 362NGN against the dollar on the 22nd of February 2019, a Naira more than the 361NGN recorded the week before.
How did the price of oil fare
Brent oil prices finished the week at $67.45 per barrel on the 15th of February 2019, representing an increase from $66.04 recorded a week earlier. That was the highest point for Brent oil prices since November 16, 2018. The rise has been attributed to oil supply cuts made by OPEC and Saudi Arabia.