The Nigeria Customs Service (NCS) announced last week that it generated more than 6 billion Naira (about $17 million) in revenue for the federal government at the country’s Seme border in 2018. Nigerian Customs spokesman Saidu Nurudeen Abdullahi who made this known to Guardian Nigeria said the revenue represented 76 percent of the target set for the Seme Command of the NCS.
The Nigeria Customs Service recorded its highest ever monthly revenue of 100 billion Naira in May 2018. This has been attributed to a block in the leakage of revenue from the Nigerian Customs Service, according to its Comptroller General, Hammed Ali.
Below is the Ventures Africa Weekly Economic Index, for the week ending 25th of January, 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 25th January 2019, showed that the All-Share Index appreciated by 1.36 percent from the previous week ending 18th January 2018. Market capitalization at the close of trading during the week under review was N11.719 trillion, a 1.36 percent increase from N11.562 trillion recorded the previous week. The All Share-Index for the week under review closed at 31,426.63
Top five price gainers and decliners in the week under review:
Top five price gainers
Fidelity Bank Plc.
Caverton Offshore Support Grp. Plc
FCMB Group Plc.
Access Bank Plc.
Royal Exchange Plc.
Top five price decliners
Resort Savings and Loans Plc.
Sovereign Trust Insurance Plc.
Medview Airline Plc.
McNichols Plc.
Union Bank Nig. Plc.
How did the Naira fare?
The Naira remained unchanged against the Dollar last week as it sat at 362 Naira to a Dollar on the 25th of January 2019- the same value it had recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 25th of January 2019 at $61.9 per barrel, reaching a week low of $61.2 per barrel on Tuesday. The prices were a disappointment after ending the week before at above $62. It’s poor showing last week has been attributed to a slowdown in China’s economy and the increased exploration from US oil companies.
