Photograph — Brookings Institution

In a recent interview, Ibukun Opeodu ICIR, an economic expert with Oando Plc., explains that “lockdowns and restrictions to movement imposed in Nigeria’s economic hub (Lagos) and Capital (Abuja) inevitably resulted in reduced economic activity and trade.”

The COVID-19 pandemic made a recession in 2020 largely inevitable for Nigeria as the global economic shutdowns significantly impacted crude oil prices-  Nigeria’s primary source of foreign exchange earnings. 

Below is the Ventures Africa Weekly Economic Index for the week ending 12th of March 2021. 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.

The NSE All-Share Index and Market Capitalization depreciated by 1.74 percent to close the week at 38,648.48 and N20.221 trillion respectively. Similarly, all other indices finished lower with the exception of NSE Mainboard, NSE Insurance, NSE ASeM, NSE MERI Growth, NSE Consumer Goods and NSE Oil/Gas Indices, which rose by 0.37 percent  2.84 percent, 0.12 percent, 0.24 percent, 2.18 and 0.59 percent while the NSE Sovereign Bond Index closed flat

Top five price gainers

Champion Brew. Plc.

Regency Assurance Plc.

Smart Products Nigeria Plc.

Morison Industries Plc.

Neimeth International Pharmaceuticals Plc

Top five price decliners

Eterna Plc. 

Meyer Plc. 

African Alliance Insurance Plc.

United Capital Plc.

Zenith Bank Plc

LAGOS, NIGERIA – JULY 15: A detail of some Nigerian Naira,(NGN) being counted in an exchange office on July 15, 2008 in Lagos, Nigeria. (Photo by Dan Kitwood/Getty Images)

How did the Naira fare?

The Naira depreciated against the dollar at the close of last week. The exchange rate declined to N381.37 per dollar on the 12th of March 2021 as against 380.88 recorded last week. 

How did the price of oil fare?

Brent oil prices closed out the week on the 12th of March 2021 at 69.22 per barrel, a slight decrease from the $69.36 per barrel recorded a week earlier. 


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