Nigeria’s Ministry of Industry, Trade and Investment held its first-ever Digital Economy summit themed, “Leveraging Digital Economy for Trade & Investment” on November 14-15 2019. 

The maiden edition focused on how best to support the growth of a new burgeoning Digital industry in Nigeria whilst attracting more investment into the country for the development of its Digital Economy. More details here.

Below is the Ventures Africa Weekly Economic Index, for the week ending 15th of November 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 November 8th 2019, showed that the NSE All-Share Index and Market Capitalization both appreciated by 2.04% to close the week at 26,851.68 and N13.071 trillion respectively. Similarly, all other indices finished higher with the exception of NSE Insurance and NSE Oil/Gas indices which declined by 0.56% and 1.76% respectively, while the NSE ASeM index closed flat.

Top five price gainers and decliners in the week under review:

Top five price gainers

Wema Bank Plc. 

Cornerstone Insurance Plc.

Guinness Nig Plc.

Jaiz Bank Plc.

FBN Holdings Plc.

Top five price decliners

Total Nigeria Plc.

Learn Africa Plc. 

Unilever Nigeria Plc. 

Continental Reinsurance Plc.

P Z Cussons Nigeria Plc.

How did the Naira fare?

Nigeria's-Inflation-rate
Picture credit:  PIUS UTOMI EKPEI/AFP/Getty Images

The value of the Naira against the dollar remained unchanged, with the Naira ending the week at 362 Naira per dollar on the 15th of November 2019, the same value that was recorded the week before. 

How did the price of oil fare?

Brent oil prices closed out the week on the 15th of November 2019 at $63.46 per barrel, an increase from the $62.29 recorded a week earlier.   

By Treasure Nnabugwu

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