President of the Dangote Group, Aliko Dangote this week joined a host of economic experts in calling for the adoption of proper mortgage financing and consumer credit system in Nigeria. As explained by him, this is crucial in tackling corruption, alleviating poverty and reducing the hardships faced by consumers when buying goods in the country.
“I believe what will help us the most is mortgage financing or consumer credit,” Dangote said during a visit to the National Leader of the All Progressive Congress (APC), Bola Ahmed Tinubu. Read more here.
Below is the Ventures Africa Weekly Economic Index, for the week ending 16th of August, 2019. This economic index gives you a glimpse into 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 16th August 2019, showed that the NSE All-Share Index and Market Capitalization both depreciated by 1.40 percent to close the week at 26,925.29 and N13.121 trillion respectively. Similarly, all other indices finished lower with the exception of NSE Premium Index which appreciated by 0.64 percent.
Top five price gainers and decliners in the week under review:
Top five price gainers
B.O.C. Gases Plc.
Union Diagnostic & Clinical Services Plc.
Unity Bank Plc.
Livestock Feeds Plc.
Transnational Corporation Of Nigeria Plc.
Top five price decliners
Rak Unity Pet. Comp. Plc.
Ecobank Transnational Incorporated
Law Union And Rock Ins. Plc.
Stanbic IBTC Holdings Plc.
How did the Naira fare?
The Naira maintained its value against the dollar last week as it closed at 363 Naira to a dollar on the 16th of August 2019, the same rate it had recorded a week before.
How did the price of oil fare?
Brent oil prices closed out the week on the 16th of August 2019 at $58.99 per barrel. During the past week, Oil prices rose sharply after U.S President, Donald Trump decided to delay tariffs, based on the negative impact tariffs would have on the American economy. But by Wednesday, oil prices crashed again, driven by the rising risk of economic recession in spite of the tariff delay.