Leading international oil and gas company, Shell Nigeria Gas (SNG), has announced a 150 percent increment in its gas distribution capacity in Nigeria. This follows the completion of a world-class gas supply facility which is aimed at meeting the increasing demand for gas in the country.
The new gas plant facility is said to be Shell’s second gas train in Nigeria and it is described as the “Agbara-Ota Capacity Increase Project” in Ogun State, Nigeria. The facility will enable SNG and its partners to achieve a regular supply of gas to subscribed industries in the state, though efforts are in place to reach out to more states.
Below is the Ventures Africa Weekly Economic Index, for the week ending 14th of June, 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 14th June 2019, showed that the All-Share Index depreciated by 1.27 percent from the previous week ending 7th of June 2019. Market capitalization at the close of trading during the week under review was N13.233million, a 1.27 percent decrease from N13.402 recorded the previous week. The All Share-Index for the week under review closed at 30,046.70
Top five price gainers and decliners in the week under review:
Top five price gainers
Forte Oil Plc.
Glaxo SmithKline Consumer Nigeria Plc.
Consolidated Hallmark Insurance Plc.
Royal Exchange Plc.
Associated Bus Company Plc.
Top five price decliners
Nigerian Aviation Handling Company Plc.
Cement Co. Of North. Nig. Plc.
C & I Leasing Plc.
NPF Microfinance Bank Plc.
How did the Naira fare?
The Naira’s value remained the same against the dollar last week as it ended at 359 Naira per dollar on the 14th of June 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 14th of June 2019 at $64.57 per barrel, down from around $68 recorded a week ago. Loss of supply from OPEC nations in turmoil like Iran and Venezuela have been offset by an increase in supply from non-OPEC countries, especially US shale oil. The fall in oil prices has been attributed to this increase in oil supply.