Nigeria’s economy is likely to enter a deep recession. According to World Bank’s Nigeria Development Update (NDU), the economy is in a paradox as growth prospects increased alongside an increase in inflationary and fiscal pressures in the last six months. 

With the current Russian-Ukraine war, inflation in Nigeria is likely to increase further given the rise in global fuel and food prices it has triggered. This may eventually drive one million Nigerians into poverty by the end of 2022.

Below is the Ventures Africa Weekly Economic Index, for the week ending 1st of July, 2022. 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), on July 1, 2022, shows the NGX All-Share Index (ASI) increased by 0.02 per cent to close at 51,829.67, representing a 1-week gain of 0.24 per cent from 51,705.61 on June 24, 2022.

A total of 127,030,055 shares were traded for N 1,707,158,492.12 in 3,718 deals. The NXG closed the week with a N 27.9 trillion market capitalisation

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

Top five price gainers

Multiverse Mining & Exploration 

The Initiates 

Cutix

Linkage Assurance

John Hult

Top five price decliners

McNichols

Courteville Business Solutions

NAHCO

Cadbury Nigeria 

Neimeth International Pharmaceuticals

How did the Naira fare?

The Naira decreased against the dollar at the close of last week. The exchange rate slid to N415.26/$1 on the 1st of July 2022, against the N414.99/$1 recorded a week before. The exchange rate in the parallel market-where forex is traded unofficially- closed at N612/$1, from N610/1$ last week.

How did the price of oil fare?

Brent oil prices closed out the week on the 1st of July 2022 at $111.87 per barrel, an increase from $111.82 per barrel recorded a week earlier.