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Weekly Economic Index: Nigeria's oil sector shrinks 12% amid slow economic growth – Ventures Africa

Nigeria’s oil sector shrunk by 12 per cent in the second quarter of this year, per its statistics bureau. A report by the National Bureau of Statistics (NBS) released on Friday shows that oil production declined to 1.43 million barrels per day in the second quarter, compared with 1.49 million barrels in the previous three-month period. Africa’s largest oil producer has been unable to meet its OPEC+ quota this year, partly because of crude theft.
However, the country’s GDP grew by 3.5 per cent year-on-year, marking its seventh consecutive quarterly expansion, thanks to a 4.8 per cent improvement in the non-oil sector. But this growth rate is less than the 5.01 per cent recorded in the second quarter of 2021.
Below is the Weekly Economic roundup from Ventures Africa for the week ending 26th August 2022. This economic index gives you a glimpse into recent activities in the African economy and price changes that could affect it.

Here is how stocks performed in key African markets (Nigeria, Egypt, South Africa, and Kenya) at the end of the week ending Friday, 26th August 2022:
The NGX All-Share Index gained 0.63% (311.53 points) at the end of the week to close at 49,682.15 basis points.
Top 5 Gainers
Nem Insurance Plc — +30.89%
Mutual Benefits Assurance Plc. — +20.00%
Japaul Gold & Ventures Plc — +17.24%
Multiverse Mining And Exploration Plc — +14.29%
Honeywell Flour Mill Plc — +12.40%
Top 5 Decliners
N Nig. Flour Mills Plc. — -12.79%
FTN Cocoa Processors Plc. — -12.12%
Ellah Lakes Plc. — -10.00%
Fidson Healthcare Plc — -9.80%
Vitafoam Nig Plc. — -9.78%
The EGX 30, Egypt’s benchmark index, closed the week with a 0.5% (52.31 points) drop to 10,287.27 basis points.
Top 5 Gainers
Belton Financial Holding — +20.00%
Odin For Investment & Development — +10.77%
GB Auto — +9.45%
Medinet Nasr Housing — +9.18%
Egypt For Poultry — +8.97%
Top 5 Decliners
El Kahera El Watania Investment — -19.78%
Arabian Cement Company — -2.05%
Reacap Financial Investments — -1.07%
Sharkia National Food — -1.02%
Development & Engineering Consultants — -0.93%
The JSE benchmark index (J203) gained 1.4% over the week and closed trading at 70,173.13 basis points.
Top 5 Gainers
Sebata Holdings Ltd — +16.34%
Ellies Holdings Ltd — +11.76%
1nvest Platinum ETF — +9.49%
Libstar Holdings Ltd — +8.90%
MTN Zakhele Futhi — +8.70%
Top 5 Decliners
Kibo Energy Plc — -42.11%
Visual International Holdings — -20.00%
Conduit Capital Ltd — -16.67%
Trematon Capital Inv. Ltd. — -12.75%
Advanced Health Ltd. — -10.34%
The NSE All-Share Index dropped 3.93% (5.65 points) over the week to close trading at 137.91 basis points.
Top 5 Gainers
Bk Group — +9.73%
Express Kenya — +8.24%
Ncba Group — +7.33%
Sameer Africa — +7.30%
Home Afrika — +5.71%
Top 5 decliners
Bamburi Cement — -8.10%
Sasini Tea and Coffee — -7.66%
Eaagads Ltd — -7.41%
Longhorn Kenya — -6.77%
HF Group — -6.15%

Here is how Nigeria, Egypt, Kenya, and South Africa’s currencies performed against the US Dollar this week.

The cryptocurrency markets shrunk by 6.6% from $1.03trillion to $962 billion as of report time, according to data from Coinmarketcap.

From the Experts
Virág Fórizs, an Emerging Markets Economist at Capital Economics, expects Nigeria’s oil to continue to decline. “We expect the drag from the oil sector to diminish further in the coming quarters, but the recovery outside of the oil sector is likely to lose steam, weighing on headline growth.”

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Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.