Review of Key Developments in the Nigerian Economy Week 2 of 2019


Monday, January 14, 2019 2.00PM / Ottoabasi Abasiekong for Proshare WebTV

It was an eventful second week of January, 2019 for the Nigerian Economy and we present the key developments that occurred during the week.


  • The Federal Government signed an MOU with the Nigeria Labour Congress (NLC) and other affiliate unions, and sent the new national minimum wage bill to the National Assembly for passage.
  • President Muhammadu Buhari inaugurated the Technical Advisory Committee on the National Minimum Wage.
  • The NLC and other unions held a nationwide protest demanding that states, should align with the proposed N30,oooo minimum wage or face imminent strike.
  • The Nigerian Ports Authority (NPA) announced it has completed the dredging of  Warri Port in Delta State, which is worth N16.15bn.
  • The new International Terminal of the Nnamdi Azikiwe International Airport was opened in the week for use.


Financial Market  

  • The Central Bank of Nigeria (CBN) in the week published the revised version of its National Financial Inclusion Strategy
  • Meristem Wealth Management a subsidiary of Meristem Securities, emerged the first indigenous Nigerian Asset Management Firm to attain compliance with the Global Investments Performance Standards, GIPS.
  • The CBN injected $263m into the Secondary Retail FX Market  and CNY39m (Chinese Yuan) through a combination of spot and short-tenored forwards, arising from bids received from authorized dealers.


Capital Market



  • The Nigerian Mortgage Refinancing Company last week, listed N11bn 13.80% Series 2 Fixed Rate Bonds at the Exchange in Lagos.
  • NSE All-Share Index (ASI) and Market Capitalization depreciated by 2.64% to close the week at  29,830.70 and N11.124 trillion respectively. Similarly, all other indices equally ended the week lower with the exception of the NSE Industrial Goods Index that rose by 1.00% while the NSE ASeM index closed flat.



  • Market capitalization for the NASD OTC in week 2 of 2019 increased to 540.56 billion from  520.89 billion in the first week, which shows a 3.20% increase in Capitalisation


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