[Nigeria Business Week] Andrea Ayemoba: An economic overview for Q1

As we have seen over time, when one sectors hits a low point, another is seen hitting high notes. Such is the situation as we’ve seen it lately. With transportation and gas prices still soaring at a level no one is comfortable with, the manufacturing and banking sector are giving shining performances. Cadbury Nigeria has shown a PAT growth of over 500%. West Africa serving company, Nigeria Breweries gained in share price value and manufacturing giant, Dangote Cement raised the largest corporate bond issuance in the Nigerian capital market.

Banks have left a good impression on the economy so far in 2022. Despite economic uncertainties, Nigerian banks have superseded forecasts and raked in billions in profits. A digital bank saw a record one million new accounts in a day and according to the Central Bank, Nigeria registered a significant increase in bank deposits in Q1.

The Nigerian government and that of Morocco are engaging the engineering and energy sectors, and securing funding to construct what is to be the longest offshore gas pipeline in the world – the one to connect Nigeria to Morocco and travel our gas into Europe. Needless to say, this is a landmark move that will put Nigeria on the international stage as a global gas supplier.

The Nigerian stock market has seen positive growth momentum despite fluctuations in the past four months, outperforming other markets in Africa. The naira records occasional gains on the official market and with the receding impact of the Covid-19 crisis, air traffic is fast recovering pace in Nigeria and Africa.

Andrea Ayemoba is a Senior Editor at Africa Business Communities.