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Bilateral Trade

The trade volume between Nigeria and Mexico grew by 360 per cent, from $166.5 million in 2012 to $600 million in 2016. The Mexican embassy’s Deputy Head of Mission, Rodrigo Tenorio, said this in Abuja. Tenorio spoke on the side-lines of a business roundtable organised by the Nigerian-Mexican Chamber of Commerce and Industry and the Mexican embassy.

Foreign Investment

The French government has set aside about €1 billion to invest in Nigeria’s oil and gas industry, to strengthen its economic relations in Africa. France’s Ambassador to Nigeria, Denys Gauer, disclosed this when the Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, Ndu Ughamadu, visited him in his office in Abuja. Gauer said some of the French companies interested in coming to do business in Nigeria included investors currently developing wind and solar energy solutions in Katsina State.

Cashew Exports

Nigeria is set to supply 130,000 tonnes of roasted cashew nuts valued at $7 billion to Walmart Super Market chain in the United States of America. Minister of Agriculture Audu Ogbe disclosed this while briefing State House correspondents after the Executive Council meeting at the Presidential Villa, Abuja. Ogbe said what Nigeria currently did was to ship the nuts to Vietnam, which roasted them and sold to the U.S. The minister had earlier said Nigeria will formally kick off the export of yam to the UK on Thursday.

Foreign Exchange

The naira recorded a marginal gain on Wednesday, closing at N367 to the U.S. dollar, up from N368 the previous day. The local currency has been hovering between N363/ dollar and N370/ dollar as the Central Bank of Nigeria continues to supply foreign exchange into the market. Analysts expect the local currency to trade within this range this week. Meanwhile, the CBN sold $195 million in various segments of the inter- bank market on Wednesday, the first day of transaction after the Eid-elFitr celebration.

Capital Market

The Nigerian equities market appreciated by N185 billion at the close of trading on the floor of the Nigerian Stock Exchange by midweek. The NSE banking index recorded the highest gain, as it appreciated by 3.16 per cent. This was followed by the NSE industrial, food/ beverage and oil/ gas indices, which gained 1.08 per cent, 0.84 per cent and 0.40 per cent, respectively. The NSE insurance index was the only sector to record a decline, as it dropped by 0.09 per cent.