The Nigerian economy performed better in 2019 compared to the 2018, especially in the final quarter of last year. In the first half of 2019, GDP growth rate levelled at two per cent against 1.8 per cent in 2018. Even in 2018, the Nigerian banking sector was adjudged the second largest fastest growing banking industry in the world. Its Return On Equity (ROE) more than doubles the six per cent achieved by banks in developed markets. Revenue of the top five lending banks; UBA, GTB, Access Bank, FBN Holdings and Zenith Bank for full year 2018 stood at N1.920 trillion while their profits after tax improved to N640.2 billion and this continued in 2019.
Ginger Prices Surge Higher |AFEX
In the week under review, the AFEX Commodities Index (ACI) increased slightly by 0.06% closing the week at 163.05 points. the narrow gains witnessed in the ACI were stimulated by a 0.20% gain in the price of maize leading to a reversal of the two week losing streak in the benchmark commodities index.
Despite a broad-based lull in the prices of commodities on the exchange, ginger and maize posted gains of 2.09% and 0.20% to settle at ₦492,130 and ₦92,533. Ginger prices have also witnessed a staggering gain of 11.52% Season-to-date(STD).
The open market also witnessed a positive price performance this last week as Sorghum led the pack rising 6.47% Week-to-Date to close at ₦82,280. Soybean and Maize also gained in price closing at an average price of ₦135,340 and ₦100,870 respectively.