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BUSINESS OVERVIEW: Angola is Africa’s largest oil producer; Nigeria’s inflation rate stands at 18.6% in June. Other stories

Hello and welcome to Business Roundup this week. Here we bring you the highlights of the events that transpired during the week – from the capital market, to day-to-day business activities, not to mention technology/economic construction.

Here are the titles:

• The World Bank ranks Nigeria as the 8th country with the worst inflation rates
• Angola overtakes Nigeria to remain Africa’s biggest oil producer for second consecutive month
• Investors are selling their investments in oil futures for fear of recession
• Nigeria’s inflation rate rises to 18.6% in June
• Economic forecasts set to change as IMF warns of cost of living crisis

Summary:
The World Bank has ranked Nigeria among the 10 countries with the worst inflation rates in the world.

In its latest report based on 2021 figures and seen by Ripples Nigeria on Saturday, Nigeria was ranked eighth with an annual inflation rate of 16.95%.

However, the latest data from the Nigeria Bureau of Statistics showed the country’s inflation jumped to 18.6% in June.

The International Monetary Fund (IMF) has hinted that it will change the institution’s global growth forecast following the historic inflation rate spike, induced by the war in Ukraine.

The IMF quoted Managing Director Kristalina Georgieva in a blog post on Friday, where she said the current economic downturn would weigh heavily on poor families as the crisis increases the cost of living, as governments around the world around the world are struggling with soaring inflation.

Ripples Nigeria had reported that inflation in Nigeria hit 18.60% in June, its highest level in five years. In addition, the United States had released its inflation data, which climbed to 9.1% in June, the highest level in 41 years.

The National Bureau of Statistics revealed on Friday that the country’s headline inflation rate rose to 18.60 percent in June from 17.71 percent the previous month.

The latest figure is the highest since January 2017.

The BES said so in its report on the Consumer Price Index (CPI) which measures the rate of change in the prices of goods and services in the country.

Hedge fund managers are selling oil futures, fearing the forecast recession will depress demand for the commodity, reducing value in the global market.

Investors trade oil futures contracts by agreeing to sell or buy crude oil on a certain date and at a particular price, which is often above cost at the time of the agreement.

Also Read: BUSINESS ROUNDUP: Bank Assets Rise to Over N64.32 Billion; Shell could leave Nigeria for theft of crude oil. Other stories

However, with recession fears hanging over the oil market, oil futures traders are dumping their holdings to prevent their investment from losing value due to a potential economic downturn.

Angola retained its position as Africa’s leading oil producer for the second consecutive month.

New data released by the Organization of the Petroleum Exporting Countries (OPEC). Tuesday shows that Angola produced more crude oil than Nigeria in June.

This is despite Nigeria recording its biggest jump in production in months of 134,000 barrels per barrel (bpd) to 1.158 million bpd in June from 1.024 million in May, based on direct communication.

On NSE ROUNDUP: Nigerian capital market gains N470bn as Wema Bank and Airtel lead recovery

The Nigerian capital market halted losses after the market share rose 1.70% on Friday.

Data obtained from the capital market revealed that growth increased equity capitalization by 470 billion naira from 27.68 trillion naira to 28.15 trillion naira after eight hours of trading on Friday.

The All-Share index rose 876.11 basis points to close at 52,215.12 from 51,339.01 hit on Thursday.

On the tech sceneMTN Group, Lightyear, Catalyst Fund, DigsConnec, Capchase, Zazuu, Thunes are some of the names making headlines this week.

A Nigerian non-profit social enterprise, Techrity, has announced plans to host a crypto-focused event in Africa.

Additionally, Nigerian company Digital Music and Commerce Exchange Limited (DMCE) announced a partnership with ChordCash to launch Orin Fund for African Artists.

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