Connect with us


NBS Says 68.5% of Households Own Their Houses



  • 68.5% of Households Own Their Houses

Over 68.5 per cent of households own the houses they dwell in compared to 16.6 per cent of households who live in rented homes, a new survey by the National Bureau of Statistics (NBS) has revealed.

It further showed that although 63.6 per cent of households live in homes with three or more rooms, the quality of the building materials remained poor.

It added that countrywide, more than 59.3 per cent of households have electricity for an average of 35.8 hours per week, of which 86 per cent of urban households have access to electricity compared to only 41.1 per cent of rural households.

The report, Living Standards Measurement Study (LSMS) Integrated Surveys on Agriculture General Household Survey Panel 2015/2016, is a publication by the NBS in collaboration with the Federal Ministry of Agriculture and Rural Development and the World Bank.

It seeks to among other things, develop an innovative model for collecting agricultural data, inter-institutional collaboration, and comprehensive analysis of welfare indicators and socio-economic characteristics.

Essentially, the GHS-Panel is a nationally representative survey of 5,000 households, which are also representative of the geopolitical zones (at both the urban and rural levels).

The report stated that rudimentary farm implements, including hoes and cutlasses, are considerably more common than modern tools such as tractors and pickup trucks.

The survey, which also collected information on households’ access to information and communication technology (ICT) and patterns of usage, found that about 89 per cent of Nigerians have access to a mobile phone, adding that access to the internet was more prevalent in urban areas than in rural areas – the most common uses being to send and receive emails.

On consumption patterns, it stated that oil and fat products along with grains and flours are the most commonly consumed food items with over 96 per cent of households consuming food items in these groups.

The survey also showed that soap and mobile recharge cards are the most common non-food items consumed by households, with close to nine out of 10 households reporting soap purchases and 78.3 per cent reporting expenditures on recharge cards.

Essentially, mobile recharge cards accounted for the highest national mean expenditure, with a monthly average household expenditure of N17,413.

The report added: “Households were also asked about their experience with food security and their history of economic shocks. Similar to findings in Wave 2, reported food shortages from this wave are seasonal, with January and February posing the biggest risk of food insecurity.

“Twenty-six per cent of households reported having to reduce the number of meals taken in the past seven days, with urban households more likely to have reduced their meal intake than rural households (29.8% versus 24.1%).

“Major shocks that negatively affected households include: increase in the price of food items (12.4%), death or disability of a working household member (5.7%), increase in the price of inputs (3.6%), and non-farm enterprise failure (3.1%).

“The most common coping mechanisms reported included receipt of assistance from family and friends (24%) and reduction in food consumption (23.6%).”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading

Crude Oil

Oil Prices Decline for Third Consecutive Day on Weaker Economic Data and Inventory Concerns



Crude Oil

Oil prices extended their decline for the third consecutive day on Wednesday as concerns over weaker economic data and increasing commercial inventories in the United States weighed on oil outlook.

Brent oil, against which Nigerian oil is priced, dropped by 51 cents to $89.51 per barrel, while U.S. West Texas Intermediate crude oil fell by 41 cents to $84.95 a barrel.

The softening of oil prices this week reflects the impact of economic headwinds on global demand, dampening the gains typically seen from geopolitical tensions.

Market observers are closely monitoring how Israel might respond to Iran’s recent attack, though analysts suggest that this event may not significantly affect Iran’s oil exports.

John Evans, an oil broker at PVM, remarked on the situation, noting that oil prices are readjusting after factoring in a “war premium” and facing setbacks in hopes for interest rate cuts.

The anticipation for interest rate cuts received a blow as top U.S. Federal Reserve officials, including Chair Jerome Powell, refrained from providing guidance on the timing of such cuts. This dashed investors’ expectations for significant reductions in borrowing costs this year.

Similarly, Britain’s slower-than-expected inflation rate in March hinted at a delay in the Bank of England’s rate cut, while inflation across the euro zone suggested a potential rate cut by the European Central Bank in June.

Meanwhile, concerns about U.S. crude inventories persist, with a Reuters poll indicating a rise of about 1.4 million barrels last week. Official data from the Energy Information Administration is awaited, scheduled for release on Wednesday.

Adding to the mix, Tengizchevroil announced plans for maintenance at one of six production trains at the Tengiz oilfield in Kazakhstan in May, further influencing market sentiment.

As the oil market navigates through a landscape of economic indicators and geopolitical events, investors remain vigilant for cues that could dictate future price movements.

Continue Reading


Dangote Refinery Cuts Diesel Price to ₦1,000 Amid Economic Boost



Aliko Dangote - Investors King

Dangote Petroleum Refinery has reduced the price of diesel from ₦1200 to ₦1,000 per litre.

This price adjustment is in response to the demand of oil marketers, who last week clamoured for a lower price.

Just three weeks ago, the refinery had already made waves by lowering the price of diesel to ₦1,200 per litre, a 30% reduction from the previous market price of around ₦1,600 per litre.

Now, with the latest reduction to ₦1,000 per litre, Dangote Refinery is demonstrating its commitment to providing accessible and affordable fuel to consumers across the country.

This move is expected to have far-reaching implications for Nigeria’s economy, particularly in tackling high inflation rates and promoting economic stability.

Aliko Dangote, Africa’s richest man and the owner of the refinery, expressed confidence that the reduction in diesel prices would contribute to a drop in inflation, offering hope for improved economic conditions.

Dangote stated that the Nigerian people have demonstrated patience amidst economic challenges, and he believes that this reduction in diesel prices is a step in the right direction.

He pointed out the aggressive devaluation of the naira, which has significantly impacted the country’s economy, and sees the price reduction as a positive development that will benefit Nigerians.

With this latest move, Dangote Refinery is not only reshaping the fuel market but also reaffirming its commitment to driving positive change and progress in Nigeria.

The reduction in diesel prices is expected to provide relief to consumers, businesses, and various sectors of the economy, paving the way for a brighter and more prosperous future.

Continue Reading

Crude Oil

IEA Cuts 2024 Oil Demand Growth Forecast by 100,000 Barrels per Day



Crude Oil

The International Energy Agency (IEA) has reduced its forecast for global oil demand growth in 2024 by 100,000 barrels per day (bpd).

The agency cited a sluggish start to the year in developed economies as a key factor contributing to the downward revision.

According to the latest Oil Market Report released by the IEA, global oil consumption has continued to experience a slowdown in growth momentum with first-quarter growth estimated at 1.6 million bpd.

This figure falls short of the IEA’s previous forecast by 120,000 bpd, indicating a more sluggish demand recovery than anticipated.

With much of the post-Covid rebound already realized, the IEA now projects global oil demand to grow by 1.2 million bpd in 2024.

Furthermore, growth is expected to decelerate further to 1.1 million bpd in the following year, reflecting ongoing challenges in the market.

This revision comes just a month after the IEA had raised its outlook for 2024 oil demand growth by 110,000 bpd from its February report.

At that time, the agency had expected demand growth to reach 1.3 million bpd for 2024, indicating a more optimistic outlook compared to the current revision.

The IEA’s latest demand growth estimates diverge significantly from those of the Organization of the Petroleum Exporting Countries (OPEC). While the IEA projects modest growth, OPEC maintains its forecast of robust global oil demand growth of 2.2 million bpd for 2024, consistent with its previous assessment.

However, uncertainties loom over the global oil market, particularly due to geopolitical tensions and supply disruptions.

The IEA has highlighted the impact of drone attacks from Ukraine on Russian refineries, which could potentially disrupt fuel markets globally.

Up to 600,000 bpd of Russia’s refinery capacity could be offline in the second quarter due to these attacks, according to the IEA’s assessment.

Furthermore, unplanned outages in Europe and tepid Chinese activity have contributed to a lowered forecast of global refinery throughputs for 2024.

The IEA now anticipates refinery throughputs to rise by 1 million bpd to 83.3 million bpd, reflecting the challenges facing the refining sector.

The situation has raised concerns among policymakers, with the United States expressing worries over the impact of Ukrainian drone strikes on Russian oil refineries.

There are fears that these attacks could lead to retaliatory measures from Russia and result in higher international oil prices.

As the global oil market navigates through these challenges, stakeholders will closely monitor developments and adjust their strategies accordingly to adapt to the evolving landscape.

Continue Reading