- 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%).”
Gold Gained Ahead of Joe Biden Inauguration 2021
Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.
The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.
He said, “The key factor appears to be the (U.S.) currency.”
As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.
Also, the effectiveness of the vaccines can not be ascertained until wider rollout.
Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.
Crude Oil Holds Steady Above $55 Per Barrel on Tuesday
Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.
Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.
While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.
On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”
“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.
Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.
Crude Oil Pulled Back Despite Joe Biden Stimulus
Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.
Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.
On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.
OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”
“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”
Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.
“The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.
Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.
But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.
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