Connect with us

Economy

Nigeria, Others Lose $110bn Yearly to Food-borne Diseases —World Bank

Published

on

Agriculture - Investors King
  • Nigeria, Others Lose $110bn Yearly to Food-borne Diseases —World Bank

Nigeria and other low-income and middle-income countries across the world, especially in Africa and Asia, spend $110bn in lost productivity and medical expenses in treating illnesses arising from unsafe food, a World Bank report has disclosed.

In a statement on the report made available to our correspondent in Abuja on Wednesday, the World Bank said that the new study found that the impact of unsafe food costs low and middle-income economies about $110bn in lost productivity and medical expenses each year.

It added that a large proportion of the costs could be avoided by adopting preventive measures that improve how food was being handled from the farm to the fork.

Better managing the safety of food will also significantly contribute to achieving multiple Sustainable Development Goals, especially those relating to poverty, hunger and well-being, the bank said.

The statement read in part, “Food-borne diseases caused an estimated 600 million illnesses and 420,000 premature deaths in 2010, according to the World Health Organisation.

“This global burden of food-borne disease is unequally distributed. Relative to their population, low- and middle-income countries in South Asia, Southeast Asia, and sub-Saharan Africa bear a proportionately high burden.

“They account for 41 per cent of the global population, yet 53 per cent of all food-borne illness and 75 per cent of related deaths.

“Unsafe food threatens young children the most: although children under five make up only nine per cent of the world’s population, they account for almost 40 per cent of food-borne disease and 30 per cent of related deaths.”

The report entitled, ‘The Safe Food Imperative: Accelerating Progress in Low and Middle-income Countries’, translates the grim statistics into economic terms to focus government attention on the need for greater investment, better regulatory frameworks, and measures that promote behaviour change, the bank said.

The total productivity loss associated with food-borne diseases in low and middle-income countries is estimated at $95.2bn per year, and the annual cost of treating food-borne illnesses is estimated at $15bn.

According to the World Bank, other costs, though harder to quantify, include losses of farm and company sales, foregone trade income, the health repercussions of consumer avoidance of perishable yet nutrient-rich foods, and the environmental burden of food waste.

The statement quoted the Senior Director of the Food and Agriculture Global Practice at the World Bank, Juergen Voegele, to have said, “Food safety receives relatively little policy attention and is under-resourced. Action is normally reactive — to major food-borne disease outbreaks or trade interruptions rather than preventative.

“By focusing on domestic food safety more deliberately, countries can strengthen the competitiveness of their farmers and food industry and develop their human capital. After all, safe food is essential to fuel a healthy, educated, and resilient workforce.”

For many low and middle-income countries, rapid demographic and dietary changes, among others, are contributing to wider exposure of populations to food-borne hazards, stretching if not overwhelming prevailing capacity to manage food safety risks, the bank added.

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

Continue Reading
Comments

Economy

Nigeria’s N3.3tn Power Sector Rescue Package Unveiled

Published

on

power project

President Bola Tinubu has given the green light for a comprehensive N3.3 trillion rescue package.

This ambitious initiative seeks to tackle the country’s mounting power sector debts, which have long hindered the efficiency and reliability of electricity supply across the nation.

The unveiling of this rescue package represents a pivotal moment in Nigeria’s quest for a sustainable energy future. With power outages being a recurring nightmare for both businesses and households, the need for decisive action has never been more urgent.

At the heart of the rescue package are measures aimed at settling the staggering debts accumulated within the power sector. President Tinubu has approved a phased approach to debt repayment, encompassing cash injections and promissory notes.

This strategic allocation of funds aims to provide immediate relief to power-generating companies (Gencos) and gas suppliers, while also ensuring long-term financial stability within the sector.

Chief Adebayo Adelabu, the Minister of Power, revealed details of the rescue package at the 8th Africa Energy Marketplace held in Abuja.

Speaking at the event themed, “Towards Nigeria’s Sustainable Energy Future,” Adelabu emphasized the government’s commitment to eliminating bottlenecks and fostering policy coherence within the power sector.

One of the key highlights of the rescue package is the allocation of funds from the Gas Stabilisation Fund to settle outstanding debts owed to gas suppliers.

This critical step not only addresses the immediate liquidity concerns of gas companies but also paves the way for enhanced cooperation between gas suppliers and power generators.

Furthermore, the rescue package includes provisions for addressing the legacy debts owed to power-generating companies.

By utilizing future royalties and income streams from the gas sub-sector, the government aims to provide a sustainable solution that incentivizes investment in power generation capacity.

The announcement of the N3.3 trillion rescue package comes amidst ongoing efforts to revitalize Nigeria’s power sector.

Recent initiatives, including tariff adjustments and regulatory reforms, underscore the government’s determination to overcome longstanding challenges and enhance the sector’s effectiveness.

However, challenges persist, as highlighted by Barth Nnaji, a former Minister of Power, who emphasized the need for a robust transmission network to support increased power generation.

Nnaji’s advocacy for a super grid underscores the importance of infrastructure development in ensuring the reliability and stability of Nigeria’s power supply.

In light of these developments, stakeholders have welcomed the unveiling of the N3.3 trillion rescue package as a decisive step towards transforming Nigeria’s power sector.

Continue Reading

Economy

Nigeria’s Inflation Climbs to 28-Year High at 33.69% in April

Published

on

Nigeria's Inflation Rate - Investors King

Nigeria is grappling with soaring inflation as data from the statistics agency revealed that the country’s headline inflation surged to a new 28-year high in April.

The consumer price index, which measures the inflation rate, rose to 33.69% year-on-year, up from 33.20% in March.

This surge in inflation comes amid a series of economic challenges, including subsidy cuts on petrol and electricity and twice devaluing the local naira currency by the administration of President Bola Tinubu.

The sharp rise in inflation has been a pressing concern for policymakers, leading the central bank to take measures to address the growing price pressures.

The central bank has raised interest rates twice this year, including its largest hike in around 17 years, in an attempt to contain inflationary pressures.

Governor of the Central Bank of Nigeria has indicated that interest rates will remain high for as long as necessary to bring down inflation.

The bank is set to hold another rate-setting meeting next week to review its policy stance.

A report by the National Bureau of Statistics highlighted that the food and non-alcoholic beverages category continued to be the biggest contributor to inflation in April.

Food inflation, which accounts for the bulk of the inflation basket, rose to 40.53% in annual terms, up from 40.01% in March.

In response to the economic challenges posed by soaring inflation, President Tinubu’s administration has announced a salary hike of up to 35% for civil servants to ease the pressure on government workers.

Also, to support vulnerable households, the government has restarted a direct cash transfer program and distributed at least 42,000 tons of grains such as corn and millet.

The rising inflation rate presents significant challenges for Nigeria’s economy, impacting the purchasing power of consumers and adding strains to household budgets.

As the government continues to grapple with inflationary pressures, policymakers are faced with the task of implementing measures to stabilize prices and mitigate the adverse effects on the economy and livelihoods of citizens.

Continue Reading

Economy

FG Acknowledges Labour’s Protest, Assures Continued Dialogue

Published

on

Power - Investors King

The Federal Government through the Ministry of Power has acknowledged the organised Labour request for a reduction in electric tariff.

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had picketed offices of the National Electricity Regulatory Commission (NERC) and Distribution Companies nationwide over the hike in electricity tariff.

The unions had described the upward review, demanding outright cancellation.

Addressing State House correspondents after the Federal Executive Council (FEC) meeting on Tuesday, Minister of Power, Adebayo Adelabu, said labour had the right to protest.

“We cannot stop them from organizing peaceful protest or laying down their demands. Let me make that clear. President Bola Tinubu’s administration is also a listening government.”

“We have heard their demands, we’re going to look at it, we’ll make further engagements and I believe we’re going to reach a peaceful resolution with the labor because no government can succeed without the cooperation, collaboration and partnership with the Labour unions. So we welcome the peaceful protest and I’m happy that it was not a violent protest. They’ve made their positions known and government has taken in their demands and we’re looking at it.

“But one thing that I want to state here is from the statistics of those affected by the hike in tariff, the people on the road yesterday, who embarked on the peaceful protests, more than 95% of them are not affected by the increase in the tariff of electricity. They still enjoy almost 70% government subsidy in the tariff they pay because the average costs of generating, transmitting and distributing electricity is not less than N180 today.

“A lot of them are paying below N60 so they still enjoy government’s subsidy. So when they say we should reverse the recently increased tariff, sincerely it’s not affecting them. That’s one position.

“My appeal again is that they should please not derail or distract our transformation plan for the industry. We have a clearly documented reform roadmap to take us to our desired destination, where we’re going to have reliable, functional, cost-effective and affordable electricity in Nigeria. It cannot be achieved overnight because this is a decay of almost 60 years, which we are trying to correct.”

He said there was the need for sacrifice from everybody, “from the government’s side, from the people’s side, from the private sector side. So we must bear this sacrifice for us to have a permanent gain”.

“I don’t want us to go back to the situation we were in February and March, where we had very low generation. We all felt the impact of this whereby electricity supply was very low and every household, every company, every institution, felt it. From the little reform that we’ve embarked upon since the beginning of April, we have seen the impact that electricity has improved and it can only get better.”

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending