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National Bureau Says 82.9 Million People Living in Poverty in Nigeria

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  • National Bureau Says 82.9 Million People Living in Poverty in Nigeria

The National Bureau of Statistics (NBS) puts the total number of Nigerians living below the poverty line at 40.1 percent or 82.9 million.

In the latest survey conducted between September 2018 and October 2019 but published on Monday 4, 2020, four out of ten individuals in Africa’s largest economy have real per capital expenditures below N137,430 per year. Bringing the total number of Nigerians considered poor by national standard to 82.9 million during the period under review.

Nigeria’s population growth rate presently stood at about 2.6 percent, according to the United Nations statistics. However, the economic growth rate remained below population growth at 2.27 percent in 2019 as shown by the Gross Domestic Product report released earlier this year.

The NBS said 52.1 percent of the 82.9 million live in the rural area of the country while 18 percent lives in the urban area.

In a report released by Bill and Melinda Gates Foundation in September 2018, 40 percent of the world’s poorest people will live in Nigeria and DR Congo by 2050 while the nation’s population is expected to surge to 429 million by 2050.

“By 2050, more than 40 percent of the extremely poor people in the world will live in just two countries: Democratic Republic of Congo and Nigeria,” the report stated.

“Investing in young people’s health and education is the best way for a country to unlock productivity and innovation; cut poverty, create opportunities and generate prosperity,” the report added.

In 2018, when the former UK Prime Minister, Theresa May, visited Africa’s most populous nation, she said: “Much of Nigeria is thriving, with many individuals enjoying the fruits of a resurgent economy. Yet 87 million Nigerians live on less than $1.90 a day, making it home to more very poor people than any other nation in the world.”

She further stated that “Africa is home to the majority of the world’s fragile states and a quarter of the world’s displaced people.”

“Extremist groups such as Boko Haram and al-Shabab are killing thousands. Africa’s ocean economy, three times the size of its landmass, is under threat from plastic waste and other pollution. Most of the world’s poorest people are Africans and increasing wealth has brought rising inequality, both between and within nations,” she added.

However, with Nigeria’s crude oil largely unsold due to the COVID-19 pandemic and businesses complaining of declining profitability — with some banks planning to retrench as much 75 percent of their workforce — the nation’s poverty level is likely to surge, especially with the unemployment rate projected to increase from the current level of 23.1 percent to 30 percent by the end of this year.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

Prepaid Meter is Free, Buhari Warns DisCos, Agents

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prepaid meter

President Muhammadu Buhari once again warned Power Distributing Companies (DisCos) and their agents selling prepaid meters to electricity customers against the Federal Government directive that meter is free.

Ahmed Rufai Zakar, the Special Adviser to the President on Infrastructure, who represented Buhari at the FGN/NLC-TUC ad-hoc committee on electricity tariff stakeholders held in Ibadan, Oyo State on Wednesday, said President Buhari understood people’s concerns on issues surrounding electricity and was determined to curb and deal with unscrupulous individuals in the power sector.

He said, “We have made it very clear through the regulators direct order as well as intervention from the Ministry of Power that the meters are to be provided to Nigerians at no cost.

“Even for meters that were paid for, there is the directive from the regulator to the discos that they would need to find a way to reimburse those citizens over time.

“In cases where we find any disco or disco representative selling the meters or exploiting Nigerians to be able to get meters by paying, we would take the full measures of the law.

“The President has mandated that these meters must be free. We have also said that they must come from local manufacturers.

“This would create jobs and revive our industry.”

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Economy

Nigeria’s Real Estate Sector Shrinks by 8.06% in the Third Quarter -NBS

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Economic uncertainty plunged Nigeria’s real estate sector by 8.06 percent in the third quarter of the year, according to the National Bureau of Statistics (NBS).

Nigeria’s statistics office said “In nominal terms, real estate services recorded a growth rate of –8.06 per cent in the third quarter of 2020, indicating a decline of –11.78 per cent points compared to the growth rate at the same period in 2019, and by 9.12 per cent points when compared to the preceding quarter.

“Quarter-on-quarter, the sector growth rate was 18.92 per cent.

“Real GDP growth recorded in the sector in Q3 2020 stood at -13.40 per cent, lower than the growth recorded in third quarter of 2019 by –11.09 per cent points, but higher relative to Q2 2020 by 8.59 per cent points.

“Quarter-on-quarter, the sector grew by 17.15 per cent in the third quarter of 2020.

“It contributed 5.58 per cent to real GDP in Q3, 2020, lower than the 6.21 per cent it recorded in the corresponding quarter of 2019.”

Nigeria’s economy contracted by 2.48 percent in the first nine months following a 6.10 percent and 3.62 percent contraction in the second and third quarters respectively.

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Economy

Nigeria Requires N400 Billion Annually to Maintain Federal Roads -Senator Bassey

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The Chairman of the Senate Committee on road maintenance, Senator Gersome Bassey, on Friday said Nigeria requires about N400 billion annually to maintain federal roads across the country.

The Senator, therefore, described the N38 billion budgeted for road repairs in the 2021 proposed Budget as grossly inadequate. According to him, nothing meaningful could be achieved by the Federal Roads Maintenance Agency (FERMA) with such an amount.

He said, “For the 35 kilometres federal roads in the country to be motorable at all times, the sum of N400bn is required on yearly basis for maintenance.”

Bassey “What the committee submitted to the Appropriation Committee in the 2021 fiscal year is the N38bn proposed for it by the executive which cannot cover up to one quarter of the entire length of deplorable roads in the country.

“Unfortunately, despite having the power of appropriation, we cannot as a committee jerk up the sum since we are not in a position to carry out the estimation of work to be done on each of the specific portion of the road.

“Doing that without proposals to that effect from the executive, may lead to project insertion or padding as often alleged in the media.”

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