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Nigeria is at Risk of Acute Hunger, Ranked 103 on Global Hunger Index Ranked

The Global Hunger Index has ranked Nigeria 103 out of 121 countries featured on the list. 

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Child Poverty - Investors King

Amid global concern for hunger and food security, the Global Hunger Index has ranked Nigeria 103 out of 121 countries featured on the list. 

Going by the templates, this means Nigeria falls under the category of a country with serious hunger. 

The Global Hunger Index (GHI) 2022 report which is jointly researched, prepared and published by German-based Welthungerhilfe and Dublin-based Concern Worldwide noted that Nigeria has a score of 27.3 percent.

Using four component indicators of undernourishment; child stunting, child wasting, and child mortality, the GHI report measures and tracks hunger at the global, regional and national levels. 

While countries are ranked in five different categories of Low, Moderate, Serious, Alarming, and Extremely Alarming, Nigeria is ranked as “serious”. 

A closer look at the report shows that 12.7 percent of the Nigerian population is undernourished. The report also indicates that 11.4 percent of children in Nigeria die before their fifth birthday.

While 6.5 percent of under-five children in the country are wasted, 31.5 percent of children under five are stunted.

Investors King understands that in 2020, Nigeria ranked 98 out of 107 countries while it ranked 103 out of 116 countries in 2021. 

Meanwhile, the report spotted the highest level of global hunger in Sub-Saharan Africa.  Factors such as Covid 19, climate change and the war in Ukraine are identified as the catalysts. 

“The situation is likely to worsen in the face of the current barrage of overlapping global crises – conflict, climate change, and the economic fallout of the COVID-19 pandemic—all of which are powerful drivers of hunger,” 

“The war in Ukraine has further increased global food, fuel and the price of fertiliser which has the potential to contribute to the shortage of food in 2023,” the report said.

The GHI report also stated that about 828 million people were affected by hunger globally in 2021. 

Additionally, Nigeria’s situation is likely to be compounded due to insecurity and flooding in some parts of the country.

Investors King earlier reported that the severe flood which has rampaged many farmlands in Nigeria could exacerbate the situation. 

For instance, in the North-Eastern part of the country, more than 150,000 hectares of land have been destroyed. 

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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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