Economy

Nigeria’s Population Now 198 Million, Says NPC Chair

Published

7 years ago

April 12, 2018

Nigeria’s Population Now 198 Million, Says NPC Chair

The Chairman, National Population Commission, Mr. Eze Duruiheoma, has said the estimated population of the country is 198 million.

The News Agency of Nigeria reported that Duruiheoma said this in New York while delivering Nigeria’s statement on sustainable cities, human mobility and international migration at the 51st session of the commission on population and development.

Nigeria currently ranks as the 7th most populous nation in the world.

As of 2016, the World Bank said Nigeria had an estimated 186 million people living in it.

Duruiheoma said urban population was growing at an average annual rate of about 6.5 per cent, adding that teenagers, women of child-bearing age and the working age population, were more engaged in urbanisation.

“Nigeria remains the most populous in Africa, the seventh globally with an estimated population of over 198 million,” Duruiheoma said.

He added, “The recent World Population Prospects predicts that by 2050, Nigeria will become the third most populated country in the world. Over the last 50 years, Nigeria’s urban population has grown at an average annual growth rate of more than 6.5 per cent without commensurate increase in social amenities and infrastructure.

“It grew substantially from 17.3 in 1967 to 49.4 per cent in 2017. In addition, the 2014 World Urbanisation Prospects Report, predicts that by 2050, most of the population – 70 per cent – will be residing in cities.

“The 2010 Human Mobility Survey Report revealed that 23 per cent of the sampled population were of more females than males.”

Duruiheoma said an estimated 1.76 million internally displaced persons were from six states in the North-East.

According to him, existing urbanisation trend coupled with IDPs in cities, pose critical challenges to securing sustainability of our cities.

He said like in other developing countries, Nigerian cities host widespread poverty, under-employment and unemployment at an average of 18.4 per cent, citing the National Bureau of Statistics 2017 report.

In an interview last year, the Director General of the NPC, Ghaji Bello, had said the commission might conduct census in 2018.

He had said the proposed census would cost an estimated N272bn.

“Ordinarily, it ought to have a cycle of its own and that cycle should be five years or 10 years. We should have conducted the last census in 2016 but for a variety of reasons outside the control of the population commission, we were unable to do it,” he had said.

The last census was conducted in 2006.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Economy

World Bank VP Lauds CBN Governor Cardoso’s Inflation-Fighting Policies

Published

1 day ago

October 16, 2024

Bassey Marshall

The Senior Vice President of the World Bank, Indermit Gill, has praised the Governor of the Central Bank of Nigeria, Yemi Cardoso, over his approach to managing inflation in the country.

Gill made this known during his address at the 30th Nigerian Economic Summit organized by the Nigerian Economic Summit Group in Abuja, on Monday.

The World Bank VP decried the high cost of petrol occasioned by the subsidy removal of President Tinubu’s government and the untold hardship it has imposed on Nigerians.

However, he hailed the interest rate increase by the central bank which according to him will boost confidence in the Naira and anchor inflationary expectations.

Gill emphasized that Governor Cardoso through his policies has been steering Nigeria in the right direction.

Meanwhile, Gill noted that Nigeria is just in the beginning stage of reaping the benefits of these policies.

According to him, the country will need to sustain the momentum for a period of ten to seventeen years, before achieving the desired outcome.

He revealed that countries like India, Poland, Korea, and Norway have benefitted from the approach.

He said, “Implementing such a far-reaching reform is impossible without a solid political commitment from the top. The price of PMS has quadrupled since the subsidy cut, imposing terrible hardship across the breadth of Nigeria’s society.

“The Central Bank has had to hike its policy by a huge 850 basis point, almost 9 percentage points in the last month to boost confidence in the naira and anchor inflationary expectations.

“The Central Bank financing of fiscal deficit has finally ended, and Governor Cardoso has been putting Nigeria or helping to put Nigeria on the right course.”

“But this is only the beginning, Nigeria will need to stay the course for at least 10 to 17 years to transform its economy. If it does that, it will transform its economy.

“And it will become an engine of growth in Sub-Saharan Africa. And he will help to transform Sub-Saharan Africa. It’s very difficult to do these things, but the rewards are massive.

“This is the lesson from the last forty years as well as the experience of countries such as India, Poland, Korea and Norway,” Gill said.

Investors King reported that on September 24, 2024, the apex bank announced another increase in its Monetary Policy Rate (MPR) to 27.25% from 26.75 percent.

The decision was made during the Monetary Policy Committee (MPC) meeting chaired by CBN Governor, Yemi Cardoso.

Economy

Sanwo-Olu Unveils Lagos Red Line Rail For Commercial Operations

Published

1 day ago

October 16, 2024

Ugwoke Ogbodo

The Governor of Lagos State, Babajide Sanwo-Olu, has officially unveiled the LMRT Red Line for commercial operations.

The governor said the Red Line is the second rail system to become operational in less than two years in the state.

The 27-kilometre Red Line has eight stations at Oyingbo, Yaba, Mushin, Oshodi, Ikeja, Agege, Iju, and Agbado.

The train service is projected to transport about 500,000 Lagosians daily as the schedule is increased, providing a viable means of commuting.

In a post on his verified social media handles on Tuesday, Sanwo-Olu warned against vandalisation of the project, saying his government wouldn’t tolerate the destruction of public property.

Sanwo-Olu wrote, “Dear Lagosians, today marks the launch of commercial operations of the LMRT Red Line, commencing passenger services from Agbado to Oyingbo.

“We’re on a mission to keep Lagos moving, and the Red Line is a key part of our vision to create a seamlessly connected city. It is also our second rail system to become operational in less than two years.

“Spanning 27, the Red Line has eight stations at Oyingbo, Yaba, Mushin, Oshodi, Ikeja, Agege, Iju, and Agbado. The train service is projected to transport about 500,000 Lagosians daily as we ramp up the schedule and provide a viable means of commuting.”

He added that daily passenger services will depart from Agbado at 6:00 AM, with the second train leaving Iju Station at 7:30 AM.

“Ensure you have your Cowry Card ready to board,” he noted.

He urged residents to treat the project with the respect it deserves, stressing that “vandalism or disruptions will not be tolerated.”

He said, “Together, we can ensure that our trains remain a safe and enjoyable experience for everyone.”

Economy

Nationwide Blackout as National Grid Partially Collapses, Akwa Ibom Power Supply Remains Unaffected

Published

2 days ago

October 15, 2024

Yetunde Olugbenga

A partial collapse of the national grid has been reported by electricity distribution companies, resulting in a blackout in most parts of the country.

However, the Akwa Ibom Generating Station was “islanded,” allowing it to continue supplying electricity to neighboring cities.

The spokesperson for the Transmission Company of Nigeria (TCN), Ndidi Mbah, disclosed this during a chat on Monday evening.

Mbah explained that the Akwa Ibom Generating Station was “islanded” to enable continuous power supply through the Eket, Ekim, Uyo, and Itu 132-kilovolt substations.

“The entire system did not collapse, as the IBOM Generating Station was islanded (i.e., separated to stand alone and continue supplying some areas to avoid a total system failure), allowing it to supply electricity through the Eket, Ekim, Uyo, and Itu 132kV substations,” she said.

Mbah further disclosed that the collapsed national grid was partial as TCN has begun system recovery to restore normalcy in the affected area.

“Recovery is currently ongoing and has advanced significantly.” She said.

Mbah’s disclosure about the Akwa Ibom generating station being “islanded” came shortly after Emeka Ezeh, Head of Corporate Communications at the Enugu Electricity Distribution Company (EEDC), confirmed the national grid’s collapse around 6:48 p.m. on Monday.

“…of a general system collapse that occurred at 18:48 hours today, 14th October 2024.” He stated.

Speaking about how to restore power, a statement signed by Ezeh revealed that the EEDC is on standby to restore supply from Osogbo.

“We are on standby awaiting detailed information of the collapse and restoration of supply from the National Control Centre (NCC), Osogbo,” the statement read.

“Rest assured, we are working with the relevant stakeholders to restore power as soon as the grid is stabilised. Thank you for your understanding”, the statement indicated.

The Abuja Disco also reported the grid collapse at 6:58 p.m.

“Dear Valued Customer, Please be informed that the power outage being experienced is due to a system failure from the national grid at 6:58 pm today, affecting the power supply to our franchise areas”, the Abuja Disco declared.

It was reported that the collapsed electricity grid has vehemently thrown the nation into a blackout. Moreover, at the time of this report, power supply is yet to be restored across parts of the country.