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133m Nigerians Battling Poverty – NBS
The Federal Government has declared that 133 million people or 63% of Nigeria’s population of over 200 million live in poverty.
Based on a survey conducted by the National Bureau of Statistics (NBS), the National Social Safety-Nets Coordinating Office (NASSCO), the United Nations Development Programme (UNDP), the United Nations Children’s Fund (UNICEF), and the Oxford Poverty and Human Development Initiative, the figure was announced during the Poverty Index (MPI) Survey launch yesterday in Abuja (OPHI).
The poll was carried out between November 2021 and February 2022, sampling more than 56,000 homes across the 36 States of the Federation and the FCT.
It was discovered that 65 per cent of the poor, amounting to 86 million people, live in the North while 35 per cent, nearly 47 million live in the South.
According to the report: “Over half of the population of Nigeria are multidimensionally poor and cook with dung, wood or charcoal, rather than clean energy. High deprivations are also apparent nationally in sanitation, time to healthcare, food insecurity, and housing.”
Putting a further perspective on it, the report said: “In general, the incidence of monetary poverty is lower than the incidence of multidimensional poverty across most states.”
It said the North West has the highest number of people in poverty with 45.49m followed by North East 20.47m, North Central 20.19m, South South 19.66m, South West 16.27m and South East 10.85m.
On state profile, it said Kano has the highest number with 10.51m while the least is Abia with 1.12m people.
The report, which included the Child MPI stated that two-thirds 67.5 per cent of children (0–17) are multidimensionally poor and half, 51 per cent, of all poor people are children.
It added that the highest deprivations are in the indicator of child engagement, where over half of the poor children lack the intellectual stimulation pivotal to early childhood development.
“Child poverty is prevalent in rural areas, with almost 90% of rural children experiencing poverty. Across the geo-political zones, the child MPI shows higher poverty in the North-East and North-West (where 90% of children are poor) and lower poverty in the South-East and South-West (74% and 65.1% respectively). The incidence of Child MPI is above 50% in all States and greater than 95% in Bayelsa, Sokoto, Gombe and Kebbi.
In Nigeria, 40.1% of people are poor according to the 2018/19 national monetary poverty line, and 63% are multidimensionally poor according to the National MPI 2022.”
The Statistician General of the Federation/CEO of NBS, Semiu Adeyemi Adeniran, noted that the MPI, which uses three dimensions (health, education and living standards), was upgraded to include a fourth dimension of work and shocks.
He said other variables such as food security, water reliability, underemployment, security shocks and school lag, were all added to reflect the current realities and priorities in Nigeria.
NBS added that in general, a disparity between north and south is evident in both the incidence and in the intensity of multidimensional poverty, with the North being poorer.
NBS, which said the composition of Multidimensional Poverty Index (MPI) varies across zones, stressed that nutritional deprivations contribute highest in the Northopaedic West but food insecurity contributes more strongly across the South.
Reports further said security shocks have a greater impact on MPI in South-South, North Central, and North East than they do in other zones due to unemployment.
According to NBS, multidimensional poverty is more prevalent in rural areas, where 72% of people live in poverty.
It was emphasized that 80% of the poor in Nigeria reside in rural areas, where about 70% of the population calls home.
Nigerian singer, songwriter, and actress Onyeka Onwenu passed away on Tuesday, shortly after performing at a birthday party in Lagos.
The celebrated music icon was attending a friend’s private birthday celebration when she took to the stage to perform. After returning to her seat, Onwenu suddenly collapsed, prompting immediate concern among the attendees.
Emergency responders arrived swiftly and transported her to Reddington Hospital on Victoria Island. Despite the medical team’s efforts, Onwenu was pronounced dead shortly after her arrival.
Sources close to the family revealed that she fell ill during the event, leading to her collapse.
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She said, “It is very sad. Onyeka Onwenu just performed at the birthday of Mrs. Stella Okoli of Emzor Pharmaceuticals tonight. After performing, she slumped. She was taken to Reddington Hospital but couldn’t make it.”
The exact cause of her death is yet to be confirmed.
Born on 31 May 1952, Onwenu was a multifaceted artist whose career spanned over four decades. She was not only a renowned singer and songwriter but also an actress, journalist, and politician.
Onwenu’s music blended genres such as highlife, reggae, and pop, often addressed social and political issues. Some of her most popular songs include “One Love,” “Iyogogo,” and “Ekwe.”
Onwenu was also known for her political activism. She was chairperson of the Imo State Council for Arts and Culture and was appointed Executive Director/Chief Executive Officer of the National Centre for Women Development.
Earlier this year, Onwenu revealed she was producing a movie chronicling her experiences in the music industry spanning several decades. She expressed her excitement to share her personal story and how Nigerian music has evolved over time.
Onyeka Onwenu, known for her contributions to the Nigerian music and film industry, leaves behind a legacy that will be remembered for generations.
In a significant move to ensure the stability of Nigeria’s financial system, the Central Bank of Nigeria (CBN) has announced the immediate revocation of Heritage Bank Plc’s banking license.
The decision came after the bank breached Section 12 (1) of the Banks and Other Financial Act (BOFIA) 2020, with the bank’s Board and Management unable to improve its financial performance despite various supervisory measures prescribed by the CBN.
Biztellers reports that the CBN found that the bank’s declining financial situation posed a threat to the overall stability of Nigeria’s financial system.
Consequently, the CBN took decisive action to revoke the bank’s license and appointed the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator.
This step is intended to strengthen public confidence in the banking system and ensure its continued soundness.
In a press release, Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the Central Bank, assured the public that Nigeria’s financial system remains robust and stable.
The CBN’s decision to revoke Heritage Bank’s license underscores its unwavering commitment to taking all necessary measures to safeguard the financial system and protect depositors’ interests.
As the situation unfolds, the banking community and the general public are closely monitoring the ongoing developments related to Heritage Bank and the broader implications for Nigeria’s financial sector.
Precious ADELOLA
The NNPC/Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market.
The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday.
OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.
NNPCL Boss, Engr. Mele Kyari
The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.
The unique selling point of the Nembe Crude Oil grade with an API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.
The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.
Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands. With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark.
With the NNPC-Aiteo OML 29 JV back on-stream, Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly.
This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.
The terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two (2) Million Barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).
It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of Crude oil monthly at full scale of operation.
Currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has now been resolved through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution.
The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets. The event also provides a critical opportunity for business leaders to connect, discuss, share and learn from one another.
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