Business News
Nigeria’s Population now 201 million amidst high unemployment
Nigeria’s population has risen to 201 million in 2019. This was revealed in the latest State of World Population Report released by the United Nations Population Fund (UNFPA).
Nigeria’s population has risen to 201 million in 2019. This was revealed in the latest State of World Population Report released by the United Nations Population Fund (UNFPA).
According to the UNFPA report, Nigeria’s population grew at an annual average growth rate of 2.6 percent in the last ten years. Between 1969 and 2019, Nigeria’s population grew by 267.4 percent. In 1969, Nigeria’s population was estimated at 54.7m people, while it has now increased to 201m in 2019.
Nigeria’s working population takes the highest share: According to UNFPA, Nigerians within the age group of 15-64years takes the highest proportion by age category, claiming about 54 percent of the total population. This age group represents Nigeria’s working population.
The country’s population is young: Also, the report further shows that Nigerians within the age group of 0-14 years rank second, comprising 32 percent of the country’s population, while Nigerians withing age group 10-24 years come third, constituting 32 percent of Nigeria’s population. Lastly, the least population of Nigerians fall within the age group of 65 above, comprising just 3% of Nigeria’s population.
What does this mean? This suggests that Nigeria has a very high prospect for economic growth, only if the country can harness its growth potentials in having the highest population in the working age category. It further stresses why unemployment is at such a high rate in the country.
Total fertility rate per woman declines: According to the World Health Organisation (WHO), total fertility rate is the average number of children a woman would have if she survives all her childbearing (or reproductive) years. Earlier in 2015, WHO stated that Africa remains the region with the highest fertility at 4.7 children per woman, while Europe has the lowest fertility of 1.6 children per woman.
According to the UNFPA data, the total fertility rate in Nigeria has been on the fall since 1969. Specifically, the total fertility rate per woman was 6.4, while it dropped to 6.3 in 1994 and currently declined to 5.3. This is still high when compared to Asia and Latin America and the Caribbean that reportedly have a total fertility of 2.2 children per woman.
Basically, whenever a country’s rate drops below approximately 2.1, then populations is expected to eventually start to shrink.
Life expectancy fared better but Nigeria ranks 178th: The UNFPA report shows that life expectancy in Nigeria fared better between 1969 and 2019. In 1969, total life expectancy was 41 years, while it currently stands at 55 years in 2019.
However, according to WHO data, Nigeria ranks 178th in the global world ranking of life expectancy, with male life expectancy being 54.7 years while the female stays at 55.7. Nigeria’s life expectancy is quite low when compared to the 80 years for developed countries.
[Also Read: Unemployment data reveals 20.9m Nigerians are unemployed]
Is Nigeria’s rising population a curse?: Nigeria’s estimated population of 201 million people comes at a time when the unemployment data is generating a lot of rows amongst policymakers and analysts alike.
According to the States’ Unemployment Data recently released by the National Bureau of Statistics, 20.9 million Nigerians were unemployed as at third quarter of 2018. The unemployment data further shows that the South Southern states of the country recorded the highest unemployment rates in the country, despite being some of the richest states in the country in terms of oil revenues and internally generated funds.
Rising population is not a curse in its sense, because it is still one of the biggest growth opportunities for any economy. Essentially, when fertility rates decline over a sustained period of time, the proportion of the working age population (i.e. over 15) grows relative to the economically dependent youth population.
This change in age composition creates a window of opportunity during which a country can potentially raise its level of savings and investment—a phenomenon now known as the ‘demographic dividend’.
Also, population growth increases density and, together with rural-urban drift, creates higher urban agglomeration. In essence, the large urban centers which allow for innovation and increased economies of scale lead to sustainable growth.
The downsides: However, rising population without a growing economy and development may have damning consequences on the economy. For instance, using the 2019 global population metrics as an example, Nigeria is ranked 158th globally in terms of GDP per capita of $2366. This does not look good for the economy, because GDP per capita is what measures the productivity of citizens per head.
Also, surging unemployment rates can equally lead to several social vices among the highest population age group in Nigeria, who have no jobs to earn means for livelihood. Hence, the multiplier effects of rising population amidst high unemployment in an economy cannot be overemphasised.
Coronavirus
COVID-19 Update in Nigeria
On the 30th of October 2020, 170 new confirmed cases and 3 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,691 confirmed cases.
On the 30th of October 2020, 170 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 3,008 samples across the country.
To date, 62,521 cases have been confirmed, 58,249 cases have been discharged and 1,141 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 620,758 tests have been carried out as of October 30th, 2020 compared to 617,750 tests a day earlier.
COVID-19 Case Updates- 30th October 2020,
- Total Number of Cases – 62,691
- Total Number Discharged – 58,430
- Total Deaths – 1,144
- Total Tests Carried out – 620,758
According to the NCDC, the 170 new cases were reported from 11 states- Lagos (106), FCT (25), Oyo (14), Edo (7), Kaduna (7), Ogun (4), Bauchi (2), Benue (2), Kano (1), Osun (1), Rivers (1)
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 21,212, followed by Abuja (6,053), Plateau (3,630), Oyo (3,447), Rivers (2,810), Edo (2,664), Kaduna (2,648), Ogun (2,031), Delta (1,814), Kano (1,747), Ondo (1,666), Enugu (1,314), Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (926), Abia (898), Gombe (883). Borno (745), and Bauchi (713).
Imo State has recorded 616 cases, Benue (493), Nasarawa (482), Bayelsa (412), Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (146), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.
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Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
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Coronavirus
Cristiano Ronaldo now tests negative for Coronavirus
Cristiano Ronaldo tested negative for coronavirus after nearly three weeks that he tested positive.
Juventus F.C. star, Cristiano Ronaldo, has tested negative for coronavirus, nearly three weeks after he tested positive.
This was disclosed by his club via its website on Friday.
It stated, “Ronaldo carried out a check with a diagnostic test (swab) for COVID-19. The exam provided a negative result.
“The player has, therefore, recovered after 19 days and is no longer subjected to home isolation.”
What you should know
Ronaldo had tested positive for COVID-19 on October 13, while playing with Portugal. He had been in self-isolation since returning to Italy.
The 35-year-old missed four games including Wednesday’s 2-0 Champions League defeat to Lionel Messi’s Barcelona, and Juventus’s 2-0 win at Dynamo Kiev in their Group G opener.
The five-time Ballon d’Or winner’s return will be a boost for Andrea Pirlo’s faltering side who are fifth in Serie A, four points behind leaders AC Milan.
Corporate Press Releases
Ikeja Electric launches mass metering programme
Ikeja Electric has announced the commencement of the rollout of Prepaid Meters under the National Mass Metering Programme.
This is to notify our esteemed customers that Ikeja Electric has commenced the rollout of Prepaid Meters under the National Mass Metering Programme, approved by the Federal Government, with effect from today, Friday, October 30, 2020.
This programme is part of the Federal Government’s effort to further bridge the country’s metering gap and also cushion the effect of the Service Reflective Tariff on electricity consumers in Nigeria.
In line with this programme, Ikeja Electric Plc (IE) is committed to driving the rollout through a series of one-day metering initiative across different locations in its network. This metering initiative is designed to ensure a seamless metering process that allows customers to register and be metered on the same day after following due process.
For the first phase of the programme, which will run till the end of the year, Ikeja Electric is rolling out over 106,000 prepaid meters to customers across its six Business Units – Ikeja, Abule-Egba, Akowonjo, Oshodi, Ikorodu and Shomolu.
Beneficiaries of this programme, which will cut across all locations in IE network, will not be required to pay upfront for the installation of meters. Rather, the modalities of cost recovery for the meters will be clearly defined and communicated to the beneficiaries.
The primary objective of the National Mass Metering Program is to increase the metering rate in the country and close the gap of unmetered customers. It is also expected that it will assist in reducing Collection losses, while at the same time, increasing financial flows to achieve 100 percent market remittance obligation of the DisCos.
Part of the objectives also includes the elimination of arbitrary estimated billing, improving network monitoring capability and provision of data for market administration and investment decision-making.
Apart from its job creation potentials in the Meter value chain, the program will further strengthen the local meter value chain by increasing local meter manufacturing, assembly and deployment capacity, all in support of Nigeria’s economic recovery plan.
Once again, Ikeja Electric wishes to restate its commitment to bridging the metering gap by metering all its customers, to ensure an efficiently managed electricity supply industry that meets the yearnings of Nigerians.
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