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Over 82 million Nigerians are poor, northern states dominate list

The number of Nigerians that are poor have been estimated to be 82.9 million people, this is revealed in the latest Poverty and Inequality report released by the national Bureau of Statistics (@nigerianstat)

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Over 82 million Nigerians are poor, northern states dominate list

The number of Nigerians that are poor have been estimated to be 82.9 million, this is revealed in the latest Poverty and Inequality report released by the National Bureau of Statistics.

According to the Nigerian Living Standards Survey (NLSS) report released by the NBS covering the year 2019, 40.1% of Nigerians are classified as poor by national standards.

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READ ALSO: IGR: States generate N986.2 billion in 9-month, up by 16.8% 

Northern states rank poorest

Further details provided in the nation-wide survey report show that Northern states in Nigeria rank poorest.
According to the report, 9 of top 10 poorest states in Nigeria ere from the norther region with Sokoto, Taraba and Jigawa being the poorest.

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The summary report also shows that 52.1% of rural dwellers in Nigeria are poor, while only 18.04% of urban dwellers are classified as poor. According to NBS, on average, 4 out of 10 individuals in Nigeria has real per capita expenditures below N137,430 per year, which translates to N376.5 per day.

READ MORE: Nigeria generates N876.09 billion VAT in 9-month, as revenue shortfall poses threat 

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About the Survey

The Nigerian Living Standards Survey (NLSS) is the official survey that is the basis for measuring poverty and living standards. Between September of 2018 and October of 2019, the National Bureau of Statistics conducted the latest round of the NLSS after a decade.

READ MORE: PwC survey identifies key priorities of Nigerian businesses amid Covid-19 pandemic

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It is representative at the state level with a sample size of 22,110 households, focusing on increasing household and individual demographics (age, gender, marital status, among others), access to education, health and basic services, employment, assets, and income. The survey is used to measure prevalence of poverty and to estimate a wide range of socio-economic indicators including bench-marking of the Sustainable Development Goals.

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

4 Comments

4 Comments

  1. Oladele Aderibigbe Isaiah

    May 4, 2020 at 11:30 am

    What are there leaders is doing with all benefit that goes to northern
    Talk about international support to Nigeria or nigerial federal government the highest % goes to there side.
    Let ask there leader

  2. Solomon

    May 5, 2020 at 2:46 pm

    If this report is true, then the elites in the North have questions to answer. They deliberately put their people in poverty, using Islam as a cover-up at the expense of formal education which could liberate them, so that they(the elites) can continue to enslave them.
    An average child of the Northern elite are not only educated but also schooled or schools abroad while they tell the world that it’s their culture or religion for other children to practice almajiri. God is watching.

  3. Dr Rapuruchi Onuorah

    May 5, 2020 at 8:13 pm

    This your findings are highly inconsistent, so Enugu state is now at the border line?

  4. Tela Ernest

    May 19, 2020 at 10:50 pm

    After all this pot belly politicians will come be telling us stories 😫😫😫😫😫

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Appointments

AfDB appoints Rabah Arezki as new vice president and chief economist 

Before Arezki joined the World Bank, he worked at the International Monetary Fund (IMF).

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The African Development Bank Group (AfDB) has announced the appointment of Dr Rabah Arezki as  Chief Economist and Vice President, Economic Governance and Knowledge Management, with effect from October 1, 2020. 

This was disclosed in a press statement on the bank’s website on July 13, 2020. 

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Dr Rabah Arezkiwho is an Algerian citizen, is currently the Chief Economist for Middle East and North Africa Region at the World Bank, a role he has held since 2017. 

At the World Bank, he led the development of the Bank’s “moonshot approach” for the Middle East and Africa which aims to achieve full internet and digital payment connectivity. He championed the agenda on fair competition, data and transparency to empower and unlock the potential of the region’s youth. 

Before Arezki joined the World Bank, he worked at the International Monetary Fund (IMF) from 2006 to 2017. He started his career at the IMF as an Economist and became the Chief of the Commodities and Environment Unit in the Research Department. He provided leadership on IMF’s rapid response to the historical collapse in oil prices that started in 2014. He advised authorities all around the world on risk mitigation policies. 

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Dr Arezki is a senior fellow at Harvard University’s John F. Kennedy School of Government, an external Research Associate at the Oxford University, UK, a research fellow at the CESifo, a global independent research network. Dr. Arezki is also a resource person for the African Economic Research Consortium and a Research Fellow at the Economic Research Forum. He has been a non-resident Fellow at the Brookings Institute, USA. 

He has published extensively both in top academic journals and policy-oriented outlets and is a co-editor and co-author of five books including Shifting Commodity Markets in a Globalized World. Many of his research papers have been cited extensively in academic circles and in prominent media outlets.  

In his statement after his appointment, Dr Arezki said, The African Development Bank is making excellent progress in accelerating Africa’s development. I am excited with the opportunity to work with President Adesina and the Bank’s leadership and teams to further provide top notch policy, knowledge and capacity building support for African countries.” 

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Dr Arezki holds a Masters in Economics and Statistics from Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE) – France (2003), and a PhD in Economics from the European University Institute – Italy (2006). He is multilingual and fluent in French, English, and Arabic. 

In his own response, the President of the African Development Bank Group, Akinwumi Adesina, said, I am delighted that Dr. Rabah Arezki is joining the African Development Bank Group following an impactful career at the World Bank and the IMF. Rabah is an outstanding researcher and policy expert with extensive experience in research, policy and reforms.” 

“His leadership will be especially important as the Bank designs and deploys policy-based operations to address COVID-19, advances policy reforms, and supports African countries growth recovery efforts from the pandemic,” Adesina added. 

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Corporate Press Releases

NSE simplifies investing in the capital market with comic book

StockTown is dedicated to providing financial literacy education to Nigerians.

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The proliferation of dubious investment schemes that often result in loss of money by unsuspecting members of the public continues to make the role of financial literacy imperative. To play its part, Nigeria’s leading bourse, The Nigerian Stock Exchange (NSE or The Exchange) has issued the second edition of its comic, StockTown, dedicated to providing financial literacy education to Nigerians.

The comic, available in digital format on a dedicated website at www.nse-stocktown.com builds on The Exchange’s advocacy for safe and trusted investment schemes.

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READ ALSO: NSE aids financial literacy, rewards students with equity, edufund

The story picks up from the first edition, following the life of Mora Johnson as she seeks to liberate her family from their financial struggles by investing in the capital market. This second edition highlights some major lessons for potential and existing investors including the need for vigilance in avoiding Ponzi schemes and unregulated investments, whilst advising prospective investors to seek proper guidance before making investment decisions. Readers can look forward to a simplified explanation of the history of the capital market, its evolution over the years, and how anyone can start making investments today in the Frequently Asked Questions (FAQs) section of StockTown.

Commenting on the importance of this comic book, Head, Corporate Communications, NSE, Olumide Orojimi said, “Investor Education is a priority for us at The Exchange. We have identified the need to empower individuals across all levels to make good financial decisions and better their lives now and in the future. As the investment landscape continues to evolve to accommodate more retail participants, we are excited to leverage new and existing platforms to present investment products and processes in ways that are both appealing and easy to understand, particularly in this new normal. We hope that StockTown becomes a widely-read resource for potential and existing investors, the financially excluded, millennials and the larger public.”

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READ ALSO: Gold rises above $1,800 amid COVID-19 surge, weaker dollar

StockTown is just one of the many ways NSE demonstrates its strong commitment to promoting financial literacy in Nigeria. Even amidst the Coronavirus pandemic and the temporary closure of The Exchange’s facilities, NSE continues to host virtual financial literacy workshops with students and young upwardly mobile professionals. Furthermore, The Exchange has hosted several webinars on various products including Exchange Traded Funds (ETFs), Green Bonds, and Securities Lending to provide more information to the market on available securities and how to trade them.

It should also be recalled that NSE is a member of the Financial Literacy Technical Committee of the Securities and Exchange Commission (SEC); as well as the National Finance Inclusion Steering Committee led by the Central Bank of Nigeria with a mandate to reduce the level of financial exclusion in Nigeria to 20%.

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Hospitality & Travel

5th evacuation flight for Nigerians in the US scheduled for July 31; see details

The evacuees are to forward the details of tickets and contact addresses of their next of kin.

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5th evacuation flight for Nigerians in the US scheduled for July 31; see details

The Federal Government has approved the 5th Evacuation flight for Nigerians stranded in the United States of America, for July 31.

According to a tweet from the Minister for Foreign Affairs, Geoffrey Onyeama, the Ethiopian airline, flight number ET547 will leave George Bush international airport Houston, Texas on Friday 31, July 2020 by 16:00 hours and arrive Murtala Muhammed International Airport Lagos on Saturday 1st August 2020 by 20:00 hours.

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An official statement released by the Consulate General of the Federal Republic of Nigeria, Atlanta, Georgia in collaboration with other Nigerian missions in the United States of America, states that Nigerians registered with any of the three Nigerian missions in the USA, and interested in boarding the flight, can purchase their one-way tickets.

“The airfare is $1,500 for economy class and $3,000 for business class for adult/child fare, including all taxes, with the usual percentage reduction for infants under 2 years,” it read.

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In addition, the intending evacuees are also expected to forward the details of purchased tickets together with the contact address of their next of kin in Nigeria to the consulate.

READ MORE: FG states international passengers to arrive 5 hours before departure, discloses other protocols

In line with the protocols announced by the Presidential Task Force on COVID-19, all of the returnees are to present a negative COVID-19 test result (not older than 14 days), and undergo a temperature check before boarding the evacuation flight, and upon arriving Nigeria, are expected to proceed on a 14-day self-isolation.

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In the last couple of months, the federal government, through the ministry of foreign affairs has evacuated hundreds of stranded Nigerians from different countries including the United States of America, the United Kingdom, Egypt, Malaysia, and Thailand.

The returnees bear the cost of their flight tickets and are expected to self-isolate for two weeks, upon their return to Nigeria. Returnees, who receive a clean bill of health after the isolation, are given their passports and allowed to go home.

 

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