Business

75.5 per cent rural Nigerians living below poverty line – World Bank

Published

11 months ago

May 5, 2025

World bank

About 75.5 per cent of rural Nigerians are now living below the poverty line, reflecting deepening hardship in the country’s hinterlands, the World Bank, has disclosed.

The disclosure was made in the Bank’s April 2025 Poverty and Equity Brief for Nigeria that paints a grim picture of worsening economic hardship, widening inequality, and persistent underdevelopment across much of the nation.

The report stressed that the situation is significantly worse in rural areas, where economic stagnation, high inflation, and insecurity have exacerbated living conditions, while poverty is widespread among urban populations.

According to the report, “Based on the most recent official household survey data from Nigeria’s National Bureau of Statistics, 30.9 per cent of Nigerians lived below the international extreme poverty line of $2.15 per person per day in 2018/19 before the COVID-19 pandemic.”

The report also explained that Nigeria’s enduring regional disparities remained spatially unequal, saying that the poverty rate in northern geopolitical zones was 46.5 per cent in 2018/19, compared with 13.5 per cent for southern ones. Inequality measured by the Gini index was estimated at 35.1 in 2018/19.

Nigeria’s Prosperity Gap — the average factor by which individuals’ incomes must be multiplied to attain a prosperity standard of $25 per day for all — is estimated at 10.2, higher than most peers, despite successive policy interventions, the figures underscore a persistent economic divide across the country.

Children aged 0 to 14 years had a poverty rate of 72.5 per cent, reflecting the scale of deprivation among the youngest segment of the population, as a result of the report’s demographic analysis.

With Nigerians lacking formal education experiencing a poverty rate of 79.5 per cent, it emerges as a significant determinant of poverty, it contrasts with 61.9 per cent for those with primary education and 50.0 per cent for secondary school graduates and only 25.4 per cent of those with tertiary education were considered poor.

The report also drew attention to multidimensional poverty indicators, which further reflect widespread deprivation, stressing that about 30.9 per cent of Nigerians live on less than $2.15 daily, 32.6 per cent lack access to limited-standard drinking water, 45.1 per cent do not have limited-standard sanitation, and 39.4 per cent have no electricity.

The report stated that 17.6 per cent of adults yet to complete primary education, and 9.0 per cent of households reporting at least one school-aged child not enrolled in school as education access remains a challenge.

The report noted that even before the COVID-19 pandemic, efforts to reduce extreme poverty had largely stalled, saying that before COVID-19, extreme poverty reduction had almost stagnated, dropping by only half a percentage point annually since 2010.

Living standards of the urban poor are hardly improving, and jobs that would allow households to escape poverty are lacking.

Although the World Bank acknowledged recent economic reforms aimed at stabilising Nigeria’s macroeconomic outlook, it warned that persistently high inflation continues to undermine household purchasing power, particularly in urban areas where incomes have not kept pace with rising costs.

The Bank called for urgent policy action to shield vulnerable groups from inflationary shocks and to drive job creation through more productive economic activities in light of the worsening situation.

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Business

CBN Releases New Age Limit, Guidelines On BVN Operation.

Published

1 week ago

March 13, 2026

Ekwutos Blog

The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.

According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.

The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.

“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.

The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.

The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.

“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.

The apex bank stated that access to BVN databases will remain tightly controlled.

“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.

“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.

Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.

The new policy, as stated by the CBN, takes effect from May 1, 2026.

Business

NNPC Reduces Fuel Price

Published

2 weeks ago

March 12, 2026

Ekwutos Blog

NNPC Reduces Fuel Price

The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.

The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.

In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.

Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.

The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.

The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.

Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.

The change followed a fall in international crude oil prices.

Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.

The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.

Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.

Business

INNOCHRIS FOUNDER SIR INNOCENT ONUOHA DIES AT 71

Published

2 weeks ago

March 11, 2026

Ekwutos Blog

Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.

Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.

Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.

Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.

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