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

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2 months ago

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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

CAC reviews service fees

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1 day ago

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June 18, 2025

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The Corporate Affairs Commission, CAC, has announced a review of its service fees, scheduled to take effect from August 1, 2025.

Ekwutosblog learnt that the review followed a thorough evaluation of current economic conditions, rising operational costs, and consultations with key stakeholders across relevant sectors by the Commission.

The adjustments affect services provided to companies, business names, limited partnerships, and incorporated trustees, including post-incorporation filings and other regulatory services.

 

A comprehensive list of the new fees is available on the CAC website.

The adjustment is reportedly aimed at improving service delivery through enhanced digital operations.

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Business

Lagos loses N4trn yearly to traffic congestion, moves to regulate tanker operations

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6 days ago

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June 13, 2025

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The Lagos State Government has disclosed that the state suffers economic losses amounting to approximately N4 trillion each year due to persistent traffic congestion

This was revealed by the Special Adviser to the Governor on Transportation, Mr Sola Giwa, during a recent interview on TVC News.

He identified unregulated parking and the chaotic activities of tankers and articulated vehicles along key logistics corridors as major contributors to the problem.

In response, the government has announced the enforcement of an Electronic Call-Up (E-Call-Up) system, scheduled to take effect from Monday, June 16, 2025.

The initiative targets tankers and articulated vehicles operating along the Lekki-Epe corridor

Giwa explained that all truck operators entering Lagos to load or offload goods will now be required to register and book their movements through the E-Call-Up platform.

The system is designed to coordinate truck activities, eliminate indiscriminate roadside parking, and reduce traffic disruptions.

“Under the new system, tanker operators will be required to upload their Authority to Load, ATL, and pre-book assigned parking slots before arriving in Lagos.

The platform will also collect relevant cargo and travel data, supporting better logistical planning and enforcement.

Seven dedicated truck parks have been approved along the Lekki-Epe axis. These facilities will be equipped with restrooms, kitchens, electricity, and other basic amenities to support driver welfare and operational efficiency.

Giwa stated that the policy is the outcome of more than two years of stakeholder engagement and is a key part of the state’s broader efforts to reform its transportation system and build a more efficient and resilient urban environment.

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Arnold Ekpe: Nine things you need to know about new Chairman of Dangote Sugar

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7 days ago

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June 12, 2025

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Dangote Sugar Refinery Plc recently appointed Mr Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.

Ekpe’s appointment comes after the retirement of Alhaji Aliko Dangote as Chairman of the company on Wednesday.

Dangote’s retirement brought an end to a 20-year leadership of the company.

His retirement will take effect starting from June 16, this year, according to a statement issued yesterday by Company Secretary Temitope Hassan.

However, Ekwutosblog brings you seven things you need to know about Dangote’s replacement, Arnold Ekpe:

1. Ekpe is a seasoned finance professional with more than thirty years of experience in the corporate sectors and banking.

2. He was born in Aug. 1953 in Nigeria, and went to King’s College, Lagos, where he graduated in 1972 and later traveled to abroad for his tertiary education.

3. Ekpe attended the University of Manchester and earned a First Class Honours degree in Engineering as a Shell Scholar (1973–1976).

4. He later obtained an MBA from Manchester Business School (1977–1979).

5. Ekpe started his career in 1977 with Schlumberger SA as a Wireline Logging Engineer.

6. He joined Alcan Aluminium Nigeria as Executive Assistant to the CEO in 1979.

7. Ekpe then entered the banking industry in the early 1980s, starting at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy.

8. He later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.

9. He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024.

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