General
Almost 385m Children Live In Extreme Poverty—Report
By Dipo Olowookere
A new analysis from the World Bank Group and the UNICEF has disclosed that children are more than twice as likely as adults to live in extreme poverty.
A focus on children finds that in 2013 19.5 per cent of children in developing countries were living in households that survived on an average of US$1.90 a day or less per person, compared to just 9.2 per cent of adults.
Globally, almost 385 million children were living in extreme poverty.
Children are disproportionately affected, as they make up around a third of the population studied, but half of the extreme poor. The youngest children are the most at risk – with more than one-fifth of children under the age of five in the developing world living in extremely poor households.
“Children are not only more likely to be living in extreme poverty; the effects of poverty are most damaging to children. They are the worst off of the worst off – and the youngest children are the worst off of all, because the deprivations they suffer affect the development of their bodies and their minds,” said UNICEF Executive Director Anthony Lake. “It is shocking that half of all children in sub-Saharan Africa and one in five children in developing countries are growing up in extreme poverty. This not only limits their futures, it drags down their societies.”
The new analysis comes on the heels of the release of the World Bank Group’s new flagship study, Poverty and Shared Prosperity 2016: Taking on Inequality, which found that some 767 million people globally were living on less than $1.90 per day in 2013, half of them under the age of 18.
“The sheer number of children in extreme poverty points to a real need to invest specifically in the early years—in services such as pre-natal care for pregnant mothers, early childhood development programs, quality schooling, clean water, good sanitation, and universal health care,” said Ana Revenga, Senior Director, Poverty and Equity at the World Bank Group. “Improving these services, and ensuring that today’s children can access quality job opportunities when the time comes, is the only way to break the cycle of intergenerational poverty that is so widespread today.”
The global estimate of extreme child poverty is based on data from 89 countries, representing 83 per cent of the developing world’s population.
Sub-Saharan Africa has both the highest rates of children living in extreme poverty at just under 50 per cent, and the largest share of the world’s extremely poor children, at just over 50 per cent. South Asia has the second highest share at nearly 36 per cent—with over 30 per cent of extremely poor children living in India alone. More than four out of five children in extreme poverty live in rural areas.
In addition, the report reveals that even at higher thresholds, poverty also affects children disproportionately.
About 45 per cent of children are living in households subsisting on less than $3.10 a day per person, compared with nearly 27 per cent of adults.
UNICEF and the World Bank Group are calling on governments to:
Routinely measure child poverty at the national and subnational level and focus on children in national poverty reduction plans as part of efforts to end extreme poverty by 2030.
Strengthen child-sensitive social protection systems, including cash transfer programs that directly help poor families to pay for food, health care, education and other services that protect children from the impact of poverty and improve their chances of breaking the cycle in their own lives.
Prioritize investments in education, health, clean water, sanitation and infrastructure that benefit the poorest children, as well as those that help prevent people from falling back into poverty after setbacks like droughts, disease or economic instability.
Shape policy decisions so that economic growth benefits the poorest children.
UNICEF and the World Bank Group are working with partners to interrupt cycles of poverty and to promote early childhood development – with programs ranging from cash transfers, to nutrition, healthcare and education.
Ethiopia specific information:
– There are 13 million Ethiopian children who live in poor households, 2 million of whom live in extreme poverty.
– Children are more severely affected by poverty (32.4 per cent) and extreme poverty (5.2 per cent) than adults (29.6 per cent and 4.5 per cent, respectively).
– The poorest children are found in households whose head is employed in the informal sector. 13.1 per cent of these children live in extreme poverty.
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By Adedapo Adesanya
The World Bank Group’s private-sector arm, the International Finance Corporation (IFC), and Standard Chartered on Wednesday announced a new risk-sharing facility aimed at strengthening supply chains and supporting business growth across Africa.
The programme will roll out across eight markets—Côte d’Ivoire, Egypt, Ghana, Kenya, Nigeria, South Africa, Tanzania and Zambia—targeting sectors including agriculture, healthcare and manufacturing, with a focus on improving access to working capital for suppliers.
This marks the IFC’s first project under its Global Supply Chain Finance Program and the Africa Trade and Supply Chain Recovery Initiative, supported by the International Development Association’s Private Sector Window Blended Finance Facility.
Global demand for supply chain finance continues to rise, reaching an estimated $2.7 trillion in 2025, an increase of 8 per cent year-on-year. However, access in emerging markets remains limited, as financial institutions tend to prioritise developed economies.
The facility will cover up to $300 million in supply chain and trade finance assets originated by Standard Chartered. It includes financing instruments such as payables finance, receivables discounting and pre-shipment finance programmes, which enable businesses to access funds earlier in the payment cycle.
The facility aims to address this imbalance by mitigating risk in short-term trade and supply chain finance portfolios, helping to unlock capital in underserved markets.
By accelerating payments to suppliers, the initiative aims to strengthen supply chain relationships, improve delivery reliability and support job creation across value chains.
IFC will provide guarantees of up to $150 million, with $100 million committed as an initial tranche. The facility will support transactions in both U.S. dollars and selected local currencies.
Over three years, the partnership is expected to enable approximately $1.9 billion in supply chain finance transactions, supporting more than 500 suppliers, including small and medium enterprises. The programme also has the potential to indirectly benefit over 1 million farmers.
Speaking on this development, Mr Mohamed Gouled, Vice President, Products & Clients at IFC, said, “Supply chain finance is among the fastest ways to narrow the growing finance gap that businesses, particularly small and medium enterprises, are facing in emerging economies. By partnering with Standard Chartered to support companies at the centre of strategic value chains, we can unlock much-needed working capital at scale for businesses across Africa, including smaller firms and farmers, making supply chains more competitive and boosting job creation.”
On his part, Mr Dalu Ajene, Chief Executive and Head of Coverage, Standard Chartered Africa, said, “This $300 million facility with IFC underscores our shared commitment to strengthening Africa’s supply chains and enabling sustainable business growth. As a super-connector bank with deep expertise across key trade corridors linking Africa to Europe, Asia, the Middle East and the Americas, we are uniquely positioned to channel capital and innovation into the real economy.”
“By expanding access to supply chain finance, we are helping African companies unlock liquidity, manage risk, and invest with confidence. Our collaboration unites Standard Chartered’s cross-border expertise with IFC’s development mandate to empower businesses – from major corporations to smaller local suppliers – to engage more actively in regional and global trade, fostering job creation and promoting inclusive growth,” he added.
By Adedapo Adesanya
The National Bureau of Statistics (NBS) has said that the average retail price of a litre of Premium Motor Spirit (PMS), otherwise known as petrol, rose by 22.55 per cent or N237.07 per litre to N1,288.54 in March 2026 from N1,051.47 in February.
In the Premium Motor Spirit (Petrol) Price Watch for March released on Tuesday, the NBS said on a year-on-year basis, the average retail price of fuel also increased by 2.13 per cent from N1,261.65 recorded in March 2025.
This surge in fuel prices could be linked to global disruptions brought on by the US-Israel war on Iran, which triggered the closure of the Strait of Hormuz and sent prices of crude oil above $100 per barrel.
While the country was not heavily hit by the impact, it felt the ripple effect of crude prices increasing, particularly as Dangote Refinery imported crude from other markets to cover for local feedstock shortfalls.
The data noted that by state, Anambra recorded the highest average retail price of N1,441.22 per litre, followed by Sokoto at N1,377.55 and Borno at N1,375.16.
However, the price was cheapest in Lagos at N1,162.71, followed by Ogun at N1,169.78 and Kaduna state at N1,193.40.
By zone, it was most expensive in the North East at N1,336.50 last month, while the South-West recorded the lowest at N1,232.46.
A look at the Diesel Price Watch Report for March showed that the average retail price paid by users rose by 16.05 per cent on a month-on-month basis to N1,648.08 per litre from N1,420.17 per litre a month earlier.
“On state profiles analysis, the highest average price of diesel in March was recorded in Ebonyi at N2,262.29 per litre, followed by Akwa Ibom at N1,895.72 and Osun at N1,872.15.
“On the other hand, the lowest price was recorded in Kogi at N1,383.40 per litre, followed by Katsina State at N1,438.25 and Enugu at N1,480.06,” parts of the report said.
By Modupe Gbadeyanka
The vice-presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Datti Baba-Ahmed, has left the party to join the Peoples Redemption Party (PRP).
Speaking on Channels Television’s Politics Today, the politician said he’s no longer interested in the way the Labour Party was being run.
He disclosed that there is no more peace in the political party he flew its flag in the last general elections because of greed.
He accused the ruling All Progressives Congress (APC) of destabilising opposition political parties to ensure President Bola Tinubu does not have a credible opponent in the 2027 presidential poll.
“What the Labour Party stood for is not the same now. We have a government of today which is interested in destroying other political parties,” he said.
“I am leaving the Labour Party tomorrow (today) by 12 midnight,” Mr Baba-Ahmed said when asked about his plans for next year.
I am leaving the Labour Party [at] midnight, and I am joining PRP. PRP is the new destination. PRP is the one with a history. It’s about 75 years old,” he further stated.
He further said, “When there was real peace in the Labour Party, someone was redeployed to the Labour Party and because of the antecedents of the person, [I don’t see things getting better].
PRP, a progressive Nigerian political party, was established in 1978 by Mallam Aminu Kano. It is rooted in social democratic principles and populist ideology, often focusing on the empowerment of the talakawa (common people).
Its current National Chairman, according to data obtained from the website of the Independent National Electoral Commission (INEC), is Mr Falalu Bello, while the National Secretary is Mr Babatunde F. Alli.
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