Economy
50.5% of Nigerian Children Engage in Economic Activities—NBS
By Adedapo Adesanya
Data has shown that 50.5 per cent of Nigerian children, aged between 5 and 17, are engaged in some form of economic activities.
This was disclosed by the National Bureau of Statistics (NBS) in its report titled Nigeria Child Labour and Forced Labour Survey 2022 released on Thursday.
Child Labour, according to the bureau, refers to work for which children are either too young or that may be physically or psychologically injurious to their health and well-being.
“50.5 per cent ( 31,756.302) of all children aged 5 – 17 years old in Nigeria are engaged in economic activity,” the NBS said.
The report said 39.2 per cent of children (24, 673, 485) are in child labour and 22.9 per cent of children (14,390,353) are involved in hazardous work.
According to the report, the North-west geopolitical zone had the highest number of children in child labour (6,407,102) and in hazardous work (3,266,728).
However, in terms of the percentage of children in child labour and hazardous work, the NBS said the South-east region has the highest prevalence of children involved in child labour at 49.9 per cent.
“In the 5-17 age group, nearly 94 per cent of children in child labour are involved in own-use production of goods (including collection of firewood and fetching water), 24 per cent are in employment and 11 per cent perform unpaid trainee work,” the report said.
It said children aged 5-14 years old in child labour are less likely to be in employment and more likely to be engaged in own-use production of goods than children aged 15-17 years old in child labour.
It explained that almost 96 per cent of children in child labour who live in rural areas are engaged in own-use production of goods and nearly 26 per cent are in employment compared to 89 per cent and 20 per cent respectively of children in child labour who live in urban areas.
It added that in the 5 -17 age group, children in child labour spend an average of 14.6 hours per week working, while older children in child labour spend more time per week at work than younger children.
The NBS data said children aged 15 – 17 years old in child labour spend an average of 24.6 hours per week working compared to 19.4 hours for children aged 12 – 14 years old and 9.8 hours for children aged 5 – 11 years old.
“Children in child labour who live in rural areas spend 2.3 more hours working on average than children in child labour who live in urban areas. Boys in child labour spend more time working per week on average than girls in child labour,” it said.
However, the NBS noted that these estimates do not include time spent performing household chores.
The bureau said employment is the most time-intensive form of work on average for children in child labour with children spending on average 16 hours per week.
“Time-intensity in employment and unpaid trainee work is substantially higher in urban areas than the national average. Children in child labour are less likely to attend school than those not in child labour,” it said.
The report added that in the 5-17 age group, 53.3 per cent of children in child labour have been exposed to at least one workplace hazard.
“Children in child labour who live in rural areas are more likely to be exposed to workplace hazards than those who live in urban areas.
“16.3 per cent of children in child labour have experienced a work-related injury. Boys in child labour are more likely to have experienced a work-related injury than girls in child labour,” it said.
The bureau further explained that girls are more likely to be engaged in household chores than boys.
“62.2 per cent of girls performing household chores compared to 50.8 per cent of boys. Children are often engaged in household chores in addition to work in economic activities. 73.1 per cent of children are both in child labour and household chores,” it said.
The report added that in the 5-14 age group, 77.6 per cent of children attend school while 46.5 per cent are working and 11.2 per cent are exclusively working.
“Children in the urban areas are substantially less likely to be working only and more likely to attend school only than their rural counterparts. There are few differences between boys and girls.
“In the 5-17 age group, more than two-thirds of children are working and 21.9 per cent are exclusively working. Children living in rural areas are 12 percentage points more likely to be working and 17 percentage points less likely to attend school than children living in urban areas,” the report said.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited returned to green territory on Friday, closing higher by 0.10 per cent after investor sentiment turned bullish.
Business Post reports that the market breadth index was positive yesterday after the bourse ended with 29 appreciating equities and 21 depreciating equities.
Linkage Assurance gained 10.00 per cent to trade at N1.43, Livestock Feeds appreciated by 9.93 per cent to N8.41, Mutual Benefits jumped by 9.84 per cent to 67 Kobo, UBA soared by 5.75 per cent to N36.80, and Oando grew by 5.59 per cent to N51.00.
Conversely, Red Star Express lost 9.91 per cent to finish at N4.82, Learn Africa depreciated by 9.85 per cent to N3.02, FTN Cocoa declined by 9.43 per cent to N4.80, Coronation Insurance slumped by 9.39 per cent to N2.22, and Ikeja Hotel slipped by 9.35 per cent to N9.70.
Customs Street grew yesterday as a result of buying interest in banking equities, which dominated the activity chart, according to data from the bourse.
Fidelity Bank transacted 62.3 million shares for N1.1 billion, Access Holdings traded 38.3 million equities worth N843.7 million, Tantalizers sold 32.0 million stocks valued at N99.2 million, Veritas Kapital exchanged 31.4 million shares worth N38.4 million, and Zenith Bank traded 22.7 million equities valued at N1.1 billion.
At the close of trades, a total of 397.2 million stocks worth N14.2 billion exchanged hands in 10,099 deals compared with the 310.5 million stocks valued at N6.3 billion traded in 10,182 deals a day earlier, indicating a decline in the number of deals by 0.82 per cent, and the growth in the trading volume and value by 27.92 per cent and 125.40 per cent, respectively.
The industrial goods and commodity sectors remained unchanged during the session, the insurance and consumer goods indices tumbled by 0.49 per cent and 0.02 per cent apiece, while the energy and banking counters went up by 0.50 per cent and 0.12 per cent, respectively.
The bargain-hunting activities of the market participants lifted the All-Share Index (ASI) on Friday by 104.19 points to 104,962.96 points from 104,858.77 points and the market capitalisation increased by N66 billion to N65.820 trillion from N65.754 trillion.
By Adedapo Adesanya
The last trading session this week at the NASD Over-the-Counter (OTC) Securities Exchange ended on a negative note with a 0.44 per cent decline on Friday, March 21.
The market capitalisation of the OTC securities exchange went down by N8.67 billion to N1.939 trillion from N1.948 trillion and the NASD Unlisted Security Index (NSI) ended the session at 3,358.61 points after dropping 15.01 points from the preceding day’s 3,373.62 points.
Trading data showed an increase of 50.7 per cent in the volume of securities transacted to 304,188 units from the 201,873 units transacted in the previous trading day, the value of transactions surged by 1,214.8 per cent to N10.2 million from N776,509.51, and the number of deals rose by 88.2 per cent to 32 deals from 17 deals.
Yesterday, FrieslandCampina Wamco Nigeria Plc lost N1.84 to trade at N37.17 per share versus Thursday’s closing price of N39.01 per share, Central Securities Clearing System (CSCS) Plc depreciated by N1.01 to sell at N22.84 per unit compared with the preceding day’s N213.85 per unit, and Afriland Properties Plc declined by 2 Kobo to close the day at N19.50 per share versus the previous session’s N19.52 per share.
At the close of trading activities, Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Industrial and General Insurance (IGI) Plc with a turnover of 69.9 million units valued at N23.7 million, and Geo Fluids Plc with 44.1 million units sold for N88.9 million.
Similarly, Impresit Bakolori Plc was the most active stock by value on a year-to-date basis with a turnover of 533.9 million units worth N520.9 million, trailed by FrieslandCampina Wamco Nigeria Plc with the sale of 13.2 million units valued at N511.8 million, and Afriland Properties Plc with 17.6 million units sold for N360.1 million.
By Adedapo Adesanya
The value of the Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 21 by N2.72 or 0.18 per cent to settle at N1,537.05/$1 compared with the preceding day’s N1,534.33/1$.
In the same official FX market, the exchange rate of the Nigerian Naira and the Pound Sterling and the Euro remained unchanged at N1,972.89/£1 and N1,657.81/€1, respectively.
At the parallel market segment, the local currency tumbled against the Dollar during the trading session by N5 to trade at N1,590/$1 versus Thursday’s closing price of N1,585/$1.
The pressure on the market continued as the Dollar strengthened in the international market, making currencies like the Naira weaker.
The continuous downward trend of the Naira has raised concerns about the effectiveness of recent injections into the market even as the Central Bank of Nigeria (CBN) channeled more than $55 million into the banks during the week.
In the cryptocurrency market, most tokens as prices inversed with the wider financial markets, which are down on tariff worries and decreased corporate earnings.
On the regulatory front, the US government is moving towards a market structure bill that has been touted as historic.
Solana (SOL) appreciated by 1.2 per cent to sell at $129.31, Dogecoin (DOGE) rose by 0.9 per cent to $0.1692, Ethereum (ETH) went up by 0.9 per cent to $1,988.34, and Ripple (XRP) added 0.8 per cent to close at $2.40.
Further, Bitcoin (BTC) expanded by 0.6 per cent to $84,293.76, Binance Coin (BNB) increased by 0.4 per cent to $631.94, and Cardano jumped by 0.3 per cent to end at $0.7134.
On the flip side, Litecoin (LTC) went down by 1.8 per cent to $91.25, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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