General
82.9m Nigerians Living in Poverty–NBS
By Adedapo Adesanya
Over 80 million Nigerians are living in poverty, latest data from the National Bureau of Statistics (NBS) has shown on Monday.
According to the country’s official statistical authority, a total of 82.9 million Nigerians, representing about 40 percent, live in Africa’s largest economy and most populous nation.
This was contained in a report titled “the Nigerian Living Standards Survey (NLSS)” in the country about poverty and inequality and samples data from September 2018 to October 2019.
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.
According to the NBS report, 82.9 million Nigerians live below its poverty line of N137,430 ($381.75) per year. Using a benchmark exchange rate of N360/$1, this translates to N376.50 per day.
“In Nigeria, 40.1 percent of total population were classified as poor. In other words, on average 4 out of 10 individuals in Nigeria has real per capita expenditures below N137,430 per year,” it said.
The statistics office said it did not include Borno, the state worst hit by the decade-long Boko Haram insurgency, because many areas there were not safe to reach.
A total of nearly 8 million people need humanitarian assistance across Borno and two neighbouring states affected by the insurgency, according to the United Nations.
The NBS said it had changed its methodology for its study, so the figures could not be compared with previous reports on the same subject covering 2003-2004 and 2009-2010.
“The 2019 study is accordingly treated as a base study and any comparisons with previous poverty studies should be treated with caution,” stated the report.
The statistics body said 52 percent of people in rural areas live in poverty, compared with 18 percent in urban parts of the country.
It said the highest poverty levels were in the Northwestern state of Sokoto, where 87.7 percent of people live under the poverty line compared with 4.5 percent in commercial capital of Lagos state which had the lowest rate.
In the East, Ebonyi State has the highest rate of poverty, making it the fourth in the country with 79.9 percent.
The Federal Capital Territory (FCT) is below 50 percent, with 38.7 percent of Nigerians residing in the country’s capital, qualifying as poor.
Even as the top oil exporter in Africa, which accounts for more than half of government revenue and the country’s foreign reserve, the country has not been able to diversify the economy and build much needed transport and power infrastructure, which many have pegged would improve its revenue and hell prevent it from the shocks of the oil market.
With overpopulation on the brink, and population expected to double to 400 million in the next thirty years, the country has now come under a new pandemic that is threatening its revenue source.
The survey for the data showed that it used 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.
By Dipo Olowookere
A $15 million debt facility has been obtained by Watt Renewable Corporation from the AfriGreen Debt Impact Fund to finance hybrid solar power plants to be built and operated by the former, especially in Nigeria.
WATT intends to use the projects to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors.
By integrating solar hybrid solutions, the firm aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.
As a pioneer in renewable energy solutions, WATT continues to drive innovation in Nigeria’s energy sector.
The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients.
This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.
The funds from AfriGreen provide the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.
Business Post gathered that to mitigate the currency risk for WATT in the event of devaluation of the Nigerian Naira, AfriGreen is offering a local currency facility that matches the payment structure of the power purchase agreements.
“We are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa.
“With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients,” the Managing Director of WATT, Mr Oluwole Eweje, said.
“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country.
“This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT.
“By leveraging these favourable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership,” the Managing Director of AfriGreen, Mr Alexandre Gilles, stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied issuing a directive that gas supply to power generating companies (GenCos) be halted.
In a statement on Wednesday, the authority also denied instructing wholesale gas suppliers to stop further supply of gas to companies due to failure in payment obligations.
The NMDPRA described reports stating that it has directed the stoppage of gas supply to GenCos over N2 trillion debt as “false and completely unfounded”.
“It has absolutely no bearing on the information shared at a recent stakeholders’ engagement held in Lagos between the Authority, the OPTS, IPPG and other stakeholders in the oil and gas industry,” the NMDPRA said.
“The purpose of the engagement was to sensitise stakeholders on the requirements, opportunities and benefits associated with the implementation of the wholesale supply license as provided by sections 142 and 197 of the Petroleum Industry Act (PIA) 2021.
“It was a follow-up to an earlier stakeholder engagement held at the NMDPRA corporate headquarters in Abuja on November 27, 2024.
“The Authority wishes to reassure all our stakeholders and indeed the general public that at no time was the false statement made at that event and anywhere else, and are advised to completely disregard the publication as every effort is being made to ensure that the supply and distribution of natural gas and petroleum products to end users is seamless and unabated as we head into the festive season and indeed all through the coming year 2025.”
Recall that Nigeria’s national grid experienced another collapse on Wednesday, the 11th time in 2024 as Gencos couldn’t generate enough power, compounding issues facing the Nigerian power sector.
This was the first time in over a month as the last time the nation witnessed a nationwide shutdown in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
By Aduragbemi Omiyale
Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.
This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.
On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.
One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”
Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.
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