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95.7m Nigerians to Join Extreme Poverty Club

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By Adedapo Adesanya

The World Bank has predicted that an estimated 95.7 million Nigerians would be joining the extremely poor class by 2022.

The report, released recently, indicated that without the COVID-19 outbreak, 90 million Nigerians were already predicted to live in extreme poverty of less than a dollar per day but that the dreaded disease will push additional six million people into the number.

The bank said: “With real per capita GDP growth forecast to be negative in all sectors in 2020, poverty will deepen for the current poor, while those households that were just above the poverty line prior to the COVID-19 crisis will fall into poverty.

“Were the crisis not to have hit (the counterfactual scenario), the poverty headcount rate would be forecast to remain virtually unchanged, with the number of poor people set to rise from 82.9 million today to 85.2 million in 2020 and 90.0 million in 2022 due to natural population growth.

“Given the effects of the crisis, however, the national poverty headcount rate is instead forecast to jump from 40.1 percent today to 42.5 percent in 2020 and 42.9 percent in 2022, implying that the number of poor people will be 90.2 million in 2020 and 95.7 million in 2022.

“Thus, taking the difference between these two scenarios, the crisis alone is forecast to drive an additional 4.9 million people into poverty this year, with an additional 5.7 million people living in poverty by 2022.”

The report explained that a number of Nigerians share of those pushed into poverty by the COVID-19 crisis would likely be those living in urban areas and earning income from services.

The bank further predicted that: “More than one-third of the additional people forecast to be pushed into poverty by the COVID-19 crisis are expected to be in urban areas, while just 15.9 percent of the current poor are urban dwellers.

“Only 13.1 percent of the additional poor people in 2022 are predicted to be in households where the head works primarily in agriculture, while, today, 56.0 percent of poor Nigerians live in agricultural households.

“Many Nigerians who are not poor today are vulnerable to falling below the poverty line due to the COVID-19 crisis. People living only just above the poverty line are more susceptible to becoming poor when shocks occur. Those with consumption levels between the poverty line and 1.5 times the poverty line may be defined as ‘vulnerable”.

It added that 40.1 percent of Nigerians (82.9 million people) live below the poverty line, while another 25.4 percent (52.6 million people) are vulnerable.

It pointed out that in rural areas, more than three-quarters of the population were either poor or vulnerable, yet even in urban areas— where the poverty headcount rate was far lower at 18.0 percent—around a quarter of the population would be vulnerable to shocks.

The report noted that most Nigerian workers, especially those in poor households employed in agriculture or non-farm enterprises, which might be more susceptible to the COVID-19 crisis.

The global financial institution stated that just 16.8 percent of working Nigerians (12.9 million workers) were employed primarily in wage jobs, based on the 2018-2019 Nigeria Living Standard Survey (NLSS) while around 42.7 percent work primarily in agriculture (32.7 million workers), and 40.6 percent work primarily in non-farm enterprises (31.1 million workers).

The report observed that social distancing measures posed a serious threat to non-farm enterprises that relied on face-to-face interactions with customers, as well as those agricultural workers that needed to buy inputs and sell produce.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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US Suspends Immigrants Visa for Nigerians, 74 Others

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By Adedapo Adesanya

Nigeria is among 75 countries the US government will suspend the processing of immigrant visas for its citizens.

According to the US State Department, the citizens of the 75 countries are those whose nationals are deemed likely to require public assistance while living in the United States.

The State Department, led by Secretary Marco Rubio, said it had instructed consular officers to halt immigrant visa applications from the countries affected in accordance with a broader order issued in November that tightened rules around potential immigrants who might become “public charges” in the US.

Business Post gathered that alongside Nigeria are Afghanistan, Albania, Algeria, Antigua and Barbuda, Armenia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belarus, Belize, Bhutan, Bosnia, Brazil, Burma, Cambodia, Cameroon, Cape Verde, Colombia, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, and Dominica.

Others include Egypt, Eritrea, Ethiopia, Fiji, Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea, Haiti, Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kosovo, Kuwait, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Macedonia, Moldova, Mongolia, Montenegro, Morocco, Nepal, Nicaragua, Pakistan, Republic of the Congo, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Tanzania, Thailand, Togo, Tunisia, Uganda, Uruguay, Uzbekistan, and Yemen.

The suspension, which will begin on January 21, will not apply to applicants seeking non-immigrant visas, or temporary tourist or business visas.

“The Trump administration is bringing an end to the abuse of America’s immigration system by those who would extract wealth from the American people,” the department said in a statement.

“Immigrant visa processing from these 75 countries will be paused while the State Department reassess immigration processing procedures to prevent the entry of foreign nationals who would take welfare and public benefits.”

President Donald Trump’s administration has already severely restricted immigrant and non-immigrant visa processing for citizens of dozens of countries, many of them in Africa.

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Nigeria Hires $9m American Lobby Firm to Counter Christian Genocide Claims

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By Adedapo Adesanya

Nigeria has reportedly engaged the services of a Washington-based lobbying firm, DCI Group, in a $9 million contract aimed at communicating its efforts to protect Christians in Nigeria to the United States government.

According to The Africa Report, the amount appears to be a record for African lobbying in the US capital, citing documents filed with the US Department of Justice by Aster Legal, a Kaduna-based law firm, acting on behalf of National Security Adviser (NSA), Mr Nuhu Ribadu.

The agreement, signed on December 17, 2025, between Mr Oyetunji Olalekan Teslim, Managing Partner of Aster Legal, and Mr Justin Peterson, Managing Member of DCI Group, authorises the US firm to assist the Nigerian government “in communicating its actions to protect Nigerian Christian communities and maintaining US support in countering West African jihadist groups and other destabilizing elements.”

Under the terms of the contract, DCI Group will receive $750,000 monthly, amounting to $9 million over 12 months. The deal runs initially for six months, until June 30, 2026, with an automatic renewal clause for another six-month period.

A clause in the agreement also allowed either party to terminate the deal “for any reason without penalty” by giving 60 days’ advance written notice.

It was reported that on December 12, 2025, Nigeria paid DCI Group 50 per cent or $4.5 million prepayment covering the first six months of the retainership agreement. A second installment is due at the end of the initial contract period.

This comes amid recent threats by US President Donald Trump to invade the country after its redesignation of Nigeria as a “country of particular concern,” citing alleged attacks against Christian communities. However, the Nigerian government has repeatedly denied claims of a Christian genocide, insisting that violence in the country affects all regardless of their affiliations.

Following an engagement late last year, the federal government pledged to “engage with the American government through diplomatic and legal channels” to address the allegations. Since late November, the US has been conducting intelligence-gathering flights over large parts of Nigeria.

On Christmas Day, the US military launched airstrikes against Islamic State (IS) terrorist enclaves in Bauni Forest, Tangaza Local Government Area of Sokoto State, marking a significant escalation in US counterterrorism involvement in Nigeria.

On Tuesday, the US delivered critical military supplies to Nigeria to bolster the country’s operations, the US military’s Africa Command (AFRICOM) said.

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Nigeria, UAE Seal Trade Pact, to Co-host Investopia

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By Adedapo Adesanya

President Bola Tinubu has said Nigeria would co-host Investopia with the United Arab Emirates (UAE) in Lagos in February, an initiative aimed at attracting global investors and accelerating sustainable investment inflows.

President Tinubu made this announcement on the sidelines of the 2026 Abu Dhabi Sustainability Week (ADSW), where Nigeria also concluded a Comprehensive Economic Partnership Agreement (CEPA) with the UAE to deepen trade and cooperation in renewable energy, infrastructure, logistics, and digital trade.

“We warmly invite our partners to join us and help build the next chapter of sustainable and shared prosperity for Nigeria, Africa, and the world, ” President Tinubu said.

He described CEPA as a historic and strategic agreement that will also enhance cooperation in aviation, logistics, agriculture, and climate-smart infrastructure, creating enduring opportunities for the people of the two countries, stating that Investopia will bring together investors, innovators, policymakers, and business leaders to transform opportunities into commitment and ideas into investment.

Mr Tinubu told the summit that Nigeria aims to mobilise up to $30 billion annually in climate and green industrial finance as it accelerates energy transition reforms and expands nationwide electricity access.

“The foundation of every modern economy is electricity. As an emerging economy in the Global South, we understand the delicate balance between industrialisation and decarbonisation, ensuring neither is pursued at the expense of the other.

”We are calling for a fundamental shift in the global financial architecture: a move away from the restrictive requirement of sovereign guarantees, which unfairly penalise developing economies.

”Instead, the focus should be on blended finance and first-loss capital mechanisms that allow private sustainable capital flows directly into our green projects without further straining national balance sheets,” he said.

According to President Tinubu, Nigeria has strengthened its climate governance framework with the adoption of a National Carbon Market Activation Policy and the launch of a National Carbon Registry.

He explained that these measures are aimed at improving transparency and investor confidence.

Mr Tinubu highlighted the Electricity Act 2023 as a central pillar of Nigeria’s energy reforms, noting that it enables decentralised power generation and distribution to underserved communities.

He added that Nigeria’s climate investment drive includes a $500 million distributed renewable energy fund backed by the Nigeria Sovereign Investment Authority, as well as a $750 million World Bank programme expected to expand clean electricity access to more than 17.5 million people.

President Tinubu reaffirmed Nigeria’s target of net-zero emissions by 2060, under its Energy Transition Plan, while pursuing industrial growth and universal energy access.

He invited foreign investors to partner in Nigeria’s lithium and critical minerals sector, stressing that the government prioritises local processing and value addition.

President Tinubu noted that Nigeria’s ongoing economic reforms are producing tangible results, including a 21 per cent growth in non-oil exports.

”These reforms, alongside wider fiscal and monetary measures, are delivering results. Non-oil exports have grown by 21 per cent, supported by a more diversified product base. Capital importation has risen, and Nigeria now has over 50 billion dollars in investment commitments across key sectors.

”We are ready to work with partners across the world to ensure that the next era of development is not only green and inclusive, but just and enduring,” he said.

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