Headline

Nigeria Missed 2022 Poverty Reduction Target – W’Bank

Published

3 years ago

December 26, 2022

The World Bank Group has said that the estimated per capita income growth of 0.7 per cent for Nigeria and the rest of Sub-Saharan Africa in 2022 is insufficient to meet the challenging goals of poverty reduction and shared prosperity in the medium to long term.

In its new report titled “Africa’s Pulse: An analysis of issues shaping Africa’s economic future,” the Washington-based bank said that poverty reduction trends, which were already derailed by the pandemic, had slowed further.

According to the report, the pandemic has induced a lasting impact on long-term growth, affecting particularly the poorest people and increasing extreme poverty.

It added that the weak rebound of the Nigerian economy in the aftermath of the pandemic along with the setback from rising inflation was insufficient to undo pandemic-induced job and income losses.

The report partly read, “Rising inflation is weighing on economic activity in Sub-Sahara. The upward trend in inflation following the post-pandemic period was exacerbated by the war in Ukraine, soaring to record highs in many countries.

“The escalation of the war has fueled a rise in commodity prices, particularly food and energy prices. High pass-through of food and fuel prices to consumer prices has caused headline inflation to spike.”

The World Bank also said rising inflation is weighing on economic activity in Nigeria, and that the upward trend in inflation following the post-pandemic period was exacerbated by the war in Ukraine.

The report read further, “The escalation of the war has fueled a rise in commodity prices, particularly food and energy prices. High pass-through of food and fuel prices to consumer prices has caused headline inflation to spike.

“The fiscal space to mount effective responses today is gone because of high levels of debt across Sub-Saharan African countries, rising borrowing costs, and depleted public savings.”

The report follows an earlier publication by the Bank titled “A Better Future for All Nigerians: Nigeria Poverty Assessment 2022,” in which it noted that deep structural reforms guided by evidence are urgently needed to lift millions of Nigerians out of poverty.

It added that sluggish growth, low human capital, labor market weaknesses, and exposure to shocks are holding Nigeria’s poverty reduction back.

According to the report, which brings together the latest evidence on the profile and drivers of poverty in Nigeria, as many as four in 10 Nigerians live below the national poverty line.

In its recent review of Nigeria’s poverty map, the National Bureau of Statistics pegged 62.9 per cent of Nigerians — nearly 133 million people — as multidimensionally poor. The figure represents a significant jump from the World Bank’s projection earlier this year, which placed 95m Nigerians under the poverty line.

Headline

Indian Court Denies Bail To Nigerian Man Over Drug Charges

Published

5 hours ago

May 28, 2026

Editor

A court in India has denied bail to a 44-year-old Nigerian national, Cristian Soporuchukwu, who is currently facing drug trafficking charges in the country.

Cristian Soporuchukwu initially entered India on a business visa but was later arrested over allegations of involvement in the sale of hard drugs.

Reports indicated that after arriving in India, Soporuchukwu travelled through Goa, Delhi, and Mumbai, where he allegedly established links with suspected drug traffickers.

He was accused of purchasing MDMA crystals and distributing them to college students and information technology workers.

According to reports, operatives of the Beguru Police arrested Cristian Soporuchukwu in April 2025 for allegedly selling MDMA crystals around Begur Lake and the AECS Layout Road area.

The New Indian Express reported that the High Court of Karnataka subsequently dismissed the Nigerian’s bail application.

“The anti-narcotics wing seized about 1 kg of MDMA crystals, a pocket weighing machine, 10 zip-lock covers, a mobile phone and a scooter from him,” the report stated.

Justice V. Srishananda, while ruling on the bail application, reportedly held that errors relating to the grounds of arrest could not automatically justify bail in serious narcotics-related offences under the Narcotic Drugs and Psychotropic Substances, NDPS, Act.

The court further noted that Cristian Soporuchukwu had allegedly overstayed his visa in India, according to the report.

Headline

Strait Of Hormuz: US Announces Sanctions Against Iran

Published

5 hours ago

May 28, 2026

Editor

The United States Treasury has announced sanctions against Iran’s Persian Gulf Strait Authority.

Treasury Secretary, Scott Bessent, said this in a statement on Wednesday.

The statement extended the threat of sanctions to anyone paying the fees, saying they may be providing support to and receiving services from Iran’s Revolutionary Guards, and therefore may be exposed to sanctions risk.

“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash.

“Treasury has deprived the Iranian regime of revenue for their weapons programs, terrorist proxies, and nuclear ambitions,” Bessent said.

Bessent added that the US has succeeded in disrupting tens of billions of dollars’ worth of revenue from being accessible to Tehran.

Headline

US Launches New Airstrikes On Iran

Published

6 hours ago

May 28, 2026

Editor

The United States has launched new airstrikes in southern Iran.

The strike shot down four one-way attack drones that posed a threat around the Strait of Hormuz and then a ground control site.

A US official revealed that American forces struck an Iranian ground control station in Bandar Abbas that was about to launch a fifth drone.

The official described the strikes as purely defensive, saying the US intended to maintain the ceasefire.

Report says this is the second time in three days that the US has carried out self-defense strikes against Iranian military targets in southern Iran.

Recall that on Monday the US carried out airstrikes against Iranian missile locations and boats that US Central Command said were preparing to launch mines in the Strait of Hormuz.