Business

Nigeria’s Human Capital Development Among World’s Worst -W’Bank

Published

3 years ago

July 24, 2022

World bank

The World Bank Group has said that Nigeria’s human capital development ranks among the worst globally.

The Washington-based bank stated this in a new report titled, “COVID-19 and Nigeria’s human capital crisis,” where it noted that Nigeria’s ambitious poverty-reduction targets hinge on developing human capital.

According to the report, learning poverty, which captures 10-year-olds’ ability to understand simple sentences or perform basic numeracy tasks, likely proliferated in Nigeria during the pandemic.

While learning poverty cannot be estimated directly for Nigeria due to lack of data, it now affects up to 70 per cent of children in low- and middle-income countries, the World Bank notes.

The report read in part, “Even prior to COVID-19, Nigeria had some of the worst human capital outcomes in the world. According to the 2020 Human Capital Index (HCI)—based on a range of markers of health and education including infant mortality, expected years of schooling, sand stunting—a child born in Nigeria that year will grow up to achieve just 36 percent of the productivity he or she could have attained with full health and education. This was below the average for sub-Saharan Africa of around 40 percent. Just six countries had lower HCI scores globally.”

The report further noted that the direct health effects of COVID-19 itself threatened Nigeria’s human capital.

The country recorded its first case of COVID-19 on February 27, 2020 and has subsequently already suffered at least four distinct waves of infection, peaking around June 2020, January 2021, August 2021, and January 2022.

However, recorded case numbers in Nigeria generally remained lower than in the Americas, Europe, and Asia.

It said the COVID-19 crisis threatens future generations further through its impact on education. School closures during 2020 reduced children’s attendance rates even after reopening, especially among older children.

According to the bank, as the COVID-19 pandemic abates, rebuilding human capital represents a key immediate policy priority for Nigeria.

It further said recouping the learning losses experienced during the pandemic was also a crucial element of rebuilding human capital. Nigerians themselves favour expanding in-person learning—especially by adding more hours to the school day—to help children catch up.

According to a child education expert, Emmanuella Chinelo, the assertion of the World Bank on Nigeria’s learning poverty rate is not unconnected to why most Nigerian adults are unable to reach their full learning potential, which ultimately translates to the poor human capital development statistics.

She, however, noted that in very rare cases, a child’s inability to reach full learning potential before the age of 10 might not produce the conventional effects seen in most people who fall into that bracket

She said, “Actually. It is not always the case, even though the right thing for parents to do is to have learning support systems for their kids, because if they don’t do that, most of them struggle. There’s a 10-year old boy I’m teaching now, during the lockdown they discovered that he couldn’t read well, and he was already in year 4. It’s a struggle, even till now, because he already missed out on the foundation. His learning is actually impaired. It’s not always the case, but most kids I’ve seen usually have that impaired learning.”

PUNCH

Business

Naira Depreciates Against Dollar

Published

2 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.