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Nigeria’s Poverty Reduced By Seven Per Cent – World Bank

Published

4 months ago

January 20, 2024

Editor

The World Bank has estimated that improved access to internet coverage over three years led to a seven per cent reduction in extreme poverty in Nigeria and Tanzania.

This was disclosed in a new brief titled, “Digital transformation drives development in Africa,” noting that the exposure has also led to an increase of 8 per cent in labour force participation and wage employment.

The World Bank said, “In 2023, a World Bank flagship report found that in Nigeria and Tanzania, extreme poverty declined by about seven per cent after three or more years of exposure to internet coverage, while labour force participation and wage employment increased by up to eight per cent.”

In the brief, World Bank Chief Economist for Africa, Andrew Dabalen, was quoted as saying, “The minimal usage of mobile internet is a lost opportunity for inclusive growth in Africa. Closing the uptake gap would increase the continent’s potential to create jobs for its growing population and boost economic recovery in a highly digitalised world.”

The brief further highlights that over the past five years (2016-2021), sub-Saharan Africa experienced an extraordinary 115 per cent increase in internet users, a change that has been instrumental in spurring economic growth, fostering innovation, and creating job opportunities.

The brief adds, “The region’s digital infrastructure coverage, access, and quality still lag other regions. At the end of 2021, while 84 per cent of people in SSA lived in areas where 3G service was available, and 63 per cent had access to 4G mobile coverage, only 22 per cent were using mobile internet services.

“The gap between coverage and usage is similarly large for broadband, with 61 per cent of people in sub-Saharan Africa living within the broadband range but not using it.”

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, recently noted that the cost of data in Nigeria was still one of the cheapest in the world, but lamented that many operators are not willing to lay fibre in many parts of the countries outside the major cities because it would be unprofitable.

News

BDC Operators Arrested As Naira Sells 1,416/$

Published

1 hour ago

May 8, 2024

Editor

Operatives from the Economic and Financial Crimes Commission on Tuesday reportedly arrested some Bureau De Change operators at the popular Wuse Zone 4 market on Tuesday.

This came as traders also said some BDC operators resisted the arrest during a sting operation.

The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading.

But this move was resisted on Tuesday leading to gunshots and damage to the operative’s vehicles, two currency traders who witnessed the incident confirmed to The PUNCH.

One of the traders who asked not to be named for fear of retribution said the traders simply acted out of frustration as the arrests were becoming too rampant and just to extort money from them.

He said, “EFCC guys came to raid and make an arrest on Monday and they came today (Tuesday) but today’s operation was too strong.

“This is the issue we are facing. Yesterday (Monday) they arrested traders but they were attacked back today and gunshots were fired because our people tried to resist the arrest. They were provoked and frustrated. They even broke the glasses of the EFCC vehicles today and that means people are getting tired and desperate.”

Another trader who confirmed the incident warned that a continued raid by the anti-corruption body might lead to killings.

The trader who also pleaded anonymity said, “If this thing continues like this, that means they would kill people because if they try to arrest next time, nobody would agree and another person would gather together so that nobody would be taken.

“That was happened today. People are now turning because all they do after arrest is to collect money from us. Nothing else is done. They are frustrating use.’

The EFCC had resumed raiding in a bid to stabilise the naira.

Penultimate week, the commission arrested over 35 suspected currency speculators for alleged foreign exchange fraud.

Last week, it also paraded over 20 BDC operators arrested in the capital city.

Despite these efforts, the naira has continued on a free fall.

On the rates, the operators said they bought the dollar at N1,400 and sold at N1,425 per dollar leaving a profit margin of N25.

It also indicated an N5 drop from the N1,430 it sold on Monday.

A trader, Malam Yahu, complained of the market fluctuation, adding that it was now difficult to project what the rates would trade at.

He said, “Right now the market is just fluctuating, the naira is not stable at all and that’s why we are even sceptical about buying now. We can’t even predict how the market will trade.

“For instance, after today’s arrest, I didn’t buy or make sales to avoid a loss. I bought it earlier today at N1,400 and sold it at N1,425.

“We have also noticed that once the prices go up, there will be scarcity because they would expect the naira to drop further but if it’s at a loss, they would then rush to sell it off.”

At the official market, data obtained from the FMDQ exchange securities revealed that the currency depreciated to N1,416/$ from N1,354/$ recorded at the foreign exchange market on Monday.

The new rate indicated that the naira dropped by 4.4 per cent or N62, raising concerns about rapid fluctuations.

The intraday high increased to N1,445 on Tuesday from N1,441/$1 recorded on Monday. The intraday low also depreciated to N1,301/$1 as against N1,285/$1 it traded on Monday.

The volume of dollars supplied by willing buyers and willing sellers however increased to $160.77m from $84.3m on Monday.

The former rate was the lowest point in approximately ten weeks when daily turnover was $66.4 million, which occurred on February 19, 2024.
PUNCH

News

Suspended Edo Lawmaker, Iyamu Breaks Silence, Says All Issues Will Be Resolved

Published

3 hours ago

May 8, 2024

Editor

One of the suspended members of the Edo State State House of Assembly, Hon. Bright Iyamu, has urged his constituents and supporters to remain calm and shun any form of violence.

The lawmaker, representing Orhionmwon South Constituency in the House of Assembly was suspended alongside two other lawmakers namely: Hon. Donald Okogbe (PDP Akoko-Edo II) and Adeh Isibor (APC Esan North-East Constituency I) on Monday May 6, 2024, by the Speaker of the House, Blessing Agbebaku.

Reacting, a statement from the office of the lawmaker assured that the “ugly situation will be brought under control.”

“I had no motive to call for the impeachment of the Speaker, nor the intentions to impugn the integrity of the house,” he added.

Iyamu reassured his constituents and supporters that normalcy will be restored soon to the Edo State House of Assembly.

Recall that the Speaker of the House of Assembly, Hon. Agbebaku suspended the three members for allegedly plotting to effect a change of leadership in the house.

News

‘I’m Considering Having 4th Child’ – Mother Of Three Who Breastfeeds Husband , 3 Kids [PHOTOS]

Published

13 hours ago

May 7, 2024

Editor

A Florida woman who made headlines for breastfeeding her husband has revealed that they are considering having another baby so she starts lactating again.

Rachel Bailey, 31, and her husband Alexander, 30, said they have “grieved” their “bonding experience” since her body stopped producing milk in the past year.

The couple’s three children have all weaned off the milk, which meant Alexander had to as well.

Now, they are considering having a fourth child so they keep up the habit.

“I was in so much pain and I was scared about getting an infection, so we decided that my husband was going to try drinking the milk to relieve me,” she said.

Mum-of-three who breastfeeds her husband alongside their kids reveals she

“We were nervous about the idea of him breastfeeding from me as we thought it seemed weird, but as soon as we did it, we realized it was perfectly fine.”

The couple continued the practice after the births of their two younger children, with Ms Bailey breastfeeding her husband at breakfast, lunch, and dinner.

Once her supply dwindled, they switched to nightly feedings. Ms Bailey claims that because her milk is “so nutritious,” it kept Alexander from getting a cold for more than two years and left his skin glowing.

“He ended up loving the taste of my breast milk and even prefers it to cow’s milk now,” she said.

When her breasts stopped producing milk, she said they grieved the bonding experience they shared because of her breastfeeding him.

They even briefly considered growing their family to keep up the breastfeeding.

“We grieved that bonding experience that we shared, and we even spoke about having one more baby so that we could do it again,” Ms Bailey said.

“However, we realized that was a drastic action to take and a lot of work, so instead we began looking for other ways that we could bond as a couple.”

Instead, they now get up at 5 am each morning to catch up and meditate before getting on with the rest of their day.

“It was never a sexual thing for us. We did it because it was an amazing way for us to bond and share something special as a couple,” Ms Bailey said.

“We really miss the breastfeeding times that we shared, but we have found new ways to connect.”