June 1, 2020

Nigeria Economic Update (Issue 19)

The recent NBS survey found that 40.1% – 82.9 million – Nigerians are living in poverty with the national poverty line estimated at ₦137,430per year 1. As such, 4 out of 10 Nigerians spend less than ₦376 per day on both food and non-food basic needs. A further disaggregation shows that the population in rural and urban areas living in poverty are 52.1% and 18% respectively. On inequality, the report found that the national Gini coefficient was 35.1 while the coefficient for the rural and urban population are 32.8 and 31.9 respectively.  The level of inequality in Nigeria is comparable to that of in India (35.2) but significantly below countries like South Africa (62.5)2. Based on the experiences of countries that have improved the living standard of a large proportion of their population, Nigeria will need to achieve sustained and high economic growth, substantial infrastructural development, provide large-scale structured and targeted poverty alleviation programs alongside social development programs. In doing this, the government will not only provide immediate relief to the poor but will also enhance the income-generating potential of citizens and minimize the risk of falling into poverty.

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Nigeria Economic Update (Issue 26)

Power sector statistics indicates a huge decline in power generated in the week under review (June 23, 2017 to June 30, 2017). Power generated, attained a peak of 4,305 MW on June 23, 2017 but fell significantly by 33.1 percent to approximately average of 3,000 MW as at June 30, 2017. The huge decline is attributable to continued poor payment and inability of most GENCOs to pay for gas supply and a system collapse. Consequently, power sector lost huge prospective funds; and daily power supply reduced to 4.5 hours per day7. Going forward, improvement in energy supply is critical to domestic production, job creation, and diversification agenda of the government.

Nigeria Economic Update (Issue 20)

Power sector analysis shows an increase in power generated by 15.5 percent from 3639.2 megawatt to a peak of 4196.2 megawatt between April 22, 2016 and April 29, 201612, albeit a sharp fall to 25.2 megawatts on April 23, 2016 following a system collapse13. In a bid to attain the targeted 10,000 megawatts by 2019, the Federal Government is set to complete the ongoing 47 power transmission projects across the country, which would boost power supply14. However, the delays in passing the budget into law is a major constraint to the completion of the projects. Thus government needs to speed-up the passage of the 2016 budget to provide the funds to complete the projects.