A recently conducted
study by the World Bank shows that the cost of mortality and morbidity due to
air pollution from exposure to fine particulate matter (PM₂.₅) stood at $2.1
billion or N631 billion (0.5% of Nigeria’s GDP).2 Lagos state
has an exceedingly high concentration of PM₂.₅, at annual mean
concentration of levels of 68μg/m³ which
exceed the World Health Organization (WHO)’s guideline for the annual mean PM₂.₅
level of 10μg/m³. Consequently, 11,200 people die from air pollution with 60
percent of the deaths under the age of 5. Sources of air pollution in the state
include, road transport, heavy energy dependence on inefficient diesel and
gasoline generators due to unreliable power, poor waste management, polluting
fuel and stoves for household cooking etc. Air pollution is injurious to human
health especially those that are already vulnerable – children, elderly, or
people with existing health problems. In addition, it increases the rate of cardiovascular and
respiratory ailments as well as mortality rates in the economy. Intrinsically,
the life expectancy is reduced by air pollution. Therefore, to curtail these
effects, low emission vehicles should be adopted and old generators should be
discarded. Thus, they should be replaced with a better source of power such as
renewable source of energy.
October 5, 2020
Nigeria Economic Update (Issue 37)
Related
Nigeria Economic Update (Issue 41)
Latest World Economic Outlook (WEO) report by the International Monetary Fund reveals that Nigerias economy will grow by 1.9 percent in 2018 an unchanged stance from earlier projections. However, the figure is 2.9 percentage points lower than the 4.8 percent 2018 estimated growth rate in Nigerias ERGP (Economic Recovery and Growth Plan) 2 showing a very large disparity between domestic and international growth forecasts for Nigeria. The Funds projection however seems to have taken into cognizance underlying factors that could slow growth in the medium term: faster pace of population growth relative to GDP growth3, poor policy implementation, banking system fragilities and foreign exchange market segmentation.
Nigeria Economic Update (Issue 23)
Recent Data on Nigerias Real GDP growth rate (Year-on-Year)
declined by 2.47 percentage points, from 2.11 per cent in 2015Q4 to -0.36
percent in 2016Q11. This is the lowest GDP growth rate since 2004Q2
(-0.81 percent). The Oil sector continued to contract, as -1.89 percent growth
was recorded in 2016Q1. The negative growth witnessed in the oil sector was
likely driven by the fall in global oil prices by $9.732 and decline
in domestic crude oil production, relative to preceding quarter. Similarly, the
Non-oil sector witnessed a negative growth as it declined by 3.32 percentage
points from 3.14 percent in 2015 Q4 to -0.18 percent in 2016Q1. The underperformance in the non-oil sector was
driven by significant contractions in financial (by 17.69 percent), manufacturing
(by 8.77 percent), and real estate (by 5.48 percent) sub-sectors. Given that
the present economic fundamentals point to a likely recession in 2016Q2, the
government can stir economic activities by speeding up the budget
implementation process to spur growth in the non-oil sector and the economy at
large. More so, the domestic production shock in the oil sector needs to be
addressed to effectively leverage on the present marginal rise in crude oil
prices.