October 5, 2020

Nigeria Economic Update (Issue 37)

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.

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Nigeria Economic Update (Issue 33)

The naira depreciated by 4.3 percent to a record low of N313/$ at the interbank market segment on July 29, 2016.Precisely, the lack of liquidity in all FX market segments continues to weaken the naira. In order to increase FOREX liquidity, moderate inflationary pressures, encourage capital inflows and support the naira, the CBN may need to increase the supply of FOREX in the interbank market while simultaneously mopping up idle funds through the sale of securities.