Connect with us

VenturesNow

Nigeria’s extreme poor to hit 95.1m by end of 2022 – World Bank

Published

on

The World Bank has predicted that by the end of 2022, the number of extremely poor people in Nigeria will hit the 95.1 million mark, with an estimated 5 million additional people slipping below the poverty line.

The Washington-based World Bank which made this damning prediction in its poverty assessment report entitled ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment,’ on Wednesday, said despite repeated promises by the President Muhammadu Buhari-led government of lifting millions of Nigerians out of poverty, the indices suggest otherwise.

On several occasions, President Buhari and members of his team have claimed that his government has lifted millions of Nigerians out of poverty, with a projection that by 2023, as many as 100 million Nigerians would have been lifted out of poverty.

But the World Bank report states otherwise as it painted a bleak future for Nigeria’s poor.

Blaming most of the problems that has continued to deepen the country’s economy crisis on unfavourable policies of the government, hich include multiple exchange rates, the country’s trade restrictions, bans on certain goods and the 2019 border closure.

“Such policies have immediate negative effects on poverty reduction through the price channel, as trade restrictions can make the goods that poor households consume, especially food items, more expensive, reducing people’s purchasing power and welfare in turn,” the report said.

“Between 2000 and 2014, Nigeria enjoyed a period of sustained expansion, during which the economy grew by around 7 percent per year, outstripping the estimated annual population growth rate of 2.6 percent.

“But real GDP growth dropped to 2.7 percent in 2015, then 1.6 percent in 2016, as the decline in global oil prices induced Nigeria’s first recession in almost two decades.

“Growth has not recovered subsequently. It lies below population growth and the growth performance of peer countries over the same period. This weakening overall growth performance makes it significantly harder to reduce poverty.”

The bank, however, suggested a way out for the country in the report. It encouraged the strengthening of Nigeria’s social protection system as that will strengthen public trust in governance, develop administrative reach, and boost resilience in the people as that will be crucial for the country’s future.

VenturesNow

AfDB to sponsor Rwanda’s African Pharmaceutical Technology Foundation

Published

on

The African Development Bank (AfDB) says it will be sponsoring Rwanda’s venture to host the new African Pharmaceutical Technology Foundation.

The venture is expected boost the continent’s access to technology in manufacturing medicines and vaccines.

AfDB President Dr Akinwumi Adesina said the project includes “revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure.

“Even with the decision of the Trips waiver at the World Trade Organization (WTO), millions are dying -and will most likely continue to die – from lack of vaccines and effective protection,” Dr Adesina said.

Meanwhile the venture has drawn commendation from players. The Director-General of the World Trade Organization, Dr Ngozi Okonjo-Iweala, remarked that the project “provides part of the infrastructure needed to assure an emergent pharmaceutical industry in Africa.”

Africa is short of pharmaceutical companies that fits its population size. The continent is currently home to about 375 pharmaceutical firms, which produce less than 25 percent of the needed products annually, forcing the countries to import vastly to meet demand.

This dependence on imports leaves citizens vulnerable to shortages of medication — a problem that triggered a continent-wide crisis during the pandemic.

During the COVID-19 pandemic, small pharmacies and large medical stores in Rwanda ran out of stock. In South Africa, it became nearly impossible to fill prescriptions for psychiatric drugs and oral contraceptives. In Kenya, oncologists complained about challenges treating their cancer patients. And in Nigeria, stocks of treatments to manage chronic illnesses, including HIV medicines, dipped critically low.

Continue Reading

VenturesNow

Farmers lament as wild fire, heat waves cut grain harvest in Tunisia

Published

on

Farmers union in Tunisia has forecasted that output will fall well short of government hopes following heat waves and fires that are badly damaging the country’s grain harvest.

Farmers union official Mohamed Rejaibia, pointing to fires that began raging over much of the country last month, said that was no longer possible.

“The grain harvest will not be more than 1.4 million tonnes,” said Rejaibia, a member of the union’s executive office. “Some of it will be lost to fires and some perhaps during collection.”

The North African country has struggled with food importation costs driven higher by the war in Ukraine. That is largely because Ukraine and Russia account for a great amount of the global supply for grains, particularly wheat.

Earlier this month, agriculture minister, Mhamoud Elyess Hamza forecasted the 2022 grain harvest would reach 1.8 million tonnes, that is 10% up from last year’s harvest.

Wild fire has had a devastating effect in Tunisia. According to a statement released by the Tunisian Federation of Insurance Companies (FTUSA), the insurance industry in the country paid fire insurance claims totalling TND25m ($8m) in 2015 and the quantum jumped over the years to TND107m in 2020. That represented an average increase over 30% a year.

Another farmer, Abderraouf Arfaoui, in Krib, revealed that most of his colleagues had to harvest their grains earlier than usual.

“Usually we begin the harvest season in July, but this year we started on June 18… we are afraid of fires. We must watch our land day and night.

“We must harvest without waiting, even if that reduces the quantity and quality of the wheat, and when we finish the harvest we must watch our haystacks, too.”

 According to Thinkhazard, wildfire hazard is classified as high with more than a 50% chance of encountering weather that could support a significant wildfire that is likely to result in both life and property loss in any given year.

Continue Reading

EDITOR’S PICK

Musings From Abroad8 hours ago

‘Trapped in Closet’: American singer, R Kelly, sentenced to 30 years in prison for racketeering, sexual abuses

American singer, Robert Sylvester Kelly, popular known as R. Kelly is now officially “trapped in the closet” of his ugly...

Metro11 hours ago

Malawian court sentences Catholic priest, Police officer, medical practitioner to death for killing albino for rituals

A Catholic priest, Rev. Father Thomas Muhosha, alongside a police officer, Chikondi Chileka and a medical practitioner, Lumbani Kamanga were...

Culture11 hours ago

First ever African Fashion exhibition debuts in the UK Saturday

The first ever African Fashion exhibition which has been touted to be UK’s most extensive exhibition of African fashion artistry...

Metro11 hours ago

Leading Egyptian judge declared wanted for allegedly murdering journalist wife

The Egyptian police has mounted a huge manhunt for a leading judge who has been on the run after he...

Metro12 hours ago

Twenty Africa migrants found dead in Libyan desert

Libyan authorities say bodies of 20 people believed to be African migrants who got lost in the desert have been...

Metro12 hours ago

Sudan, Ethiopia on the verge of war as Sudanese military strikes disputed Al-Fashaqa border region

Sudan and Ethiopia could be heading for a full scale war after Addis Ababa accused the Sudanese armed forces of...

Metro14 hours ago

Again, fire kills 14 migrants in Southern Senegal, scores missing

The mayor Casamance town of Kafountine and a medical official has confirmed that a fire outbreak has killed at least...

Metro14 hours ago

Mauritius lifts restriction on bar, nightclub as Covid-19 cases decline

East African country, Mauritius has lifted restricted bars and nightclubs and the wearing of compulsory masks in public to boost tourism. The Prime...

Metro14 hours ago

Ethiopian government names peace negotiators over bloody Tigray crisis

In the quest to find a lasting solution to the prolonged crisis by Tigray rebels, the Ethiopian government has named...

Politics18 hours ago

2023: Nigeria’s ruling party presidential candidates, Tinubu, Masari, can’t find certificates. What we know so far

Kabiru Masari, the running mate to Asiwaju Bola Ahmed Tinubu, the Nigerian presidential candidate of the ruling All Progressives Congress,...

Trending