Connect with us

Economy

Nigeria Overtakes India as Country with World’s Poorest Citizens

Published

on

Nigeria has emerged as the country with the highest number of poor people in the world, overtaking India.

According to a report by the Brookings Institution, data from the World Poverty Clock show that Nigeria now has over 87 million people living in poverty.

The report adds that six Nigerians become poor every minute.

The National Bureau of Statistics had painted a worse picture in 2016 when it reported that no fewer than 112 million Nigerians live below the poverty line

It reads in part, “According to our projections, Nigeria has already overtaken India as the country with the largest number of extreme poor in early 2018, and the Democratic Republic of the Congo could soon take over the number two.

“At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million.

“What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall.

“In fact, by the end of 2018 in Africa as a whole, there will probably be about 3.2 million more people living in extreme poverty than there are today.”

According to Wikipedia, The World Poverty Clock is a tool to monitor progress against poverty globally and regionally. It provides real-time poverty data across countries.

Created by the Vienna-based NGO, World Data Lab, in 2017, it is funded by Germany’s Federal Ministry for Economic Cooperation and Development.

Each April and October, the World Poverty Clock data are updated to take into account new household surveys and new projections on country economic growth from the International Monetary Funds’ World Economic Outlook.

These form the basic building blocks for poverty trajectories computed for 188 countries and territories, developed and developing, across the world.

The Punch

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Dangote Refinery Sacks All Nigerian Workers, Cites ‘Total Reorganization’ As Reason

Published

on

By

The management of Dangote Refinery has terminated the employment of all its Nigerian workers.

The statement to this effect was shared on X, Wednesday, by a political commentator, Imran Wakili.

“Dangote Refinery has officially laid off all of its Nigerian workers under the guise of “reorganization”, less than 24 hours after 90% of them joined PENGASSAN,” he wrote.

Wakili said the development comes less than 24 hours after 90 percent of them joined the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN.

According to a memo dated September 25, 2025, and signed by the Chief General Manager of Human Asset Management, Femi Adekunle, Wakili posted on X, the company said the decision was taken as part of a “total re-organisation” of the plant following reported cases of sabotage in different units of the refinery.

The notice directed affected staff to surrender all company property in their possession to their line managers and obtain exit clearance.

The finance department was also instructed to compute benefits and entitlements for payment in line with terms of employment.

The refinery’s management thanked the dismissed workers for their services while in its employment.

Dangote refinery and PENGASSN have been embroiled in a trade dispute over unionization issue.

DailyPost

Continue Reading

Economy

Tinubu’s Borrowing Strategic, Not Reckless – Presidency

Published

on

By

The Presidency has defended Nigeria’s rising debt levels, emphasising that borrowing is a necessary and strategic tool for economic development rather than a sign of financial imprudence.

Special Adviser to President Tinubu on Media and Public Communication, Sunday Dare, responded on his official X account @SundayDareSD to criticisms from former senator Dino Melaye, who labelled the government’s borrowing as excessive and reckless.

Dare dismissed Melaye’s claims as uninformed “noise”, clarifying that the increase in Nigeria’s reported public debt of N149.39 trillion as of March 31, 2025, is mainly due to the depreciation of the naira, not new borrowing.

“When the currency depreciates, the naira value of existing external debt rises even without fresh loans,” he explained.

He highlighted that Nigeria’s debt-to-GDP ratio currently ranges between 40 and 45 per cent, which is moderate compared to South Africa’s 70 per cent and Ghana’s over 90 per cent.

Dare argued that the greater issue lies in improving government revenue generation rather than blaming borrowing levels.

“Debt is a legitimate instrument for financing growth and reforms. The key consideration is sustainability, not empty rhetoric. Unfortunately, Dino prefers theatrics over facts,” the presidential aide said.

Dare also noted progress in government revenue collection, which enhances Nigeria’s ability to meet its debt obligations.

According to him, the Tinubu administration is committed to the Renewed Hope Agenda reforms aimed at broadening the revenue base, sustaining investments, and maintaining debt sustainability.

“Until Dino understands the fundamentals of economics, his commentary will remain entertainment, not enlightenment,” he concluded.

Continue Reading

Economy

NUPENG Strikes Deal with Dangote Refinery, Suspends Industrial Action

Published

on

By

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has suspended its strike following an agreement with the management of Dangote Refinery to recognise workers’ rights to unionise.

The deal was reached at a closed-door meeting convened by the Department of State Services (DSS) and attended by the Minister of Finance, Wale Edun and representatives of the Nigeria Labour Congress.

Acting NLC General Secretary, Benson Upah, confirmed the outcome, while the Ministry of Labour said it would issue a formal statement soon.

The resolution followed a conciliation meeting convened by the Federal Ministry of Labour and Employment on Monday, September 8, 2025, after NUPENG threatened to embark on strike over the company’s initial refusal to recognise workers’ union rights.

According to the Memorandum of Understanding (MOU) signed at the meeting, both parties agreed that unionisation is a right under extant labour laws, and employees of Dangote Refinery and Petrochemicals who wish to unionise would be allowed to do so.

The MoU further stated that the process of unionisation would begin immediately and be completed within two weeks (September 9 to September 22, 2025).

It also resolved that no employee of the refinery or petrochemical company would be victimised as a result of the strike notice.

In line with the agreement, NUPENG suspended its strike with immediate effect, while parties are expected to report back to the Minister of Labour a week after the conclusion of the exercise.

The memorandum was signed on behalf of the management by Managing Director Dangote Group, Sayyu Dantata, O.K. Ukoha for Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ojimba Jibrin, Dangote Group. It was also signed by representatives of labour unions: Benson Upah for Nigeria Labour Congress (NLC), N.A. Toro for Trade Union Congress (TUC), NUPENG President Akporeha Williams, and General Secretary of NUPENG, Afolabi Olawale.

The Federal Ministry of Labour and Employment was represented by: Amos O. Falonipe, Director, Trade Union Services & Industrial Relations, signing on behalf of the minister.

Continue Reading

Trending