BUSINESS
NBS’ll Begins MPI Report Dissemination 2023 – Statistician General
The National Bureau of Statistics (NBS), says it will begin the zonal dissemination of its MPI Report in January 2023.
Statistician General of the Federation and Chief Executive Officer of NBS, Mr Semiu Adeniran, said this at the 2nd Bi- National Consultative Committee of Statistics (NCCS) on Wednesday in Lagos.
The theme for the meeting is; “The Direct Implication of Sectorial Statistics in Curbing Inflation”.
Highlights of the 2022 Multi-dimensional Poverty Index survey by NBS reveals that 63 per cent of persons living within Nigeria (133 million people) are multidimensionally poor.
The national MPI is 0.257, indicating that poor people in Nigeria experience just over one-quarter of all possible deprivations.
Adeniran said that under the process, the results of each state in the respective zones would be presented in more detail.
He noted that the MPI report would have details such as methodology and computation process that would be explained further.
The Statistician General said that the bureau’s MPI Report includes the Nigerian Living Standard Survey (NLSS) and the Nigerian Labour Force Survey (NLFS) which together with World Bank would also provide detailed household information and insights into labour and welfare conditions in the country.
According to him, NLSS will provide detailed information on household consumption, education, health, employment, housing conditions, assets, household enterprise and other key non-monetary indicators of welfare.
On the other hand, he said that the NLFS is a strategic survey designed to collect and analyse labour market statistics for the country, including the generally understood and widely anticipated headline unemployment and underemployment rates.
“While the unemployment and underemployment rates are very important figures that indicate the number of persons economically engaged, the NLFS also contains a lot more equally interesting and important information that offer useful insight into the health of the labour market in Nigeria,” he said.
Adeniran said that under the process, the results of each state in the respective zones would be presented in more details, including the methodology and computation process explained further.
“In doing this, it is our hope that executives will have a much better understanding and interpretation of the results and be better placed to apply them in their budgeting and policy decision making processes.
“This will assist to alleviate poverty and deprivations in their states,” he said.
He said that the meeting would seek to provide updates and harmonise statistical activities, and discussions as well as reflexions on how to move the statistical system in Nigeria forward, with each member, playing their respective parts.
Adeniran said that the theme for the meeting; “The Direct Implication of Sectorial Statistics in Curbing Inflation”, is extremely fitting for the current times in the country.
According to him, inflation has become an issue of major concern all over the world.
Adeniran said that the impact of inflation on households and businesses both within and outside the country cannot be ignored.
“You only need to listen to some of the numbers and headlines emanating from some African nations and beyond, to fully understand the severity of the global situation we are facing.
“In Ghana, Ethiopia and Rwanda, inflation for the month of October was reported at 40.4 per cent, 31.7 per cent and 31 per cent respectively.
“Countries in the West are also reporting record inflation figures, with the UK recording its highest rate of 11.1 per cent, since 1981, a high of forty years.
“With these high levels of inflation, we can best imagine the effects on household consumption and poverty levels in those countries, and the report of this effect is all over the news if we simply look,” he said.
He, however, noted that the bureau was working hard to support government along these lines.
Adeniran charged the participants on the need to remain relevant and collaborate to move forward the bureau, particularly into the new year for a professional and independent assessor of socio-economic conditions in the country.
Also, in his remarks, Chairman of Governing Board, NBS, Dr Kabiru Nakaura, said the task of the meeting was to meet the need of good and realisable statistics across all tiers of government for informed decision and policy making.
“Hence, it is pertinent for all countries to have established statistical agencies such as the National Bureau of Statistics in the case of Nigeria, whose work it is to collect, process and disseminate such statistics.
According to him, planning and evidence based policy making can only be effective when statistics is promoted as a tool for development.
He advised participants to work with the Chairman and Statistician General of the Federation in sharing experiences and exchanging ideas on issues affecting the NCCS, thereby improving the quality of data produced by its various members. (NAN)
By Tony Obiechina, Abuja
Development Bank of Nigeria (DBN) has conferred its 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups on Richway Microfinance Bank in recognition of its unwavering commitment to fostering entrepreneurship in the country.The award also attests to the micro lender’s dedication to empowering small businesses and driving economic growth through innovative financial solutions.
Since its inception, Richway Microfinance Bank has been at the forefront of providing accessible financial services to underserved communities. The bank’s focus on start-ups, particularly in the challenging economic landscape of Nigeria, has set it apart as a leader in the microfinance sector. By offering tailored loan products, savings and investments products with high returns, and business advisory services, Richway has enabled countless entrepreneurs and business owners to turn their ideas into thriving businesses.In 2023, the bank’s impact on start-ups was particularly profound. Through strategic partnerships and an in-depth understanding of the unique challenges faced by new businesses, Richway Microfinance Bank extended its reach, offering critical support to over 500 start-ups.These initiatives not only provided much-needed capital but also helped entrepreneurs and business owners build sustainable business models, manage risks, and scale their operations.Speaking on the award, the Managing Director of Richway MfB, Adenrele Oni, said the “DBN’s award represented a significant milestone for Richway in its sustained efforts to boost Nigeria’s economy and reflected the bank’s role in driving innovation and entrepreneurship, which are key drivers of Nigeria’s economic diversification efforts.”According to him, the award also underscores the importance of microfinance institutions in bridging the financial inclusion gap, particularly for small businesses that often struggle to access traditional banking services.While thanking the DBN’s management on the recognition of the micro lender’s support for MSMEs in 2023, Oni reiterated the bank’s commitment to continuing its mission of empowering entrepreneurs and contributing to Nigeria’s economic development.He assured: “As Richway Microfinance Bank celebrates this achievement; it remains focused on the future, with plans to expand its offerings and reach even more start-ups in the coming years.”
By Tony Obiechina, Abuja
The Nigerian Economic Summit Group (NESG) on Tuesday held a pre-summit webinar in preparation for the 30th Nigerian Economic Summit.The webinar, themed “Closing Gaps and Adapting to New Economic Conditions,” brought together key stakeholders to explore strategies for addressing the decline in Nigeria’s education sector and adapting to current economic reforms.
The goal was to develop actionable policies and measures that address both immediate and long-term challenges in the sector. Education is fundamental to a nation’s development, directly impacting its economic and social stability. However, Nigeria’s education sector is currently facing significant challenges, such as unequal access to quality education, a mismatch between the skills taught and those needed in the labor market, and a lack of digital technology integration.Closing these gaps is vital for creating a more inclusive and competitive education system. This pre-summit event aimed to explore how collaborative efforts can promote inclusive development and drive innovation in education, thereby contributing to the broader objectives of NES #30.By focusing on inclusive growth, innovation, and digital transformation, the event set the stage for developing strategies that address both immediate and long-term educational and economic needs. This approach aims to bridge the gap between education and the labor market, equipping students with the necessary skills for meaningful employment in a dynamic economy.In her opening remarks, NESG Board Member Wonu Adetayo highlighted that Nigeria’s literacy rate stands at 62%, with significant disparities between urban and rural areas. The nation’s education sector faces substantial gaps, particularly in eliminating barriers to completing primary education, which is at 35% in rural areas compared to 80% in urban areas.Adetayo underscored the importance of addressing education challenges such as unequal access, the mismatch between the school curriculum and industry needs, and integrating digital technologies into education systems. She noted that over 50% of graduates are underemployed due to the disconnect between education and labor market needs. With over 40% of Nigerians aged 15 to 35, it is crucial to provide access to quality education and skills development to reduce unemployment risks.Adetayo emphasized that digital tools can enhance learning, but the digital divide must be addressed. Only 36% of schools have access to digital learning, and there are still challenges related to inadequate teacher training and infrastructural deficits.”Closing these gaps is essential for building an inclusive and competitive education system, which could boost Nigeria’s GDP by 10%. The event focused on creating a holistic framework to leverage technology and foster inclusive growth, with an emphasis on actionable recommendations” she noted.Head of the Secretariat at NESG’s Triple Helix Roundtable, Prof Bolanle Ogunbamila, shared insights on fostering effective collaboration between industry, academia, and government to address the skills gap and drive innovation.He noted the importance of promoting continuous education and facilitating an exchange of ideas between academia and industry. Professor Ogunbamila also highlighted the need for an immersion program to remove policy and regulatory barriers.Head of Startups at Lagos Innovates, Lagos State Employment Trust Fund (LSETF), Dr. Hakeem Onasanya, discussed the importance of leveraging the start-up ecosystem and funding models. He emphasized that the quality of education affects everyone, and when it fails, society as a whole suffers.Onasanya pointed out that startups play a crucial role in attracting the right talent and that the curriculum should align with workforce needs. He suggested establishing tech hubs in tertiary institutions and reducing internet costs for students. Additionally, he recommended incentivizing students through alumni associations to encourage them to give back to their schools.Founder of The Education Partnership (TEP), Dr. Modupe Adefeso Olateju, presented evidence-based policy recommendations for closing the skills gap. She noted that about 18.3 million children are out of school from the primary to senior secondary levels.A study by the TEP Centre in 2018 found that 55% of children in JSS3 can only read at the level of a child in Primary 2. Dr. Olateju reiterated the mismatch between the curriculum and labor market needs and the necessity to invest in programs that enhance skill competencies in schools, foster critical thinking, and utilize tools to scale up learning.She also highlighted the lack of sufficient capacity to absorb skilled and competent individuals within the country and stressed that skill development must be adequately funded.Chief Executive Officer of Isa School of Education, Dr. Joy Isa, discussed best practices in delivering inclusive and quality education. She emphasized the critical role of teachers in education quality, noting that teachers account for a 30% variance in student learning outcomes. Dr. Isa highlighted the shortage of qualified educators in Nigerian communities and the need to address this issue to improve education quality.Overall, the pre-summit webinar emphasized the need for a holistic and collaborative approach to addressing the challenges in Nigeria’s education sector. By bridging gaps and adapting to new economic conditions, Nigeria can ensure sustainable economic growth and social stability.
Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)
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