Sunday, October 19, 2025
29.8 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

UNDP Report Classifies 98m Nigerians as Poor

The traditional concept of poverty is outdated, according to a new report released yesterday by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI).

Findings from the 2019 global Multidimensional Poverty Index (MPI) sheds light on disparities in how people experience poverty, revealing vast inequalities among countries and among the poor themselves.

The report reveals that in Nigeria, even though the proportion of people who are multi-dimensionally poor has remained constant at just over 50% over the past decade (up to 2017) the actual number of people who are multi-dimensionally poor increased from 86 million to 98 million over the same period. Also, important to note from the report is that when compared to the national poverty line which measure income/consumption, a larger proportion of Nigerians (51%) are multi-dimensionally poor than those that are income poor (46%).

This year’s MPI results show that more than two-thirds of the multi-dimensionally poor—886 million people—live in middle-income countries. A further 440 million live in low-income countries. In both groups, data show, simple national averages can hide enormous inequality in patterns of poverty within countries.

For instance, in Nigeria, even though the national average shows that around 50% of Nigeria are multi-dimensionally poor, state and local government levels will reveal a completely different scenario – higher or even lower levels.

There is even inequality under the same roof.  In South Asia, for example, almost a quarter of children under five live in households where at least one child in the household is malnourished and at least one child is not.

“We need—even amongst those living in poverty—to understand people’s different experiences of deprivation. Are they malnourished? Can they go to school? Only then will poverty reduction policies be both efficient and effective,“ says Pedro Conceição, Director of the Human Development Report Office at UNDP.

There is also inequality among the poor. Findings of the 2019 global MPI also paint a detailed picture of the many differences in how – and how deeply – people experience poverty. Deprivations among the poor vary enormously: in general, higher MPI values go hand in hand with greater variation in the intensity of poverty.

Results also show that children suffer poverty more intensely than adults and are more likely to be deprived in all 10 of the MPI indicators, lacking essentials such as clean water, sanitation, adequate nutrition or primary education.

Even more staggering, worldwide, one in three children is multi-dimensionally poor, compared to one in six adults. That means that nearly half of the people living in multidimensional poverty—663 million—are children, with the youngest children bearing the greatest burden.

But new data also shows a positive trend: those furthest behind are moving up the fastest.

 “We looked at data for a group of ten middle- and low-income countries and we found encouraging news that the bottom 40 percent were moving faster than the rest,” says Sabina Alkire, OPHI Director-“A pro-poor pattern that reduces inequalities in several Sustainable Development Goals.”

Within these ten countries, data show that 270 million people moved out of multidimensional poverty from one survey to the next. This progress was largely driven by South Asia: in India there were 271 million fewer people in poverty in 2016 than in 2006, while in Bangladesh the number dropped by 19 million between 2004 and 2014.

In other countries there was less—or no—absolute reduction, with numbers of multi-dimensionally poor rising by 28 million across the three African countries considered. In part this was because of rapid population growth, which outstripped reductions in poverty. Infact, poverty rates (as a percentage of the population) declined in most of the countries.

The 2019 global MPI paints a detailed picture of poverty for 101 countries and 1,119 sub-national regions covering 76 percent of the global population, going beyond simple income-based measures to look at how people experience poverty every day.

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

Market Statistics: Monday, 29th January 2018

Market Cap (N'bn)                15,882.6 Market...

NEXIM, World Bank Collaborate to Develop Nigeria’s Mining Sector

…The clear intention of The World Bank to collaborate with the NEXIM Bank towards a structured intervention in the Nigeria’s solid minerals sector is quite expedient. More so, with commitment and firm resolve of President Muhammad Buhari to diversify the economy, revitalize the mining sector towards boosting job creation and enhancing foreign exchange earnings - Orya The Managing Director of the Nigerian Export-Import Bank (NEXIM Bank), Mr. Roberts Ungwaga Orya, received a team from the World Bank led by Dr. Francisco Igualada, Senior Mining Specialist, Energy & Extractives Unit, and Mr. Linus Adie Utsu of Mining Investments Consultthat visited the Bank to share ideas on how to provide structured intervention towards revamping and deepening Nigeria’s mining sector.

NAICOM Chief: The Future of Nigeria Depends on How We Manage Risks

Keynote Address by Mr. Olusegun Ayo Omosehin, Commissioner for...

Leadway Assurance CEO: Nigerians Should Be Proactive as Flood Threats Intensify

The Chief Executive Officer of Leadway Assurance Company Limited,...

Nokia Plans More Job Cuts over Alcatel Acquisition

Nokia has announced sweeping job losses as the consequence...

Ngozi Okonjo Iweala Congratulates Business Journal on 15th Anniversary

Dr. Ngozi Okonjo Iweala, Director-General, World Trade Organisation (WTO)...

Standard Chartered Unveils Digital-only Banks in 4 African Markets

Standard Chartered yesterday announced the start of the second...

Heirs Insurance Group: N32bn Premium Income, N20.5bn Insurance Revenue in 2023

Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA)...
Exit mobile version