Press spotlights World Bank report that poor Nigerians will hit 101m without palliatives, others

APA – Lagos (Nigeria)
The World Bank assertion that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023 is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that the World Bank has stated that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023.
This was disclosed during the launch of the June 2023 edition of the Nigeria Development Update on Tuesday in Abuja.
The Washington-based lender also said about 7.1 million poor Nigerians would become poor if the Federal Government failed to compensate or provide palliatives for them, following the removal of fuel subsidy.
According to World Bank data, 89.8 million Nigerian were poor as of the beginning of this year. The lender noted that additional four million Nigerians became poor between January and May this year, raising the figure to 93.8 million.
Latest projection means the number of poor Nigerians will rise to 100.9 million if the government fails to compensate vulnerable citizens for fuel subsidy removal.
The World Bank Nigeria Development Update report noted that Nigeria’s inflation has risen to a 17-year high, and has been driven by a number of factors, such as CBN funding of budget deficit, previous multiple exchange rates, devaluation, and trade restrictions.
The newspaper says that more international manufacturing companies may leave Nigeria and site their factories in other countries should power distributors implement the planned hike in the tariff payable by consumers from July 1, 2023, the Manufacturers Association of Nigeria has said.
It stated that some international manufacturing firms had already exited Nigeria as a result of the power crisis, coupled with the unpredictability of the country’s foreign exchange rate before it was recently unified.
The President, Manufacturers Association of Nigeria, Francis Meshioye, told our correspondent on Tuesday that the over N144bn spent on alternative sources of energy by manufacturers in 2022 impacted adversely on the operations of his members.
He stressed that any further hike in tariff would lead to an exodus of companies, and called on the government to reconsider the move.
“In every system there’s always a core structure and this includes the elements that make up the total cost spent in generating your revenue. Now, what we experience as manufacturers is that energy cost is a major cost in processing our products.
“Now, if you spent N144bn on alternative energy sources in one year, you can only imagine the impact which that will have on your cost of operations. The manufacturing business in Nigeria is affected by so many factors, energy is a major one,” Meshioye stated.
He added, “Manufacturers provide almost every infrastructure by themselves. Outside the major roads, you find out that manufacturers provide water, power, security, etc. So when you look at it, you find out that the cost of doing business is so huge, that a businessman will ask, is this the only place I can do my business? Can I move may capital elsewhere?
“The downsizing of businesses in Nigeria, for instance, shows that businesses are not doing very well. So this power issue and other things have made some manufacturers, particularly international businessmen to relocate from Nigeria to other countries.”
He stated that something should be done about the power issue, adding that raising tariffs was not in the interest of manufacturers.
The Punch also reports that Phillips Consulting has said over 52 per cent of professionals in Nigeria are currently contemplating leaving their current jobs for opportunities overseas within the next year.
It disclosed this in its report titled, ‘The talent management report, A new world order: shifting paradigms in addressing the brain drain’, which was presented during the quarterly meetup of the Nigerian Human Resources Directors Network in Lagos.
According to the report, finance and insurance, professional services, education, healthcare, and IT industries would be the hardest-hit professions.
Nearly 50 per cent of employees working in these fields were considering leaving, it said.
The report said Nigerian businesses faced numerous challenges in the post-pandemic world, such as market uncertainty, inflation, digitisation acceleration, changes in consumer behaviour, increased operational expenses, and complexity.
Employee retention and brain drain prevention were today’s most pressing issues, it noted.
It added that before the Ukraine crisis, the Nigerian economy faced multiple challenges, including unemployment, a weak currency, and insecurity.
The situation had exacerbated the high cost of living and affected employees’ finances and purchasing power, it said.
The Guardian says that the ECOWAS court and the African Court on Human and Peoples’ Rights (The Court) have agreed on new initiatives for improving the execution of their respective mandates under a new Memorandum of Understanding (MOU) signed between the two courts in Arusha, United Republic of Tanzania.
Both courts agreed under the MOU, which was signed on June 24 at the end of a three-day judicial dialogue of the judges and officials of both courts, to cooperate through staff exchanges, representation in each other’s programme, undertake joint training, knowledge and information sharing. The cooperation also extends to the publication of their respective jurisprudence as well as research and capacity building within the framework of their constituent instruments.
The MOU, which succeeded the 2018 inaugural MOU by both courts that lapsed in March 2021, was intended to reinforce the existing good relationship between the courts in the protection of human and peoples’ rights.
During the dialogue, the two courts discussed a wide range of issues relating to their respective mandates during which a number of presentations were made by their officials. This was followed by discussions on their respective jurisprudence, mainly in the areas of human rights; their overlapping jurisdictions; their structures, appointment procedures and tenure.
Others are funding; access to the two courts, admissibility of cases, challenges on compliance with their decisions and mechanisms put in place for the implementation of their decisions, among others.
Their legal staff also held a working session to share experiences and exchange ideas on matters of common interests, particularly on case management, drafting of judgments, legal aid, enforcement of judgments as well as the challenges and measures taken to resolve the identified challenges.
In addition, they reviewed their inaugural MOU which expired in March 2021 and identified the challenges that impeded the effective implementation of its provisions. They then recommended its renewal and made proposals with a view to ensuring that the successor MOU is more effective and implementable.
The two courts also adopted a five-year Plan of Action for the effective implementation of the MOU.
The closing ceremony of the dialogue was jointly presided over by the Presidents of the two courts, Honorable Justice Edward Amoako Asante and Honorable Lady Justice Imani Aboud of the ECOWAS and African Courts respectively.
The delegation of the ECOWAS Court, accompanied by some judges of The Court, visited the United Nations International Residual Mechanism for Criminal Tribunals (IRMCT) and the East African Court of Justice also based in Arusha, United Republic of Tanzania.
GIK/APA