The World Bank report that said that many extremely poor people in the world are in Nigeria and Congo is one of the trending stories in Nigerian newspapers on Thursday.
The Punch reports that the World Bank has said that many extremely poor people in the world are in Nigeria and Congo.
In its latest 2022 Poverty and Prosperity Report, the global into extreme poverty.
The financial institution, however, noted that despite having a large share of global extreme poor, Nigeria and Congo contributed less to increase in extreme poverty as the economic shocks triggered by the pandemic was mild in the countries.
It noted that while Congo contributed half a million people, Nigeria contributed three million people to global extreme poverty.
The report read in part, “Although smaller in population, Nigeria and the Democratic Republic of Congo are still relatively large countries and home to a large share of the global extreme poor; however, they had relatively mild economic shocks in 2020 and so contribute less to the global increase in extreme poverty, about three million and half a million, respectively.”
In its report titled, ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’, the World Bank had warned earlier that many non-poor Nigerians were only one small shock away from falling into poverty.
According to the Washington-based bank, such a shock could be induced by the issues of climate or conflict, further threatening Nigeria’s poverty reduction efforts.
The newspaper says that price of Brent, the global benchmark for crude, gained $1.62 by rising to $93.4/barrel at 6.23pm Nigerian time on Wednesday, as oil producers agreed on a major production cut.
Members of the Organisation of Petroleum Exporting Countries and their Russia-led allies agreed on a major cut in oil production on Wednesday, a move to prop up prices that could bolster sanction-hit Moscow’s coffers and irk Washington.
Nigeria is a strong member of OPEC as the country pumps over 1.4 million barrels of crude daily, though this figure has crashed due to the activities of vandals and oil thieves in the Niger Delta.
AFP reported that the 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce two million barrels per day from November at a meeting in Vienna, according to Iran’s OPEC Governor, Amir Zamaninia. It is the biggest cut since the height of the COVID-19 pandemic in 2020.
Such a move could turbocharge crude prices, further aggravating inflation which has reached decades-high levels in many countries and is contributing to a global economic slowdown.
It could also give Russia a boost ahead of a European Union ban on most of its crude exports later this year and a bid by the group of seven wealthy democracies to cap the country’s oil prices.
US President Joe Biden personally appealed to Saudi leaders in July to boost production in order to tame prices which soared following Russia’s invasion of Ukraine earlier this year.
But crude prices have fallen in recent months on concerns over dwindling demand and fears over a possible global recession.
The Guardian reports that the Federal Government has secured release of the 23 remaining captives of Kaduna train attack.
The Secretary of the Chief of Defence Staff Action Committee (CDSAC), Prof. Usman Yusuf, who made the disclosure, yesterday, in a statement, said: “I am pleased to announce to the nation and the world that at 1600hrs. (4:00pm) today, Wednesday, 05-10-2022, the seven-man presidential committee assembled by the Chief of Defence Staff (CDS), General L E O Irabor, secured the release and took custody of all the kidnapped victims of the Ill-fated train.”
The document reads: “The nation owes a debt of gratitude to the Nigerian military under the leadership of the CDS, who conceived and guided the operation from start to finish. All sister security agencies and the Federal Ministry of Transportation contributed immensely to this operation.
“The unwavering support of the President and Commander-in-Chief of the Nigerian Armed Forces, Muhammadu Buhari, is what made it all possible.”
The victims were kidnapped by Boko Haram terrorists during an attack on a moving passenger train in Kaduna on March 28, 2022.
The hoodlums, who attacked the AK9 Train in Kaduna, had before now released hostages in piecemeal, with the last release being on August 19, 2022.
The insurgents had blown up the rail track and bombed the moving train, killing some and abducting more than 60 passengers. The unprecedented attack had attracted international and national outrage.
Distraught family members had protested several times to demand the release of their loved ones.
Worried about the situation, the Nigeria Railway Corporation temporarily suspended activities, with President Buhari directing security agencies to rescue the victims after he met their families.
Minister of Transportation, Mu’azu Sambo, had said the Abuja-Kaduna rail line would not resume until all the captives are rescued and reunited with their families.
A terrorist negotiator, Tukur Mamu, was on September 6 arrested in Cairo, Egypt while on his way to Saudi Arabia and returned to Nigeria the next day.
The Department of State Services (DSS) had alleged that Mamu, who negotiated between terrorists and families of victims, was part of an international terrorist network and used the cover of journalism to perpetrate his deeds.
Popular Kaduna-based Islamic cleric, Sheikh Ahmad Gumi, to whom Mamu is an aide, had faulted the arrest.
The newspaper says that hope rose for improved market liquidity, yesterday, as Geregu Power Plc (GPP) was admitted into the main board of the Nigerian Exchange Limited (NGX) by way of listing by introduction (LBI) of its 2.5 billion ordinary shares of 50 kobo each at N100 per share.
Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first in the industry to be listed on the NGX main board, a listing segment for well-established companies with demonstrable records of accomplishments.
Amid high investors’ demand, the stock gained 10 per cent (N10) on its first trading day to close at N110 per share.
The stock led the gainers’ chart, pushing its market capitalisation to N275 billion from the N250 billion it was listed.
The leading power generation company traded 8.5 million volumes of shares at N935 million in one day as its listing further boosted liquidity in the Nigerian capital.
The company had appointed the accounting firm, PwC, in June 2022 as auditors of the firm and also brought on board Paul Miyonde Gbededo, former Group Managing Director/CE of Flour Mills Nigeria Plc.
The listing under the utility sector with the trading symbol has added N275 billion to the market capitalisation, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
Recall that the power company recently announced the successful issuance of its N40.085 billion senior unsecured bonds under its N100 billion multi-instrument issuance programme.
Also, the transaction, which represents Geregu’s debut bond issuance in the debt market was over-subscribed. The issuance which commenced on July 1, 2022, following relevant approval of the Securities and Exchange Commission (SEC) closed on July 14, 2022, with a bond yield of 14.50 per cent.
Reacting to the listing, the Executive Chairman, Board of Directors, GPP, Femi Otedola, said: “The listing of the company was the actualisation of a vision to bring world-class standards in governance, sustainability, and business processes to the company and the Nigerian electricity sector.”
The listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders.
“Nigerian Exchange Limited continues to evolve to remain an attractive destination for issuers, meet the needs of our valued stakeholders and achieve the highest level of competitiveness,” he said.
GIK/APA