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Finally a Welttrophäe for Nigeria - Punch Newspapers
The Nigerians have recently complained about the way the Super Eagles have dropped out of the current championship in Russia. Nevertheless, Nigeria's well-known preference to distinguish itself "at all costs" may have been enhanced by last week's declaration that Nigeria has surpassed India as the world's number one in the assessment of wealth.
Almost 50 per cent of the 170 million population in Nigeria are considered extreme destitute. A recent Brookings Institution study, backed by the World Peace Clock, shows that over 87 million Nigerians are now in dire straits of povt. By the way, the'Worldoverty Clock' was established by the Austrian government financed non-governmental organization Datab, headquartered in Vienna, to supervise information on live plight in more than 100 states.
Indeed, the Brookings' forecasts for the first quarter of 2018 show that "Nigeria has outpaced India, which has 73 million impoverished humans, as the nation with the most extreme poverty levels in the wordl. In the current Annual Survey of the Bank, the global economies are classified according to their gross domestic products, on the basis of their per capita buying capacity parities (this means quite easily that the overall value of goods and goods manufactured domestically is shared by the entire populace, while the value of this products is determined by the comparative buying capacity parities of the local currency).
It is clear from the narrative that "extreme poverage in Nigeria increases by six per moment, while Indian poverry further decreases. Notice also that by December 2018 (6 moths therefore), an estimated 3. 2 million, more group connection change in Africa.
Nigerian Minister of Trade and Investment, Okechukwu Enelamah, said to State House correspondents after the federal government session on Wednesday 27 June 2018 that the indexes used in the report's findings were "possibly" composed when Nigeria was in the midst of an economy downturn (i.e. between August 2016 and September 2017).
He therefore advised: "The Nigerians must not go to bed because of the reports. Enelamah also called on the press corps to recall that "when you are in the midst of a downturn, which means that as the populace grows, even though the populace is still on the increase, the number of reproductive offspring continues to grow. This means that in reality, according to how the numbers run, you will go in the other direction.
However, according to the Brookings Institution, the WPC is annually revised in April and October to include new household inventories (including an extra 97 inventories made available in April 2018) with new forecasts of each country's GDP from the IMF's WEP. Apparently, such figures "form the basis for the calculation of patterns of development of poverty in 188 counties and areas, both in industrialised and less industrialised nations, all over the world".
Brookings' survey also found that the great majority of the great plight in the modern day is due to Africa and that Africans make up about two third of the world's great paupers. But should the Nigeriaans, despite the customary unsubstantiated bullishness of the leaders, agree to the minister's refusal to make an abominable judgement about Nigeria's leading role among the world's most disadvantaged?
By the way, the CIA World Factbook suggests that the number of Nigerians currently live below the $1 international income threshold, rising from 34 percent between 1992 and 1999 to 60 percent (2000-6), 70 percent (2007-10) and 60 percent (2011-16) to 67 percent by 2018.
Nevertheless, our own Statistical Office in 2016 said that no less than 112 million Nigerians were below the pover. The Nigerian citizen likes to regret that not only has the world become increasingly "harder" over the years, but that recently with well over 30 million "professional" unemployed and million young people denied the necessary educational and skill to make a livelihood and stay useful, it has become much more difficult to survive, rather than a repressive government cost with a potentially frustrating, disturbing power for the country's sovereignty and business.
In addition, Bill Gates, the savvy global philanthrope who has already spent over $1 billion in crucial healthcare and other related intervention in Nigeria, noted with consternation during his recent trip to Nigeria that "if present educational and healthcare tendencies persist, per capita GNP will fall, with shallow per capita growth".
In the end, according to Gates, it may not coincide with higher demographic expansion (see "Bill and Melinda Gates: Many thanks for your passion for Nigeria" at www.betternigerianow.com). There is no question that Nigeria will have to struggle with the question of demographic controls, especially if Nigeria's ratio of GNP to demographic increase remains depressed.
Strangely enough, however, a passing assessment will also clearly show that there has been a worsening of debt, unexplainably and at the same time with an increasing external deficit and relatively ample FX stocks. So we have become unexplainably impoverished as Nigeria's domicile bank accounts become more and more lively. As we get wealthier in our currencies, our nation becomes impoverished.
It is justifiable in this case that even a 50 percent decline in the demographic increase can, as is often suggested, have only minimal and alleviating effects on the livelihood. Similarly, the more the Central Bank of Nigeria gives as a reserve, the greater the pressures on the currency parity of the National Bank of Nigeria.
Between 1995 and 1998, the level of nitrate stayed at N80 per $1 with only $4 billion in foreign currency and just under four month of importation. On the other side, the value of the value of the Naira has dwindled unexplainably and continuously, despite an unusually lively stockpile and significantly expanded import coverage for most years, so that the CBN is continually encouraging to intentionally trade dollar to everyone and everyone, even if the federal government still has the opportunity to lend the same dollar outside at merciless external interest on such government debts.
Unfortunately, lower currency parities are counter-productive, as they lead to higher gasoline and subsidy levels, while the resulting double-digit rate of price increases will further depress customer demands and result in higher corporate credit costs. Of course, with an international $1 international livelihood. 90/day, more Nigerians will still be earning below poor salaries, even if N65,000 becomes the new minimal salary.
After all, 50 percent of the Nigerian people, and certainly well over 100 million of the next generations, will be living in bitter destitution if the spending capacity of the Nigerian people is further reduced. The Brookings Poor Rankings are instructive on the per capita buying strength of a country's GNP, i.e. how much each individual would receive if the GNP were distributed evenly over the entire populace, while the per capita value is measured as the buying rate value of an interna -tional money such as the US Dollars.
The lower the current level of the current currency parity, the impoverished the Nigerians. Even if petroleum prices approach $200/barrel suddenly, as observed in the past, the level of nitrates will unfortunately still come under downward pressure; an appalling irony. Unfortunately, this terrible situation will continue as long as the USD rates in an auction in a local financial markets, which the CBN will not ignore, are washed away with excess USD rates for ever and intentionally.