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Coronation Research Daily Insights
(Source: Coronation Research, Date: 18-Nov-2022)

FRIDAY 18 NOVEMBER 2022

Multidimensional Poverty Index | Nigerian Salaries | FAAC | Bank Operating Hours | Maritime Hub

Good morning,

Here are your top 5 news items for the day.

Multidimensional Poverty Index


Nigeria's poverty exceeds World Bank projection, five states lead"" Punch

The National Bureau of Statistics has disclosed that 133 million Nigerians are multi-dimensionally poor. In its latest National Multidimensional Poverty Index report launched on Thursday, the NBS said that 63 per cent of Nigerians were poor due to a lack of access to health, education, living standards, employment and security. The Multidimensional Poverty Index offers a multivariate form of poverty assessment, identifying deprivations across health, education, living standards, work and shocks. The Statistician-General of the Federation and CEO of the NBS, Semiu Adeniran, said this was the first time the bureau would conduct a standard multidimensional poverty survey in Nigeria. The survey was implemented in 2021 to 2022 and it is the largest survey with a sample size of over 56,610 people in 109 senatorial districts in the 36 states of Nigeria," he said. He added, ...Unlike the Global MPI which uses three dimensions (Health, Education and Living Standards), we added a fourth dimension, Work and Shocks in the 2022 MPI Survey. This fourth dimension as well as other added variables such as food security, water reliability, underemployment, security shocks and school lag, were all added to reflect the current realities and priorities in Nigeria. "Read more@ Nigeria's poverty exceeds World Bank projection, five states lead (punchng.com).

 

Nigerian Salaries


Naira depreciation, inflation erode workers' N25tn salaries "" Punch

The endless depreciation of the naira and the rising inflation have eroded Nigerian workers' N24.88tn salary received in the first six months of 2022.The salaries of workers in the Nigerian formal sector increased from N21.80tn in the first six months of 2021 to N24.88tn in the corresponding period of 2022.This represents a N3.08tn increase within the period. But when adjusted for inflation, the National Bureau of Statistics recent data on employees' compensation revealed that there was only a N550.97bn increase. This means that not only was the N3.08tn increase in salary eroded, the total salary of nearly N25tn also depreciated. A further dive into the data revealed that the compensation of employees at 2010 purchaser's value was N10.71tn in the first six months of 2021, which marginally increased to N11.26tn in the corresponding period of 2022.Explaining compensation of employees, the NBS said, ...This consists of the total remuneration of employees in the formal sector, including both wages and salaries, and benefits in kind (such as pensions)." Read more @ Naira depreciation, inflation erode workers' N25tn salaries (punchng.com).

 

FAAC


Rising public debt worrisome, fuel subsidy unsustainable "" FAAC"" Punch

The Federation Account Allocation Committee Post-Mortem Sub-Committee has said that the rising public debt is worrisome, while describing fuel subsidy as unsustainable. This was according to a communiqué issued at the end of a three-day retreat to evaluate issues emanating from the Federation Account from January 2019 to September 2022.A copy of the communiqué sent to our correspondent read, ...The rising level of public debt and the increasing ratio of debt service to revenue is worrisome. "It noted that the contribution of oil revenues to Federation account revenues had been challenged by structural constraints bedeviling the oil sector, including the unsustainable subsidy on petrol operating as the first line against gross oil revenues. However, the communiqué stated that while removing fuel subsidy would improve government revenues, it would increase inflation, which would significantly impact low-income households by raising their cost of living. Read more @ Rising public debt worrisome, fuel subsidy unsustainable "" FAAC (punchng.com).

 

Bank Operating Hours


Banks alter business hours to beat deadline for old currency notes"" Sun

Amid plans by the Central Bank of Nigeria (CBN) to mop up old Naira notes from circulation, Nigeria's 33 Deposit Money Banks (DMBs) are adjusting their operating hours to assist Nigerians holding on to soon-to-expire Naira notes deposit them. In a separate emails sent to their customers and social media posts seen by Daily Sun, banks have started altering their business hours. The United Bank for Africa (UBA) in a mail to customers said it would begin operations on Saturdays for cash deposits. The email said, ...Following the CBN announcement on the introduction of new naira notes, we are now open on Saturdays, from 10:00 am to 2:00 pm for cash deposits only". Ecobank also had the same message for its customers. It said, ...You can now deposit your old banknotes ahead of the January 31st, 2022 deadline. We will be open from 10am to 3pm" .For its part, Access Bank stated in a recent message sent to customers over the weekend read, ...With over 600 branches, more than 150,000 Access Bank CLOSA agents and deposit ATMs across our branches, and over 500 BETA agents that are present in over 180 major markets in Nigeria to receive cash from customers, we are just a doorstep away. Our customers can deposit their existing Naira notes using any of these channels closest to them with ease. Read more @ Banks alter business hours to beat deadline for old currency notes (sunnewsonline.com).

 

Maritime Hub


Nigeria will become maritime hub, says minister"" Punch

The Minister of Transportation, Mu'azu Sambo, has said that the Federal Government is committed to ensuring that Nigeria becomes a major destination for global maritime players.A statement quoted Sambo to have said this at an event in preparation for the visit of the Secretary General of International Maritime Organisation, Kitack Lim, for the Nigeria International Maritime Summit.Lim is scheduled to visit the Federal Republic of Nigeria from November 20th "" 22nd 2022.During his visit, Kim will attend the Nigeria International Maritime Summit 2022 where regional policies and operational perspectives to decarbonisation and greenhouse gas emissions in shipping will be the focus. The Federal Ministry of Transportation and its agencies, in collaboration with the organised maritime private sector under the auspices of Nigeria International Maritime Summit, are hosting the event.On his part, the Director-General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Bashir Jamoh, said Lim's visit, which is the first by an IMO Secretary General to Nigeria in over 15 years, was a testament to the renewed confidence of the international maritime community in Nigeria.. Read more @ Nigeria will become maritime hub, says minister (punchng.com).

 

 

 

 



Information used in the preparation of this publication is believed to be accurate at the time of going to press, though not verified independently. No liability is accepted for errors nor omissions of fact, nor is any warranty given for the reasonableness, accuracy or completeness of the information presented. Neither Coronation Asset Management, nor its directors, employees and contractors accept(s) responsibility for losses or opportunity costs, whether direct or consequential, that may be incurred as a result of trading, or not trading, on information covered in this publication, or other securities, as a result of any decision taken after reading this publication.

 

 

For further enquiries, please contact  cec@coronationam.com 

Coronation Asset Management, 10 Amodu Ojikutu Street, Off Saka Tinubu Street Victoria Island, Lagos, Nigeria

Copyright © 2022, All rights reserved.

 

 

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