BusinessDay 03 Dec 2019

Page 1

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news you can trust I ** TUESDAY 03 DECEMBER 2019 I vol. 19, no 448

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FG cuts savings bond rates to record low on strong retail appetite OLUWASEGUN OLAKOYENIKAN

T

Without reforms Nigeria will harbour 25% of

world’s extreme poor by 2030 - World Bank U nless the government quickly embarks on needed reforms, the number of Nigerians living in extreme poverty could increase by more than 30 million by 2030, pushing the country to account for 25 percent of world’s extremely poor population, the World Bank warned on Monday. The World Bank gave the warn-

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NGUS FEB 26 2020 363.50

L-R: Ebenezer Onyeagwu, group managing director/ CEO, Zenith Bank; Babajide Sanwo-Olu, governor, Lagos State; Jim Ovia, chairman, Zenith Bank; Okezie Ikpeazu, governor, Abia State, and Adaora Umeoji, deputy managing director, Zenith Bank plc, at the grand finale of the ‘Style By Zenith 2.0’ Lifestyle Fair in Lagos.

ONYINYE NWACHUKWU & CYNTHIA EGBOBOH, Abuja

fgn bonds

Treasury bills

ing in its Nigeria Economic Update launched in Abuja. An estimated 100 million Nigerians currently live on less than US$1.90 per day. Close to 80 percent of poor households are in northern Nigeria, while employment creation and income gains have been concentrated in central and southern Nigeria. “Economic and demographic projections highlight the urgent need for reform,” the bank noted. Population growth is estimated at 2.6 percent, outpacing econom-

ic growth in a context of weak job creation, while per capita incomes are falling. “The ‘cost of inaction’ is significant. Under a business-as-usual scenario, where Nigeria maintains the current pace of growth and employment levels, by 2030 the number of Nigerians living in extreme poverty could increase by more than 30 million, and Nigeria could account for 25 percent of world’s extremely poor population,” the bank stated. In the report, the bank noted

that building reform momentum is essential to mitigate risks and promote faster, more inclusive, and sustainable growth that improves living standards and reduces poverty. Robust growth and job creation will require strengthening macroeconomic management while increasing fiscal revenues to attenuate the impact of oil-sector fluctuations and advance muchneeded investments in human

Continues on page 39

he Federal Government of Nigeria has cut the interest rates on its savings bonds to the lowest levels on record to take advantage of strong investor appetite amid negative real returns on its short-term debt securities to borrow cheaper. The interest rates on the twoyear and three-year FGN savings bonds were lowered to 9.091 percent and 10.091 percent per annum, respectively, according to a notice for December auction released Monday by the Debt Management Office (DMO). These rates are the lowest since March 2017 when the

Continues on page 39

Inside Crude theft persists despite multi-million-dollar surveillance contracts P. 38 The Nigerian dream and a damning reality P. A2


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BusinessDay 03 Dec 2019 by BusinessDay - Issuu