Thursday, June 22, 2017

Nigeria set to become 3rd most populated country in the world by 2050

Nigeria is projected to be the world’s third most populous country by the year 2050, according to a report released by the UN Department of Economic and Social Affairs.

The report, titled ‘World Population Prospects: The 2017 Revision’, said with such development, Nigeria would overtake the United States in terms of population just as world population would reach 9.8 billion people.

The report said “by 2050, the third most populous country will be Nigeria, which currently ranks seventh, and which is poised to replace the United States.

“Among the 10 largest countries of the world, one is in Africa (Nigeria). “Amongst these, Nigeria’s population, currently the seventh largest in the world, is growing the most rapidly. “Consequently, the population of Nigeria is projected to surpass that of the United States shortly before 2050, at which point it would become the third largest country in the world. 

“In 2050, the populations in six of the 10 largest countries are expected to exceed 300 million: China, India, Indonesia, Nigeria, Pakistan, and United States of America (in alphabetical order). “Africa, which has the youngest age distribution of any region, is projected to experience a rapid ageing of its population, the report noted. “Although the African population will remain relatively young for several more decades, the percentage of its population aged 60 or over is expected to rise from five per cent in 2017 to around nine per cent in 2050, and then to nearly 20 per cent by the end of the century.” 

In addition, the birth rates in African countries are likely to “at least double” by 2050, according to the report. That trend came in spite of lower fertility rates in nearly all regions of the world, including in Africa, where rates fell from 5.1 births per woman up to 2005 to 4.7 births in the five years following.

In terms of other population trends depicted in the report, the population of India, which currently ranks as the second most populous country with 1.3 billion inhabitants, will surpass China’s 1.4 billion citizens, by 2024. The report noted that the world population, now at least 7.6 billion, was up from 7.4 billion in 2016, adding the concentration of global population growth is in the poorest countries. 

The report said in spite of an overall drop in the number of children people have around the globe, the population was spurred by the relatively high levels of fertility in developing countries. “With roughly 83 million people being added to the world’s population every year, the upward trend in population size is expected to continue, even assuming that fertility levels will continue to decline. “At this rate, the world population is expected to reach 8.6 billion in 2030, 9.8 billion in 2050 and surpass 11.2 billion in 2100,” the report further revealed. 

The growth is expected to come, in part, from the 47 least developed countries, where the fertility rate is around 4.3 births per woman, and whose population is expected to reach 1.9 billion people in 2050 from the current estimate of one billion. In contrast, the birth rates in Europe are up to 1.6 births per woman, up from 1.4 births in 2000 to 2005. “During 2010 to 2015, fertility was below the replacement level in 83 countries comprising 46 per cent of the world’s population,” according to the report. 

The lower fertility rates are resulting in an ageing population, with the number of people aged 60 or over expected to more than double by 2050 and triple by 2100, from the current 962 million to 3.1 billion. The UN Department said the population growth presented a challenge as the international community sought to implement the 2030 Sustainable Development Agenda seeking to end poverty and preserve the planet. 

The report also noted the impacts of migrants and refugees between countries, in particular noting the impact of the Syrian refugee crisis and the estimated outflow of 4.2 million people. In terms of migration, “although international migration at or around current levels will be insufficient to compensate fully for the expected loss of population tied to low levels of fertility, especially in the European region, the movement of people between countries can help attenuate some of the adverse consequences of population ageing”. 

Wednesday, June 21, 2017

Video - Telecoms firm Etisalat Nigeria ordered to transfer 45% stake to loan trustee



Etisalat has been instructed to transfer its 45% stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed. Etisalat Nigeria had been in talks to restructure a $1.2 billion loan after missing repayments. The company took the loan to refinance an existing commercial medium-term debt of $650 million and continue its network rollout across the country. On June 15th, a consortium of lenders -- led by Access Bank and other local and foreign banks -- took over the management of Etisalat Nigeria. The takeover followed the collapse of the effort by Emerging Markets Telecommunications Services to reach agreement with the banks on debt restructuring plan.

Tuesday, June 20, 2017

America pledges commitment to unity of Nigeria

The U.S. Ambassador to Nigeria, Stuart Symington, has said that his country will continue to work towards the promotion of Nigeria’s unity.

Mr. Symington, who said this in Ibadan, Oyo State on Monday, noted that in Nigeria’s unity lies the strength of the world’s most populous black nation.

The envoy, who led top officials of the embassy on a working visit to the office of the Governor of Oyo State, Abiola Ajimobi, in Ibadan, said that the U.S. recognised the strategic importance of Nigeria in Africa.

A statement by Yomi Layinka, Mr. Ajimobi’s media aide, quoted the envoy as saying that the visit was in the furtherance of his country’s vision and mission to explore new frontiers of partnership for development with African countries, which, he said, informed his decision to tour every part of the country.

Mr. Symington called on the state government to work with the U.S. towards setting a new pace in socio-economic development, adding that Nigeria was loved all over the world, especially in the U.S. because of its unity.

“This visit is not just a courtesy call; it is in continuation of America’s vision and mission. We are looking forward to working with your state to set up a new pace in development,” the envoy said.

“We are happy to be here and I’m telling you that Nigeria as a country is loved by all Americans and even in the world for the sake of the unity the country upholds.”

“The U.S. recognises the strategic importance of Nigeria in Africa. We will continue to work towards the promotion of the unity of Nigeria, because that is where the strength of the country lies. The U.S. loves Nigeria because of its unity.”

Mr. Ajimobi had earlier sought the assistance of the U.S. government in his administration’s efforts at promoting human capital development and technical education in the state.

The governor also identified technical education as the missing link in the Nigeria’s curriculum, which, he said, was necessary for the country’s accelerated development.

The governor said that the state had potential that if put to good use, and with needed support from a developed economy like that of the U.S., could revamp the state’s economy.

“We want more foreign partners to support our industrialisation drive as we have established an industrial park as well as free trade zone, which would be the hub of commerce and source of employment generation for our teeming youth,” the governor said.

Monday, June 19, 2017

Video - Nigeria's headline inflation falls for fourth straight month



Nigeria's headline inflation rate has continued its steady decline. New figures released by the country's Bureau of Statistics put the inflation rate at 16.25 percent for the month of May. It's 0.99 percentage points lower the rate recorded in April, making it the fourth straight month in which the rate has fallen. It's a different story, however, for the food index, which is still trending upwards.

Thursday, June 15, 2017

Video - Lagos residents caught up in the race for available land



In Nigeria, the city of Lagos is struggling to provide housing for its rapidly expanding population. Thousands of people arrive daily, looking for work. In addition, tens of thousands are evacuated from a waterside properties to make way for development projects. And many of those displaced have been forced into poorly serviced, overcrowded slums, as Thuli Tshabalala reports.