The World Bank says poverty rate in Nigeria has increased to 46 percent in 2023, representing 104 million poor Nigerians.

This was disclosed in World Bank’s Nigeria development update titled ‘Turning the corner: From reforms & renewed hope, to results,’ on Wednesday.

World Bank said Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent this year, as the number of poor people increased from 79 million to 104 million.

According to the report, more people have fallen below the poverty line due to sluggish growth and rising inflation.

“Sluggish growth and rising inflation have increased poverty from 40 percent in 2018 to 46 percent in 2023, pushing an additional 24 million people below the national poverty line,” World Bank said.

The report said the number of poor people in urban areas — more exposed to inflation — increased from 13 million to 20 million, while the number of poor people in rural areas rose to 84 million from from 67 million within the same period.

The reforms undertaken by President Bola Tinubu are ending petrol subsidy in May and devaluation of the naira by shifting to a unified, market-reflective foreign exchange (FX) rate in June.

World Bank said the reforms were essential for Nigeria to avoid a fiscal cliff and enable faster growth even though they brought difficult economic adjustments.

“Since May, retail gasoline prices have increased by an average of 163 percent and the Nigerian naira (N) has depreciated against the US dollar by 41 percent in the official market and by 30 percent in the parallel market,” World Bank said.

“The sharply higher price of gasoline and other imported goods has contributed to inflation, which increased from already elevated levels to 27.3 percent year-on-year (you) in October.”

On Wednesday, Alex Sienaert, the bank’s lead economist for Nigeria, said the country’s petrol should be priced at N750 per litre in filling stations based on present official exchange rate, not N650.

The Cable

When Sodiq Ajibade emerged from a Lagos pharmacy holding asthma medication, one drug on his prescription was missing because he did not have the money to buy it.

The price of some medicines has risen almost tenfold in Nigeria in the past few months, forcing patients like Ajibade to cut his dose or turn to traditional alternatives.

Pharmaceutical industry officials said the plunge in the value of the naira after the removal of currency controls in June has sent prices of new stocks rocketing.

British drug maker is moving from GSK-controlled local operating companies in Nigeria to a third-party direct distribution model. Some industry officials said this was also adding to woes, which GSK denied.

"I used to buy three medicines prescribed to me but now I have reduced to two, that is penicillin and aminophylline," said Ajibade.

Research firm Statista says only 3% of Nigerians have health insurance, meaning patients must find the money themselves to buy medication.

Nigeria's health ministry and National Agency for Food and Drug Administration and Control did not respond to requests for comment.

A GSK spokesperson said foreign currency shortages had affected GSK's ability to maintain consistent supply of medicines and vaccines in the market, leading to stockouts.

"The price increases we are seeing in Nigeria are not as a result of the decision to change the business model, and we regret that market forces outside our control have impacted the price of remaining stock in the market," the spokesperson said.

Cyril Usifoh, president of the Pharmaceutical Society of Nigeria said most drugs were imported while local makers relied on imports for the pharmaceutical ingredients to produce medicines.

The naira has lost half its value since June, raising prices of everything from pain killers to drugs for chronic disease.

A Seretide asthma inhaler manufactured by GSK, for example, cost up to N8,000 ($9.42) in April but now retails for up to N70,000. Antibiotics like augmentin cost as much as N25,000, up from N4,500 in July.

"I am particularly worried about things like cancer drugs, anti-hypertensive drugs, diabetic drugs. The price has been astronomical," said Usifoh.

"If you have two, three drugs on your prescription you may find that you don't have enough money to buy all of them."

Faced with such high costs, 43-year-old Kano farmer Ubaidullah Nuhu Yusuf said he was resorting to traditional cures.

"By boiling guava and pawpaw leaves .. and inhaling the steam, this has proven effective to curing malaria and typhoid since affording an injection and buying the drugs is a problem," he said.

Reuters

Israeli defense minister says war on Hamas will last months as US envoy discusses timetable

Israel’s defense minister said it will take months to destroy Hamas, predicting a drawn-out war even as his country and its top ally, the United States, face increasing international isolation and alarm over the devastation from the campaign in Gaza.

Yoav Gallant’s comments came as U.S. national security adviser Jake Sullivan met with Israeli leaders to discuss a timetable for winding down major combat in Gaza. Israeli leaders repeated their determination to pursue the military assault until they crush the militant group for its Oct. 7 attack.

The exchange seemed to continue a dynamic the two allies have been locked in for weeks. President Joe Biden’s administration has shown unease over Israel’s failure to reduce civilian casualties and its plans for the future of Gaza, but the White House continues to offer wholehearted support for Israel with weapons shipments and diplomatic backing.

“I want them to be focused on how to save civilian lives,” Biden said Thursday when asked if he wants Israel to scale down its operations by the end of the month. “Not stop going after Hamas, but be more careful.”

Meanwhile, aside from small adjustments, Israel has changed little in what has been one of the 21st century’s most devastating military campaigns, with a mounting death toll.

The prime minister of the Palestinian Authority, Mohammed Shtayyeh, said it’s time for the United States to deal more firmly with Israel, particularly on Washington’s calls for postwar negotiations for a two-state solution to the Israeli-Palestinian conflict.

“Now that the United States has talked the talk, we want Washington to walk the walk,” Shtayyeh said in an interview with The Associated Press a day before Palestinian President Mahmoud Abbas is to meet with Sullivan in Ramallah.

The encounter is expected to focus, among other things, on Palestinian security forces and on revitalizing the Abbas-led Palestinian Authority, an autonomous government that administers pockets of the Israeli-occupied West Bank, said a senior Biden administration official who spoke on condition of anonymity under ground rules set by the White House.

The U.S. is exploring having security personnel associated with the Palestinian Authority help restore public safety in Gaza if Israel is successful in removing Hamas from control, the official said. Sullivan and other officials have discussed the prospect of having people associated with the Palestinian Authority security forces before Hamas took over the territory in 2007 serve as the “nucleus” of postwar peacekeeping in Gaza, the official said, adding that this was one idea of many being considered.

A deadly Hamas ambush on Israeli troops in Gaza City this week showed the group’s resilience and called into question whether Israel can defeat it without wiping out the entire territory. The campaign has flattened much of northern Gaza and driven 80% of Gaza’s population of 2.3 million from their homes. Displaced people have squeezed into shelters mainly in the south in a spiraling humanitarian crisis.

Gallant said Hamas has been building military infrastructure in Gaza for more than a decade, “and it is not easy to destroy them. It will require a period of time.”

“It will last more than several months, but we will win, and we will destroy them,” he said.

After talks with Sullivan in Tel Aviv, Israeli Prime Minister Benjamin Netanyahu said he told Israel’s “American friends” that the country was “more determined than ever to continue fighting until Hamas is eliminated — until complete victory.”

White House National Security Council spokesman John Kirby said Sullivan talked with Netanyahu about moving to “lower intensity operations” sometime “in the near future.”

“But I don’t want to put a time stamp on it,” he said.

Earlier this week, Biden said Israel was losing international support because of its “indiscriminate bombing.” U.S. officials have been telling Israel for several weeks that the country’s window is closing for concluding major combat operations in Gaza without losing even more support internationally.

ARRESTS IN THE NORTH

The Palestinian telecommunications provider Paltel said Thursday that all communication services across Gaza were cut off due to ongoing fighting, severing the besieged territory from the outside world.

Heavy fighting has raged for days in areas around eastern Gaza City that were encircled earlier in the war. Tens of thousands of people remain in the north despite repeated evacuation orders, saying they don’t feel safe anywhere in Gaza or fear they may never be allowed to return to their homes if they leave.

The military released footage Thursday showing Israeli troops leading a line of dozens of men with their hands above their heads out of a damaged building it said was the Kamal Adwan Hospital in the north Gaza town of Beit Lahia. Men brought out four assault rifles and set them on the street along with several ammunition magazines.

In the video, a commander said militants had fired on troops from the hospital and that troops were evacuating those inside while detaining suspected militants. Earlier in the week, a Gaza Health Ministry official said weapons inside belong to the hospital’s guards. Neither side’s claims could be independently verified.

Israeli troops have held the hospital since Tuesday, according to the Health Ministry and U.N. During that time, 70 medical workers and patients were detained, including the hospital director, they said.

Several thousand displaced people sheltering there were evacuated after the raid, and the remaining patients — including 12 children in intensive care — will be taken to Gaza City’s Shifa Hospital, the Health Ministry said.

Israel says it is rounding up men in northern Gaza as it searches for Hamas fighters, and recent videos have shown dozens of detained men stripped to their underwear, bound and blindfolded in the streets. Some released detainees have said they were beaten and denied food and water.

A HEAVY CIVILIAN TOLL

Israel’s air and ground assault, launched in response to Hamas’ unprecedented attack into southern Israel on Oct. 7, has killed more than 18,700 Palestinians, according to the Health Ministry in Hamas-run Gaza.

The ministry does not differentiate between civilian and combatant deaths. Its latest count did not specify how many were women and minors, but they have consistently made up around two-thirds of the dead in previous tallies. Thousands more are missing and feared dead beneath the rubble.

Multiple strikes hit Thursday in the southern cities of Khan Younis and Rafah, residents reported. After an early morning strike in Rafah, an Associated Press reporter saw 27 bodies brought into a local hospital Thursday.

One woman burst into tears after recognizing the body of her child.

“They were young people, children, displaced, all sitting at home,” Mervat Ashour said. “There were no resistance fighters, rockets or anything.”

New evacuation orders issued as troops pushed into Khan Younis earlier this month have pushed U.N.-run shelters to the breaking point and forced people to set up tent camps in even less hospitable areas. Heavy rain and cold in recent days have compounded their misery, swamping tents and forcing families to crowd around fires to keep warm.

Israel has sealed Gaza off to all but a trickle of humanitarian aid, and U.N. agencies have struggled to distribute it since the offensive expanded to the south because of fighting and road closures.

RISING SUPPORT FOR HAMAS

Israel might have hoped that the war and its hardships would turn Palestinians against Hamas, hastening its demise. But a poll conducted by the Palestinian Center for Policy and Survey Research found 44% of respondents in the occupied West Bank said they supported Hamas, up from 12% in September. In Gaza, the militants enjoyed 42% support, up from 38% three months ago.

That’s still a minority in both territories. But even many Palestinians who do not share Hamas’ commitment to destroying Israel and oppose its attacks on civilians see it as resisting Israel’s decades-old occupation of lands they want for a future state.

Israelis, meanwhile, remain strongly supportive of the war and see it as necessary to prevent a repeat of Oct. 7, when Palestinian militants attacked communities across southern Israel, killing around 1,200 people, mostly civilians, and taking some 240 hostage. A total of 116 soldiers have been killed in the ground offensive, which began Oct. 27.

Around half the hostages, mostly women and children, were released last month during a weeklong cease-fire in exchange for the release of 240 Palestinian prisoners held by Israel.

AP

RUSSIAN PERSPECTIVE

Kiev sends its soldiers to die – Putin

The Ukrainian leadership has grown desperate in the wake of its major summer counteroffensive failure, Russian President Vladimir Putin told a major press conference on Thursday. The Russian leader revealed some details about an ongoing operation, which has seen Kiev sending its troops on a “one way trip” to a tiny beachhead on the Russian-controlled bank of the Dnieper River in the Kherson region.

The Ukrainian media have been claiming over the past months that Kiev’s troops had managed to secure a beachhead on the left bank of the Dnieper River near the village of Krynki and have been “expanding” their presence in the area, while supposedly forcing the Russian troops to retreat.

The Russian president commented on the situation on Thursday by saying that Kiev’s actions essentially amounted to sending its troops to be “exterminated.” The Russian leader called it Ukraine’s "last attempt” to stage an attack after it “had failed to achieve anything anywhere” in its much-touted summer counteroffensive.

“I don't even know why they do that,” the president said, adding that the Ukrainian soldiers themselves call the operations in the area a “one way trip.” According to Putin, the Ukrainian Armed Forces deliver reinforcements and supplies to the beachhead from the opposite river bank with boats that are under the constant fire of the Russian artillery.

Russia’s losses in the area have been relatively small and mostly amounted to soldiers suffering non-lethal injuries, the president said, adding that Ukraine was losing its troops “by the dozens” at the same time. Moscow’s troops turned the Ukrainian beachhead into the “killing ground,” Putin said, calling the developments a “tragedy” for Ukraine. Yet, Kiev continues to just sacrifice its troops in the area for political reasons, he added.

A Ukrainian soldier fighting near Krynki described the situation in the area as “hell” and recalled how boats full of Ukrainian soldiers had been blown out of the water in attempts to reach the beachhead. He also spoke about the feeling of abandonment by Kiev’s military commanders.

“Those are not just regular Ukrainian soldiers, those are the elite assault teams that are relatively few,” the president said, adding that the losses near the Krynki village must be quite “sensitive” for Kiev.

Earlier, the Ukrainian media claimed that the Russian troops were “unable”to push the Ukrainian troops out of the area. According to Putin, Moscow just does not want to do that. “I would say it plainly: it is advantageous for us that they [the Ukrainian Armed Forces] are just mindlessly throwing their personnel in there,” he said, adding that he told the Russian General Staff chief, Valery Gerasimov, not to launch any counteroffensives in the area.

Kiev launched its major counteroffensive in early June. In late November, Ukrainian President Vladimir Zelensky publicly acknowledged that the much-hyped operation had ended without success. The Ukrainian attacks had largely failed to bring about any major changes to the frontlines over almost six months of the offensive.

According to Russian Defense Ministry estimates, Ukraine has lost over 125,000 troops and 16,000 pieces of heavy equipment in failed attempts to move forward over the past half a year.

WESTERN PERSPECTIVE

Russian missiles strike central Ukraine targets, Ukraine air force says

Ukraine's Air Force said Russian MiG-31K fighter jets carrying Kinzhal hypersonic missiles struck targets in central Ukraine just 10 minutes after their takeoff from Savasleyka airbase sparked a national alert on Thursday.

The Air Force said it shot down one Kinzhal missile over Kyiv region, while another two hit Starokostiantyniv district, location of an air base in Khmelnytskyi region west of Kyiv that has been repeatedly attacked during the 21-month-old war.

Kyiv regional governor Ruslan Kravchenko said no casualties were reported, nor damage to critical and civilian infrastructure, after explosions were heard by a Reuters correspondent near the capital.

The Air Force said on the Telegram messaging app that Russian forces used three Kinzhals launched from three fighter jets in Russia's central Tula region, and that its anti-aircraft missile unit shot down one of the missiles in the Kyiv region.

"Of course, we do not comment on the consequences of hits/non-hits by enemy missiles in the Khmelnytskyi region," it added.

Local authorities said earlier that emergency services were working at the two crash sites, but no injuries or damage were recorded.

Overnight, Russia launched 42 drones and 6 missiles at Ukraine, with 11 people injured and buildings and warehouses damaged by falling debris. The Ukrainian military said it destroyed 41 drones.

The only thing that trumps the mocking viral videos of the Minister of the Federal Capital Territory, Nyesom Wike, are the live footages of the State House of Assembly being demolished on Wednesday morning by a dozen bulldozers in what appeared like a scene from Gaza.

Reporters were even warned to steer clear. It was no longer renovation as planned; it was a full-blown war zone.

Happening on Wike’s 56th birthday, it was the most unlikely birthday present from the government of Siminalayi Fubara that he installed six months ago in Rivers, Nigeria’s richest South-South state. If there was any hope that the attempt by President Bola Tinubu to reconcile the warring parties might succeed, the bulldozers crushed them.

The question is: what next?

A few days before the dozers were deployed to flatten the partially burnt House of Assembly with the furniture, fittings, files and whatever was inside, something else was trending.

Twenty-seven of the 32 members of the House of Assembly loyal to Wike had announced their defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), trading the umbrella for the broom and excitedly waving the APC flag on the streets of Port Harcourt.

They had defected they said, not out of choice, but out of necessity to escape a divided party following the refusal of the party’s National Secretary to intervene in the crisis after the fire outbreak. Also, they claimed that in obedience to their constituents, they would keep their seats, a rampant habit among politicians of straining out the insect but swallowing the camel.

Of malaria and cancer

The defections stirred the social media, washing up old videos of Wike in his heyday as the tormentor of the APC.

In both the English and pidgin versions of the videos he spitefully dismissed the idea that he would leave his “malaria-infected PDP” for the “cancerous ruling APC”. Yet, after he fell out with the PDP over his shabby treatment, he supported APC’s Tinubu for the presidency, while rallying the state to vote PDP in the governorship election.

Suggestions that Wike might eventually join the APC are not new. In an article I wrote in September last year entitled, “Anatomy of Wike’s Endgame,” I said, “What is Wike’s Endgame? To avenge his displacement from within while securing the positions of his allies who are already carrying the PDP flag into the next election. His destination – if not by words, but by his conduct – is APC. Everything in-between is in translation.”

Politics rewards expediency, not constancy. That was why black congressman William Clay famously said in the game of politics, there are not permanent enemies, and no permanent friends, only permanent interests.

When, for example, a video of the former Minister of Communications and Digital Economy, Isa Pantami, rallying support for the Taliban and Al-Qaeda was exhumed three years ago, the minister blamed his indiscretion on youth. “I was young, then”, he said. “Now, I’m older and wiser.” Wike might also argue that he said what he said out of exuberance.

The more surprising thing in the drama out of Rivers State has been the speed with which Wike and Fubara fell out. Power tussle between governors and their benefactors or godfathers is not new. It is such a regular feature of transitions in our political landscape that current beneficiaries who start by despising godfathers soon become godfathers themselves. They invariably become what they hate.

Whether it is Governor Godwin Obaseki and his deputy Philip Shauib in Edo or the even more complicated version in Ondo between Rotimi Akeredolu and now acting Governor Lucky Aiyedatiwa, it’s the same old story, only in more scandalous latter-day versions.

In Rivers, however, the speed, depth and extent of the fallout have been spectacular. It was not supposed to be this way. Wike was, in a sense, like the biblical David who couldn’t build a house for God because he fought too many bloody wars but left it for his son, Solomon.

Whether it was checkmating the tyranny of federal agencies, containing meddlesome Abuja politicians, showing up when federal agents descended on the state at night to arrest Supreme Court justices, or helping to rebuild the opposition as a vital force in what was fast becoming a one-party democracy, Wike never shied away from a fight.

Blame game

Although he lost the war to become the PDP’s presidential candidate in 2023, he won the battle to keep his state, leaving behind rich spoils of projects and a strategic alliance that paved a highway to Abuja, all supposed to secure a peaceful reign after him. In fact, as a seal, he ended the 16-year hegemony of the Ikwerre ethnic group in Rivers State by choosing an Ijaw man as his successor.

He seemed to have left his house in order, until October, when the first cracks appeared. Some have laid the blame on Wike, accusing him of leaving the chair, but taking its legs. He has been accused of running the state from Abuja and even asking the governor for the key to the treasury.

None of these accusations has come directly from Fubara himself. But it’s either the governor is enjoying the mudslinging or has become captive to forces in PDP, nPDP, APC and sundry Wike foes desperate to exploit the division and hijack him. There appears to be too many people around the governor egging him on to a war he does not need at an inauspicious time, and at a cost the state cannot afford.

What is the point, for example, of demolishing a multi-billion naira complex built by former Governor Peter Odili about 15 years ago under Rotimi Amaechi’s supervision as Speaker, when the government already has a High Court judgement forbidding the pro-Wike lawmakers to meet there?

Abuja as warfront

After the demolition of the House of Assembly, pro-Fubara lawmakers used a golden mace in storage in the Government House, as against the silver mace in the demolished complex, to receive the appropriation bill inside Government House, in defiance of an existing Supreme Court judgement in Hon. Muyiwa Inakoju & 17 Ors v Abraham Adeolu Adeleke & 3 Ors (SC 272/2006)[2007] NGSC (12 January 2007) that lawmakers cannot meet outside the House. Yet, if two wrongs don’t make a right, Fubara appears ready to try a third.

Wike has said Fubara’s attempt to tamper with his political structure, like a neonate dragging its mother’s womb and umbilical cord at the same time, was at the heart of the current conflict. He knows what he’s talking about, especially with local government elections coming up in February 2024.

If Wike was good enough to carry the governor through the dark, difficult days of their trials together when some of the governor’s ardent supporters today didn’t know him from Adam, the governor should be the last person to hang his benefactor out to dry so quickly.

The bigger challenge for Wike, however, is not Fubara or his army of snippers. It is not even about his legacy of projects in the state that would be hard to beat or his political structure which he can reinvent. It is how he would find the presence of mind to face his new assignment in Abuja, a city desperately in need of salvation.

Nearly overwhelmed with filth, pot-holed roads, street urchins, poor water supply and unlit highways, Abuja has become the warfront that Chinua Achebe was afraid of. It is the wayward place that Obafemi Awolowo would have gladly handed over to Walt Disney as a franchise.

This broken city needs attention 24/7. Wike will not be judged by his conquests in Rivers State; so Fubara may level the entire Port Harcourt if he chooses. The FCT minister will be judged by what he does in Abuja, a city in danger of decay in the face of a combined severe threat of livability malaria and malignant cancer.

** Ishiekwene is Editor-In-Chief of LEADERSHIP. More: azuishiekwene.com

Emma Beddington

It’s hard not to feel personally attacked by some research (does that make me a raging narcissist? Probably). With crisps and now sitting downrecently ruled empirically bad, it seems science is coming for everything I hold dear. Now, my one true love is being targeted: staring at my phone.

A new study, discussed in the excellent Techno Sapiens newsletter, explored how using your phone to avoid stranger awkwardness makes you feel “worse than if you didn’t”. For the research, 395 strangers were split into groups and asked to wait together for a (pretend) test. Half had phones, half not, and participants assessed how they felt at five-minute intervals. The researchers’ theory was that non-phone people would enjoy their time more, but that the digital comfort blanket would feel better in the short term. That was wrong. “Phones failed to confer any detectable benefits.” Even in the first five minutes, non-phone users were happier. “People may be acting against their own best interest when they use phones in social situations,” the study concluded.

I do this constantly: waiting in shop queues, for buses or for choir to start. Rather than experience momentary awkwardness, I assume my best “I must deal with this” face and poke my phone with an air of importance. There’s a particular kind of shame in these moments because absolutely nothing I do is important. Nothing bad will happen if I delay answering the handful of work emails I get each day; I’m not running a power plant or a stroke ward. I’m mainly reading messages from the tireless Dutch Royal Mint flogging commemorative coins and companies trying to sell me perimenopause-appropriate athleisure; maybe a vegan protein powder company speculating what the royal family eats at Christmas. If you see me typing urgently, I’m commenting on a video of my best friend’s cat.

But technology gave us the option of staring at something instead of interacting – and we’ve seized it gratefully. A 2015 survey from the Pew Research Centre found that 73% of Americans have used their phones “for no particular reason, just for something to do”, while a 2018 survey found that 45% of teens have pretended to text (I reckon 100% of adults).

I’m not anti-phone; I worship my black rectangle of delight. I also think there’s a distinction between situations with reasonable scope for interaction, and those without: standing on a train station platform not looking at your phone feels genuinely suspect; when I’m out of battery, I worry I’ll be rounded up by the British Transport Police in a See it. Say it. Sorted operation. But if you could be talking to someone who might be receptive, surely it’s ruder not to try? A sad if unsurprising finding from a 2021 study from the University of Pisa was that phone use appears to be contagious: when one person started, others followed. By caving in to our desire to avoid awkwardness, we might be undermining not just our own wellbeing, but other people’s.

So I left my phone in my coat at pilates last week. The first minutes, when other people in the room were already in conversation, felt arduous. What if a distant acquaintance had posted a picture of a bird? Maybe someone on NextDoor needed me to weigh in on an inconsiderately parked car? What if – and that’s the crux of it, of course – no one wanted to talk to me? It was fine. A woman said she had trained her cat not to scratch things and I couldn’t resist asking her how (she shouted at it until it stopped). By the time we had cleared that up, the class was starting. The next day, engaging my seatmate on a packed bus in conversation (complaining about the packed bus, obviously), barely felt transgressive at all. Did I feel good? I felt less pathetic, that’s for sure.

So I’m keeping it up, and if I get shunned, it’s OK. I’ve decided that the true power move is not looking importantly at your phone anyway; it’s looking beatifically happy with your own thoughts, as if the internet can’t possibly compete with the richness therein. I’ll only be thinking about Dutch commemorative gold ducats or a stranger’s pet, but no one need ever know.

** Emma Beddington is a Guardian columnist

The Guardian, UK

Nigeria’s crude oil production dropped in November, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown.

Oil production from the 13 members of the organisation averaged 27.84 million barrels per day (mb/d) in November 2023, lower by 57 thousand barrels per day (tb/d), month-on-month, OPEC said in its Monthly Oil Market Report released Wednesday.

The report also noted that crude oil output increased mainly in Venezuela, Libya and Kuwait, while production in Iraq, Angola and Nigeria decreased.

Nigeria’s crude oil production dropped to 1.37 million barrels per day in November, from 1.38 million bpd in October 2023, an OPEC survey, which cites secondary data sources, said.

However, according to the oil cartel’s direct communication data, Nigeria’s crude oil production dropped to 1.25 million barrels per day from 1.35 million in October 2023.

OPEC indicated it gets its crude oil production figures mainly from two sources, either as direct communication by member countries or by information released by secondary energy intelligence platforms.

The recent drop in the country’s crude production comes at a time when the country is faced with a heavily disrupted crude sector plagued by oil theft and pipeline vandalism.

In November, the Nigerian National Petroleum Company Limited (NNPC Ltd) said oil thieves vandalised over 5,000 kilometres of oil pipelines connecting different parts of the country.

Chief Executive Officer of NNPC Ltd, Mele Kyari, who disclosed this when he appeared before the Senate Committee on Petroleum (Downstream) said the continuous vandalisation of the pipelines was causing a huge loss to NNPC Ltd while describing the situation as a ‘national calamity’.

“Over 5,000 kilometres of oil pipelines in the country are not working as a result of pipeline vandalism.

“Ten million litres of oil was lost from the volume pumped from Aba to Enugu at a time. The company has been unable to pump oil from Warri to Benin within the last 22 years and cannot connect to Ore.

“There is no amount of security measures that had not been taken to curb the crime without success, which to us in NNPC Ltd, is substantially a national calamity,” he said.

PT

The African Group of Negotiators is calling for an outcome that allows Africa to exploit its fossil fuels including coal, oil and gas to eradicate poverty while also funding renewable energy projects.

This comes amid demands to end fossil fuels from climate change activists and other leaders around the world.

Even the Global Stocktake text, a fundamental component of the Paris Agreement of 2015 used to monitor its implementation and evaluate the collective progress, released on Monday was heavily criticised for not containing a clear language on the phasing out of fossil fuels.

Speaking at a press conference on the sidelines of COP28 in Dubai on Tuesday, African Group of Negotiators chair Collins Nzovu said it must be understood that Africa would need to exploit its natural resources and renewable energy endowments to achieve universal access to energy.

“The Global Stocktake outcome must promote equity and fairness in the allocation of policy space, and ensure that the energy transition will be just, equitable and orderly, as such the transition should be premised on differentiated pathways to net zero and fossil-fuel phasedown,” said Nzovu, Zambia’s Minister of Green Economy and Environment.

“It should also recognize the full right for Africa to exploit its natural resources sustainably and in line with sustainable development and poverty eradication needs.”

African governments are arguing that they should be allowed to invest in fossil fuels, a key foreign currency earner, given that the continent emits less than 4 percent.

Africa is the least electrified in the world with over 50 percent of the countries in Sub-Saharan Africa having electricity access rates below 50 percent, while 600 million people are without access to electricity which is central for the provision of basic services, including primary health, clean water, education.

Africa holds 6 percent of known global reserves of oil and gas and accounts for about 12 percent of global production.

Africa is the second largest exporting region with 16 percent of total exports, according to the Organisation for Economic Cooperation and Development (OECD).

Crude oil production in Africa is estimated at almost 10 million barrels per day, representing about 10 percent of global crude oil production according to the African Energy Commission (AFREC).

Nzovu said these resources are crucial to Africa’s development as a means of earning foreign exchange and a positive balance of payments.

“Therefore, significant concessional financial support for our transition is essential, if we are to move away from the exploitation of fossil fuels,” he said.

“Many African countries are also developing national energy transition plans with a mixed energy portfolio that includes the use of natural gas as a transitional fuel while seeking to increase energy produced from renewable energy.”

Beatrice Anywar Atim, a Ugandan minister of State for Environment said her country plans to use funds generated from fossil fuels to finance renewable energy projects.

“Uganda’s energy transition plan requires $7 billion while fossil fuel development in Uganda will bring $47 billion,” she said adding countries like Uganda whose energy mix is green energy must be allowed to develop their natural resources to get money to transition from fossil fuels to renewable energy.

Speaking at the same press conference, Balarabe Lawal, Nigerian minister of environment, said the West African nation is not phasing out fossil fuels.

“Science has established that if you stop breathing without life support you will die. To ask Nigeria or Africa to phase out fossil fuels is asking us to stop breathing without life support. It is unacceptable,” he said.

“Nigeria is committed to tripling renewable energy. Tripling renewable energy requires resources, transfer of technology and capacity building.”

Next year’s COP will be held in the former Soviet republic of Azerbaijan, and in 2025 it will be in Belém, in Brazil’s Amazon region.

NewsDay

Benchmark index of the Nigerian Exchange Limited, All-Share Index rose by 0.55 per cent on Wednesday at 72,299.79 points, thus crossing the 72,000 basis points for the first time in history.

This was as trading activities on the NGX entered the fourth day of positive trading, which resulted in an N415bn gain for equity market investors.

On November 1, the ASI  crossed the 70,000 mark milestone to close at 70,581.76. This had followed days of sustained bullish trading. Thus far, the year-to-date gain of the ASI has risen above 40 per cent.

At the close of trading on Wednesday, market capitalisation rose by 0.55 per cent to close at N39.563tn; meaning N215bn was added to investors’ wealth.

Analysts have been projecting a Santa-Claus rally as the year comes to an end and a repositioning in sound stocks by investors ahead of the next earning season.

Market Breadth which is the measure of investors’ sentiments was positive, resulting in 34 gainers and 16 losers.

Transaction volume increased to 433.180 million from 319.56 million trades valued at N8.08bn from 6,650 deals executed. The number of stocks traded at the end of Wednesday’s trading session closed at 119.

Sectoral performance was a mixed bag, with two of the five tracked indexes ending in the green, two remaining relatively flat, and one posting losses. The Banking and Consumer goods indexes led the gainers, advancing by 0.94 per cent and 0.07 per cent, respectively. In contrast, the Insurance sector faced a decline, plummeting by 1.80 per cent, while the Oil & Gas and Industrial Goods indexes held steady compared to the previous session.

Atop the gainers chart were the stocks of SCOA, Infinity Trust Mortgage Bank, AccessCorp, Cornerstone Insurance and Transcorp Hotel which gained 9.88 per cent, 9.86 per cent, 8.09 per cent, 7.41 per cent and 6.83 per cent to close at N1.78, N2.34, N22.05, N1.45 and 46.90 per unit respectively.

The losers were led by University Press Plc, Sunu Assurance, Regency Alliance Insurance, Eterna and Flour Mills with -9.82 per cent, -9.38 per cent, -8.11 per cent, -8.03per cent, and 4.57 per cent loss each.

The volume and value drivers of the day’s market trend were led by banking stocks, AccessCorp, GTCO, Zenith Bank, United Bank for Africa, and Sterling Financial Holdings. NAHCO shares also made it to the top turnover table.

Punch

African e-commerce firm Jumia Technologies will close its food delivery business in all seven countries in which the unit operates by the end of the year to focus on growing its core online retail business, it said on Wednesday.

Jumia is aggressively cutting costs in order to turn profitable, including head count reductions, exiting everyday grocery items and reducing delivery services not related to its e-commerce business.

The move is in line with Jumia's "strategy to optimize its capital and resource allocation and to continue its path to profitability," the retailer said, adding that Jumia Food is not suitable to the current operating environment and macroeconomic conditions.

Jumia Food represents about 11% of Jumia's general merchandise value for the nine months ended Sept. 30, and has not been profitable since its inception.

"It's a segment that's very difficult across the world, with very challenging economics and big losses. It's also a segment that is extremely competitive across the world and Africa," Chief Executive Officer Francis Dufay told Reuters.

"The economics are tough in this market because the costs are very high and there is plenty of competition so there is downward pressure on the commissions that we make and upward pressure on marketing costs because everyone is fighting for customers."

Jumia currently operates its food delivery business in Nigeria, Kenya, Uganda, Morocco, Tunisia, Algeria and Ivory Coast

The first Africa-focused tech start-up to list on the New York Stock Exchange said a number of employees currently dedicated to the food delivery business will transition to the core e-commerce business in these countries.

Jumia has been trimming its losses, with the latest figures showing that it reduced its third-quarter losses by 67% from a year earlier.

Reuters