A multiverse of poverty😞
Hello Venturer,
How poor are you? Okay, that came off a tad bit harsh. How much of a disadvantage is your financial status against the economy? Is that better? Yes? No? Trust me it is not my intention to probe. I just want you to realize that money is not the only metric for measuring poverty. Even people who have enough money to stay above the poverty line, but don't have the basic needs to live a healthy and decent life, are poor.
Look at Nigeria, it is very common to hear people complain about the soaring prices of goods and the dwindling economy. But the depth of the situation never truly hits you until you realize you are a poor person living in a poor country. That is when you realize you do not make enough to stay above the poverty line and your country is not economically stable enough to provide basic amenities.
According to a new report, one hundred and thirty-three million Nigerians lack more than one essential survival need. I am talking about basic health care, good living standards, primary education, and gainful employment. In this week's issue, our writer Oluwatosin unravels the mystery of Nigeria's poverty.
Fortunately, Nigeria remains Africa's biggest economy because of its population. And every day, we see more people who believe in the country's potential and try to turn its fortune. Maybe there is hope after all. But until then, I ask again, how poor are you?
Suotunimi Orufa
Writer, Ventures Africa.
What's New?
How poor is Nigeria? Very, very poor.
It’s not news that Nigeria is poor. In 2018, it overtook India to become the world’s poverty capital. At the time, 87 million Nigerians lived below the poverty line. But now, it’s a lot worse. Only one out of three Nigerians live above multidimensional poverty. The irony is that Nigeria is still Africa’s largest economy, thanks to its high population. Read more.
The Ethiopia-Kenya power deal is a win-win for both countries
When Ethiopia announced plans to build Africa’s biggest dam- the Grand Ethiopia Renaissance Dam (GERD)- in 2011, it came as a bad joke for downstream African countries like Egypt and Sudan. This is because the dam would be situated on the Blue Nile, a river which feeds the two countries. But on Thursday, 17th of November 2022, the Ethiopian government announced its first commercial export of electricity to Kenya. Read more.
My Pivot Journal: How Florence got her groove back learning to code
When Florence Adikwu started learning about codes, she thought her brain was dead. She had always been interested in the aesthetics of tech products, so, she assumed front-end engineering was a perfect fit. Alas! It did not come to her as easily as she had thought. But she was not going to give up so easily. After all, she had abandoned a media career to pursue tech. Read more.
Top African countries with the most developed travel and tourism sector
The last two years have been extremely challenging for global tourism. It has been a recovery period for the sector after the covid 19 pandemic caused the worst crisis the global travel and tourism sector has experienced in modern times. Over 62 million jobs and $4.5 trillion in global travel and tourism activity was lost due to lockdowns, travel restrictions, consumer fears, and economic downturns. Thankfully, things are returning to normal. Read more.
Weekly Economic Index: Nigeria’s food prices balloon, Africa wins at COP27, & 10,000 job losses
The rising cost of goods and services has driven household expenditure in Nigeria to an all-time high. According to the NBS, food inflation rose by 23.72% in October 2022. The high cost of basic food products like bread, cereals, roots and tubers and edible oils triggered inflation. Read more.
TWITTER SPACE
What is the future of Africa's creators' economy?
The “creator” or “passion” economy is a segment of the gig economy that is unique in terms of content ownership, creative flexibility, and steady demand.
A significant number of people in this segment consists of artists, comedians, designers, etc., who use social media platforms to directly reach audiences and monetize that access. The global creator economy is estimated to be worth over $20 billion.
Africa has a large youth population, and it contributes significantly to its benefits from the creator economy. (figure/data?) However, intellectual theft and infrastructural issues restrict the creativity of African content creators
Set a reminder and join the conversation: What is the future of Africa’s creators’ economy? @VenturesAfrica’s Twitter Space on Wednesday, 30th of November 2022 by 4:00 p.m WAT.
Our Weekly Collectibles
When a 20-year-old attempts to win a fighter jet in a Pepsi sweepstakes, he sets the stage for a David versus Goliath court battle for the history books. Find out what happens next in Watch Pepsi, Where's My Jet?
Ever questioned what goes on behind the scenes at top companies? or if famous CEOs have dark secrets? Find out in the diary of a CEO with Steven Bartlett.
Looking for a growth indicator, a tool for deepening relationships, a lively conversation starter for the family dinner table, or just a fun way to pass the time in the car, check out the book of questions.
VA BIZ HIVE: The Agric Issue
The need for a technological footprint has given rise to an agritech ecosystem on the continent. Startups in this space are proferring technological solutions to problems faced in the agricultural sector with ultra-modern technologies like drones, automated irrigation systems, soil sensors, etcetera. Read more.
#VANUGGET
Remember to stay safe!
