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Stakeholders begin two-day workshop on poverty index for economic planning

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Stakeholders across key economic sectors from four North-Central states on Thursday in Abuja commenced a two-day workshop to examine Nigeria’s poverty index and explore its application in budgeting, policy formulation and economic planning.

The workshop, organised by the Federal Ministry of Budget and Economic Planning in collaboration with Pinches Multi-Services Limited, attracted participants from Benue, Nasarawa, Plateau and the FCT, including statisticians, budget officers, development planners and academics.

Speaking at the opening, Oluwafemi Sadibo, principal consultant at Pinches Multi-Services Limited and workshop convener, said the initiative aimed to broaden stakeholders’ understanding of poverty measurement beyond income metrics.

He noted that findings from various national and international surveys had consistently shown that poverty in Nigeria remained widespread and multidimensional.

According to him, a clearer understanding of the poverty index—especially the Multidimensional Poverty Index—will help governments make informed decisions on resource allocation and development priorities.

Mr Sadibo explained that the MPI captures deprivations across critical sectors such as health, education and living standards, thereby providing a more holistic picture of poverty.

“Understanding the poverty index will guide better budget allocation and ensure that resources are directed to areas of greatest need. When resources are allocated equitably and efficiently, it will ultimately contribute to reducing poverty levels across the country,” he said.

He added that the workshop would facilitate knowledge exchange among participants from various states, with the goal of strengthening institutional capacity for data-driven planning.

Mr Sadibo said participants were expected to cascade the knowledge gained to relevant stakeholders and communities, thereby improving public awareness and fostering collective responsibility in tackling poverty.

He called on the federal government to sustain and scale up similar initiatives across other regions of the country, noting that increased awareness and the effective use of statistical data would enhance national efforts to reduce poverty.

Isa Muhammad of the Department of Economics at the University of Abuja said that about 83 million Nigerians were classified as multidimensionally poor in the 2022 MPI report. He described the figure as significant and indicative of the urgent need for targeted interventions.

Mr Muhammad identified living standards as a dominant factor driving poverty disparities across states, noting that issues such as inadequate housing, lack of access to clean water and electricity, poor sanitation, and limited access to healthcare contributed significantly to multidimensional poverty.

He also highlighted other contributing factors, including low levels of education, infrastructural deficits, food insecurity and unemployment.

Mr Muhammad restated the need for evidence-based policymaking, stressing that accurate data and proper interpretation of poverty indicators were critical to designing effective interventions.

Peter Siyan, also of the Department of Economics at the University of Abuja, said the workshop was aimed at shedding more light on the concept and drivers of multidimensional poverty.

He explained that poverty should not be viewed solely from the perspective of income or consumption, but rather as a condition characterised by multiple deprivations affecting individuals’ quality of life.

Mr Siyan further stressed that tackling poverty required coordinated efforts across sectors, including improvements in education, healthcare, infrastructure, employment generation and security. He noted that without addressing these underlying factors, efforts to reduce poverty would yield limited results.

(NAN)

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Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million

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BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.

The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.

According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.

The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.

Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.

While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.

The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.

Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.

The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.

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NASA picks Eric Schmidt’s rocket company for Mars mission, setting up a race with SpaceX

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Relativity Space—a rocket maker acquired by former Google executive chair Eric Schmidt last year after stumbling on the path to orbit—might just beat SpaceX to Mars.

On Tuesday, NASA said it hired the company to build a spacecraft to house a suite of scientific instruments, launch it into space, and fly it to Mars.

The structure of the contract is akin to the deals that NASA made with SpaceX to fly cargo to the International Space Station, or Firefly Aerospace to put a lander on the Moon. The government agency handles the science, while the private company provides low-cost infrastructure.

Aeolus, as the mission is dubbed, will contain four instruments to measure and image Mars from orbit, providing what NASA expects to be the first daily, global view of dust, winds, and temperature in its atmosphere. The agency said that data will make it safer for landers and, someday, astronauts, to visit the surface of the Red Planet.

“By pairing NASA’s world‑class instruments with commercial innovation and investment, we can deliver more science, more often, and reduce the time it takes to get essential data into the hands of researchers preparing for future human missions to Mars,” NASA administrator Jared Isaacman said in statement.

The mission is set to launch in 2028—a rapid pace that will require Relativity to design and build the spacecraft to carry the Aeolus instruments, and finish building the rocket that will carry it to space, all on a tight timeline. NASA did not disclose how much it is paying Relativity for the mission, and Relativity did not respond to questions from TechCrunch.

Isaacman, who has flown to space twice on private SpaceX missions, has championed public-private partnerships like this. Under this model, the company working with NASA takes on some of the development cost of the project, in exchange for allowing NASA to stretch its budget further—a structure that has become a template for how the agency funds ambitious missions without bearing all the financial risk itself.

But NASA is taking on risk as well: Relativity is unproven, and there’s no guarantee the mission will even make it off the ground. Past startup partners of NASA have gone bankrupt or seen Moon landers arrive askew. The potential payoff for the company is meant to extend beyond the NASA contract itself, including commercial applications, like launching satellites or delivering cargo to the Moon. Still, the further out into space these partnerships reach, the murkier the market becomes for commercial services.

Relativity was founded in 2015 by two former SpaceX and Blue Origin engineers, with the idea of using 3D printing to its maximum potential as a path to building a cheaper rocket. The company’s first design, Terran-1, launched in March 2023 and failed mid-flight. Relativity doubled down by moving on to a larger design, dubbed the Terran R.

Before Relativity could get it to the launch pad, the company ran into fundraising challenges, and Schmidt took a majority stake in the company in it last year, installing himself as CEO. He’s been tight-lipped about the investment but has expressed interest in orbital data centers, and is thought to be using Relativity to launch a space telescope, Lazuili, financed by his family philanthropy, Schmidt Sciences.

The former tech executive’s decision to take over a space company last year puzzled some observers because rocketry is a crowded and capital-intensive field. But pent up demand for new rockets—fueled by delays at Jeff Bezos’ Blue Origin—could still lead to a payoff for Schmidt if Terran R can actually make it to space.

And the new contract might give Schmidt a chance to put one over on Elon Musk, a regular sparring partner of his on the issue of AI safety. While Musk has long talked of his Martian ambitions, SpaceX has never actually sent its own mission to Mars (no, the Tesla he launched into space in 2018 missed).

If Relativity’s Aeolus launches on schedule, it could be the first private mission to reach the Red Planet.

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