Coscharis Technologies secures $4bn to provide power solutions to businesses

Amaka Anagor-Ewuzie Oct 07, 2024

Wema Bank emerges best digital bank at Euromoney awards

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Companies

Caverton Offshore slips to N3.7bn loss on operating cost

Folake Balogun Oct 04, 2024

Caverton Offshore Support Group, the first fully integrated offshore support company in Sub-Saharan Africa, has reported its first loss in...

Firm targets unemployment, connects verified talent to businesses

Here are major trends in Nigeria’s unemployment

Ifeoluwa Adebayo Oct 04, 2024

Analysts at Data Services and Resources (ADSR) Limited, a research company in Nigeria, have highlighted three major trends in the...

Here are major trends in Nigeria’s unemployment By Ifeoluwa Adebayo Analysts at Data Services and Resources (ADSR) Limited, a research company in Nigeria, have highlighted three major trends in the Nigerian unemployment rate in 2023 for businesses and policymakers to consider their implications. This was revealed in a recent report titled, ‘Key highlights of the Nigerian unemployment rate and other labour force statistics,’ presented by Afolabi Olowookere, managing director of ADSR. The report explores the labour force statistics from 2016 to 2023, unemployment, underemployment, and employment rates from 2017 to 2023 including their sectors. On September 24, 2024, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points from 26.75 percent to 27.25 percent. The National Bureau of Statistics (NBS) also released two reports: the Nigeria Labour Force Survey Annual Report 2023 and The Nigerian Labour Force Statistics Report Q1’2024. “These reports contain rich information on Nigerian employment and other labour force statistics with business and policy planning implications,” Olowookere said. NBS highlighted that Nigeria had a labour force of 88.94 million persons, of which 84.15 million were employed, giving an unemployment rate of 5.39 percent. The unemployment rate was highest in Abia State (18.7 percent) and lowest in Nasarawa (0.5 percent) while Employees entitled to either pension or health insurance schemes were 26.3 percent in Nigeria. However, in Q1 2024, an unemployment rate of 5.3 percent and an underemployment rate of 10.6% were recorded. “Only 7.3 percent of Nigerian workers were in the formal sector while 14.5 percent of Youths were not in education, employment or training,” NBS report says. Total Labour Force Statistics Nigeria’s total labour force rose to 90.47 million persons in 2018 but fell to 69.68 million at the peak of COVID-19 in 2020. In 2023, labour force stood at 88.94 million persons out of a total working-age population of 116.60 million. Out of the total labour force of 88.94 million in 2023, 27 percent had no formal education, which may limit job opportunities and skills development. Only 26 percent possessed primary education and 33 percent had secondary education which is the largest, suggesting that it is a common level of attainment while 13 percent had post-secondary qualifications, only 1 percent had postgraduate qualifications. About 42.3 percent of the Nigerian labour force were residents in rural areas while 57.7 percent were residents in the urban areas. Labour Force by Age About 25.6 percent of the labour force was aged 15-24 years, 22.5 percent were aged 25-34 years. Also, 22.9 percent were in the age bracket 35-44 years and 16.4 percent between 45 and 54 years while 8.1 percent were found in the range 55-64 years, and 4.6 percent were from 65 years and above. Unemployment Rate Nigeria’s unemployment rate rose from 14.2 percent in 2016 to 33.3 percent in 2020, while the underemployment rate rose from 21 percent to 22.8 percent. Based on a new methodology that the NBS recently migrated to, the unemployment rate in 2024’Q1 was 5.3 percent and the Time-related underemployment rate was 10.6 percent. The unemployment rate of 5.39 percent in 2023 implies that 84.15 million persons of the labour force of the 88.94 million population were engaged in one form of activity or another. Out of these, 92.2 percent were working in the informal sector, while only 78 percent were engaged in formal economic activities. The unemployment rate is highest in Abia (18.7%), FCT (14.1%), Rivers (13.4%), but lowest in Nasarawa (0.5%), Sokoto (1.2%), and Benue (1.6%). Employment by Economic Sectors The main economic sectors of Nigerian workers were Agriculture (30.1%), Wholesale and Retail (27.5 percent), Manufacturing (12.7 percent), and Accommodation and Food Services (7.8 percent) whereby close to 80 percent of Nigerian workers are in these four main sectors. Most Nigerians work in the private sector (74.4%), while 25.6 percent work in the public sector. The major occupations of Nigerians are Service and Sales (33.8 percent), Farming (28.1 percent), and Crafts and Related Trades (14.4 percent). “States with high poverty rates tend to have relatively lower unemployment rates. Policymakers should pay close attention to this relationship and conduct further empirical analysis to determine the reason and implications,” ADSR says.

Africa to see triple-digit growth in consumer spending – Report

Chinwe Michael Oct 04, 2024

Rising African countries are among the fastest-growing regions in consumer spending, according to data from the World Data Lab analyzed...

UBA says awaiting SEC approval for recapitalisation plans

Zainab Aderounmu Oct 04, 2024

United Bank for Africa said it has submitted an application to the recapitalisation (SEC) on its recapitalisation plans with approval...

Banks hire more staff, double wage bills on inflation

David Olujinmi Oct 04, 2024

…Stanbic, UBA, others emerge top-paying banks Soaring inflation and new hires have doubled banks’ wages and salaries in just over...

Nigeria overtakes Kenya’s mobile money legacy as instant payments surge

Here’re what to know about CardinalStone Money Market Fund

Iheanyi Nwachukwu Oct 03, 2024

CardinalStone Asset Management will soon launch the CardinalStone Money Market Fund. The asset managers have ahead of the unveiling answered...

Here are banks with highest interest income growth in H1

Chinwe Michael Oct 03, 2024

Ecobank Transnational Incorporated (ETI), GTCO, and Zenith Bank Plc are the three listed Nigerian lenders that recorded the highest growth...

Sovereign Finance unveils smart strategies to navigate high rates

David Olujinmi Oct 03, 2024

As businesses face soaring interest rates, securing loans has become a more complex challenge in today’s economic landscape. As a...

Certificate scandal: Nnaji resigns as minister, claims political witch-hunting

FG to empower Nigerians at Commonwealth’s AI Academy — Nnaji

Ifeoluwa Adebayo Oct 03, 2024

Uche Geofferey Nnaji, minister of innovation, science and technology in Nigeria has affirmed that the government is set to empower...

Standard Ore partners NRC on iron ore haulage

Chinwe Michael Oct 03, 2024

Standard Ore Company Limited has announced the allocation of an initial one million dry metric ton units (DMTU) of iron...

FCMB projects 77% rise in profit on gross earnings growth

FCMB Asset Management raises N10.4 billion in Nigeria’s first private debt fund issuance

David Olujinmi Oct 03, 2024

FCMB Asset Management raised N10.4 billion in Series 1 of its N100 billion private debt fund issuance programme, the first...

AFC returns to debt capital markets with oversubscribed 5-year $500m Eurobond

Iheanyi Nwachukwu Oct 02, 2024

…order book exceeds $1.2 billion Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider on Wednesday announced an outstanding...

Polaris Bank restates support for SMEs growth in Nigeria

Polaris emerges top bank in MSME lending

BusinessDay Oct 02, 2024

Polaris Bank has emerged Nigeria’s topmost lender to the Micro, Small and Medium Enterprises (MSMEs). The award recognised Polaris’s longstanding...

Kunle Adedeji succeeds Demola Sogunle as CEO of Stanbic IBTC Holdings