Remote economy – Nigerian youths skilled but without access

Only 28% of workers have healthy relationship with work — Report

Ifeoluwa Adebayo Oct 10, 2024

How Nigerian firms can tackle identity fraud

Coleman returns to debt market with N50bn Commercial Paper issuance

High cost of doing business undermines government's initiatives – Onafowokan

Coronation insurance targets insurers with N30m incentives

14 insurers pay over N100bn claims in H1

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Companies

Ransom demands double to $2m as retailers struggle with hidden security gaps

Ransomware accelerates attacks on global healthcare firms

Ifeoluwa Adebayo Oct 09, 2024

Sophos Limited, a British cybersecurity defense company, has detected a 67 percent increase in ransomware attacks on global healthcare organisations...

CBN tightens governance grip after bank recapitalisation push

CBN sets record straight, debunks false allegations against GTCO

Hope Moses-Ashike Oct 08, 2024

In a show of strong support for Guaranty Trust Holding Company (GTCO), the Central Bank of Nigeria (CBN) has set...

FBNQuest rebrands corporate identity into Quest Merchant Bank Limited

First Bank tops other Nigerian banks in Africa's Top 100 ranking

Iheanyi Nwachukwu Oct 08, 2024

Nigeria’s top bank by Tier 1 ranking is FBN Holdings (First Bank of Nigeria), ranked at 15 (down one place),...

Nigeria must tap opportunities in Africa's B2B payments – Oyekola

Ifeoluwa Adebayo Oct 08, 2024

Yele Oyekola is the co-founder and CEO of Duplo, a fintech company in Nigeria which helps businesses manage their financial...

Eunisell reports 161% revenue surge

Chinwe Michael Oct 08, 2024

Eunisell Interlinked Plc., a provider of electrical and electronic solutions, has announced a 161 percent increase in revenue for the...

LIRS deploys tech, advocacy to widen tax net - Subair

Seyi John Salau Oct 08, 2024

Ayodele Subair, the executive chairman of the Lagos State Internal Revenue Service (LIRS), said the agency is leveraging and deploying...

Fidelity Bank hit new low as Q1 profit drops to N74.4bn

Fidelity Bank to pay 85kobo interim dividend

Zainab Aderounmu Oct 08, 2024

Fidelity Bank has disclosed its plans to pay an interim dividend of 85 kobo per ordinary share of 50 kobo...

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

Amaka Anagor-Ewuzie Oct 07, 2024

Nigeria’s energy landscape is set for a sudden turnaround as Coscharis Technologies Limited, a subsidiary of Coscharis Group, recently secured...

Wema Bank partners SheCan Conference to drive business growth

FG, Wema Bank partner to empower 500,000 women

BusinessDay Oct 07, 2024

Wema Bank has partnered with the Federal Government through the Ministry of Women Affairs to launch MOWA x SARA Accelerator...

How Heirs Insurance Group became Nigeria’s fastest-growing insurer in 5-years

Heirs Insurance Group’s revenue surges 80% in 2023

Ngozi Ekugo Oct 07, 2024

Heirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA) Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has announced...

Fidelity Bank grows half year after-tax profit to N159bn

Chinwe Michael Oct 06, 2024

Fidelity Bank, a tier-two bank in Nigeria, has reported 159 per cent in its after-tax profit in the first six months of 2024....

Moni rebrands as Rank to deepen financial inclusion across Africa

VeryPay plans to accelerate financial inclusion for Africans

Josephine Okojie-Okeiyi Oct 04, 2024

Despite the rapid growth of mobile money, Africa’s path to financial inclusion faces significant hurdles. Millions remain excluded due to...

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...

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