Jobs/Appointments
Nigeria’s Unemployment Rate Hits 4.2% in Q2 2023
By Adedapo Adesanya
Nigeria’s unemployment rate increased to 4.2 per cent in Q2 2023 from the 4.1 per cent recorded in Q1 2023, according to the National Bureau of Statistics (NBS).
The NBS said this in its Nigeria Labour Force Survey for Q2 2023, released on Thursday.
Recall that the NBS on April 20, 2023, made adjustments to how the labour force figures would be calculated moving forward. The agency adopted global standards as its new method and this crashed the rate from a high of 33.3 per cent released in 2020.
According to the new measures, the unemployment rate is defined as the share of the labour force who are not employed but who are actively searching and available for work.
The bureau said the unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2 per cent compared to the 6.9 per cent recorded in Q1 2023, adding that the unemployment rate among men was 3.5 per cent and 5.9 per cent among women in Q2 2023.
The unemployment rate in urban areas was 5.9 per cent in Q2 2023, which was an increase from the 5.4 per cent recorded in Q1 2023.
Meanwhile, the unemployment rate in rural areas was 2.5 per cent in Q2 2023, which was a decline from the 2.9 per cent recorded in Q1 2023.
In terms of educational attainment, the report said the rate of unemployment among persons with post-secondary education was 8.0 per cent in Q2 2023.
“Those with upper secondary education was 5.4 per cent, while those with lower secondary education was 3.7 per cent, 3.0 per cent for those with primary education and 2.5 per cent for those with no formal education,” it stated.
The NBS also said time-related underemployment in Q2 2023 was 11.8 per cent compared to 12.2 per cent recorded in Q1 2023.
It said time-related underemployment rate was the share of employed people who were working less than 40 hours per week, but who would be willing and available to work more.
The share of employed men that were underemployed was 8.4 per cent while the share of employed women that were underemployed was 15.3 per cent in Q2 2023.
The underemployment rate was 10.3 per cent in urban areas and 13.2 per cent in rural areas.
The NBS said the share of employed persons aged 15 to 24 years that were underemployed was 19.3 per cent.
The report said the combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) was 15.5 per cent in Q2 2023.
The NBS said the labour force participation rate among the working-age population in Nigeria was 80 per cent in Q2 2023 compared to 79.9 recorded in Q1 2023.
The report said the participation rate among men was 82.1 per cent while for women it was 78.8 per cent. The participation rate was 78.4 per cent in urban areas and 82.6 per cent in rural areas in Q2 2023.
According to the report, the employment-to-population ratio, which was the proportion of the working-age population that was employed was 77.1 per cent in Q2 2023.
The report said the employment-to-population ratio for men and women was 79.3 per cent and 74.9 per cent, respectively.
The employment-to-population ratio in urban areas was 73.8 per cent compared to 80.5 per cent in rural areas in Q2 2023.
The report said 88.0 per cent of employed Nigerians were primarily self-employed with the remaining 12.0 per cent engaged as employees(wage employment) in Q2 2023.
It said 85.2 per cent of employed men were self-employed, while 91.0 per cent of employed women were self-employed.
“While men and women engaged as employees(wage employment) was reported at 14.8 per cent and 9.0 per cent, respectively,” the report showed.
The report said 8.0 per cent of the working-age population were in subsistence agriculture.
The NBS said the informal employment rate in Q2 2023 was 92.7 per cent.
It said in Q2 2023, the percentage of youth (15-24 years) identified as Young Persons Not in Employment, Education or Training (NEET) was 13.8 per cent.
“This is an increase from the 12.1 per cent and 10.0 per cent recorded in Q4 2022 and Q1 2023, respectively,” the NBS said.
By Adedapo Adesanya
Global blockchain ecosystem behind the world’s largest digital asset exchange by trading volume and users, Binance, has appointed its co-founder, Ms Yi He, as its co-CEO.
“Yi has been an integral part of the executive leadership team since the launch of Binance. Her innovative and user-focused approach has been instrumental in shaping the company’s vision, culture, and bottom-up business strategy,” said Binance CEO, Mr Richard Teng. “This appointment is a natural progression and she will continue to guide the organization from strength to strength.”
“We remain dedicated to being the most trusted and regulated exchange in the world, always putting our users first. Yi plays a critical role in growing our community and driving product innovation as we work to reach one billion users. Together, we are focused on building the Web3 infrastructure and promoting financial freedom, empowering people to participate in a more open and fair financial system,” added Mr Teng.
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days,” said Ms He. “Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”
Binance remains one of the world’s largest players in crypto trading, and leadership changes within the company continue to draw attention due to its scale and influence.
The appointment of a co-CEO adds structure during a period when global exchanges emphasize compliance, operational clarity and more formal management frameworks.
The company did not announce changes to its product lineup or platform priorities alongside the leadership update, and no financial terms were disclosed. The addition of a co-CEO role reflects an internal effort to distribute responsibilities as the firm works with regulators and seeks stability in a competitive and closely watched industry.
By Adedapo Adesanya
The African Petroleum Regulators Forum (AFRIPERF) has chosen Nigeria as its official headquarters and also elected the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, as its chairman.
Recall that in September, 16 countries, led by Nigeria, gathered in Accra, Ghana, to witness the signing of the charter establishing the forum, which seek to harmonise oil regulation in Africa.
Others include Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, and Togo among others.
The decisions were announced at the inaugural executive committee meeting of the forum which took place virtually on December 2, 2025. The meeting which was attended by the 16 African countries, was convened to pick its leadership, headquarters and logo.
Prior to his endorsement as the substantive pioneering chairman, Mr Komolafe acted in interim capacity.
Also, Mrs Eyoanwan Ndiyo-Aiyetan also emerged as the secretary of AFRIPERF.
According to a statement on Wednesday, NUPRC notes that the development affirms Nigeria’s central role in the African petroleum regulatory space and as Africa’s largest producer of crude oil.
In his acceptance speech, Mr Komolafe thanked his African counterparts for the trust and honour, promising to ensure that no member country is left behind.
AFRIPERF aims to strengthen regional petroleum governance by fostering collaboration, cooperation and coordination among member regulators.
Its mission includes creating standards, enhancing transparency and addressing cross-border challenges such as gas trade, emissions, and digitalisation while making the African continent energy sector attractive for crucial investments.
By Adedapo Adesanya
The immediate past Chief of Defence Staff (CDS), General Christopher Gwabin Musa, has been nominated by President Bola Tinubu as the new Minister of Defence, replacing Mr Mohammed Badaru Abubakar.
The erstwhile minister resigned from his position with immediate effect for health reasons, the president’s spokesman, Mr Bayo Onanuga, had said on Monday night.
The 63-year-old’s departure coincides with a period of heightened security challenges across Nigeria, with the government under pressure to deal with a spate of mass kidnappings.
In a letter to Senate President, Mr Godswill Akpabio, President Tinubu conveyed Mr Musa’s nomination as the successor to Mr Abubakar, according to statement on Tuesday by Mr Onanuga, the Special Adviser to the President on Information and Strategy.
The 58-year-old retired military chief is described as a distinguished soldier who served as the CDS from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.
Born in Sokoto in 1967, Mr Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.
He was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career. His appointments included General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.
In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.
In 2021, Mr Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed CDS by President Tinubu in 2023.
In the letter to the Senate, Mr Tinubu expressed confidence in Mr Musa’s ability to lead the Ministry of Defence and further strengthen Nigeria’s security architecture.
If confirmed by the upper legislative chamber, he will take up the ministry at a crucial time when security challenges including terror and kidnappings are plaguing the country.
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