Economy
Retirement Savings Account Holders Grow by 96,346 in Q2
The total number of persons with Retirement Savings Account (RSA) in Nigeria increased by 96,346 to 7,589,936 workers under the contributory pension scheme as at the second quarter of 2017, compared with 7,493,590 registered in the first quarter of the year.
They country’s total working population stood at 69,470,901 as at the fourth quarter of 2016.
The National Bureau of Statistics (NBS) stated this in its Retirement Savings Account (RSA) Membership Distribution for the second quarter 2017 (Q2 2017), posted on its website.
The RSA membership distribution as at Q2 of 2017 represented 10.93 per cent of the total working population.
This, the NBS stated was not surprising given the largely informal structure of the Nigerian labour force with about 50 per cent of the current workforce engaged in subsistence agriculture and informal trading.
Micro businesses, for example, accounts for over 90 per cent of total micro, small and medium scale enterprises in Nigeria.
Further disaggregation of RSA membership revealed that of a total male working population of 36,363,042 only 5,391,887 or 14.83 per cent male workers registered under the pension scheme as at Q2 2017 compared to 5,328,035 or 14.65 per cent registered male workers in Q1 2017.
Similarly, only 2,198,049 or 6.64 per cent out of a total female working population of 33,107,859 were registered under the scheme as at Q2 2017 compared to 2,165,555 or 6.54 per cent registered female workers in Q1 2017.
Accordingly, out of the 7,589,936 RSA members, 71.04 per cent were men and 28.96 per cent were women compared to 71.10 per cent men and 28.90 per cent women in Q1 2017.
This was compared with the gender split of the working population which had 52.3 per cent men and 47.7 per cent women.
RSA membership was dominated by the Private sector. The federal level had 1,898,199 registered RSA members under the national pension scheme as at Q2 2017 of which 1,384,579 or 72.94 per cent were male and 513,620 or 27.06 per cent were female compared to 1,889,143 registered RSA members of which 1,378,382 or 72.96 per cent were male and 510,761 or 27.04 per cent were female in Q1 2017.
“This may indicate that there are a lot more male employees in the federal public service than female. At the state (including local government) level, 1,537,138 State public workers are registered under the national pension scheme with 863,605 or 56.18 per cent male and 673,533 or 43.82 per cent female as at Q2 2017 compared to 1,525,748 registered public workers of which 858,365 or 56.26 per cent were male and 667,383 or 43.74 per cent were female in Q1 2017.”
“This may indicate that the federal public service is larger than that of all 36 States combined and similar to the Federal service, men dominate with respect to number of employees,” it added.
According to the study, private firms had 4,154,599 registered RSA members under the pension scheme as at Q1 2017 of which 3,143,703 or 75.67 per cent were male and 1,010,896 or 24.33 per cent were female compared to 4,078,699 registered RSA members of which 3,091,288 or 75.79 per cent were male and 987,411 or 24.21 per cent were female in Q1 2017.
It showed that the highest number of registered working population came from the age bracket of 30-39yrs and closely followed by the working population within the age bracket of 40-49 years and 50-59years. This, it said was expected considering ages 2544 accounts for about 55 per cent of the total working population.
“However, the least number of registered working population came from above 65yrs and 60-65yrs age bracket.
“1,898,199 federal working population are registered under the national pension scheme as at Q2 2017 compared to 1,889,143 in Q1 2017.
“1,384,579 are male while 513,620 are female compared to 1,378,382 male and 510,761 female in Q1 2017.
“1,537,138 state working population are registered under the national pension scheme as at Q2 2017 compared to 1,525,748 in Q1 2017. 863,605 are male while 673,533 are female compared to 858,365 male and 667,383 female in Q1 2017,” it added.
According to the NBS report, 4,154,599 private firms’ working population were registered under the national pension scheme as at Q2 2017 compared to 4,078,699 in Q1 2017. Also, 3,143,703 were male while 1,010,896 were female compared to 3,091,288 male and 978,411 female in Q1 2017
In addition, 7,589,936 working population were registered under the national pension scheme as at Q2 2017 compared to 7,493,590 in Q1 2017. 5,391,887 are male while 2,198,049 are female compared to 5,328,035 male and 2,165,555 female in Q1 2017
Private firms’ working population dominated the membership distribution and closely followed by the federal and state working population.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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