Economy
1.7m Nigerians Lost Their Jobs in Nine Months—NBS
By Modupe Gbadeyanka
A report from the National Bureau of Statistics (NBS) has indicated that no fewer than 1.7 million Nigerians became jobless in nine months.
In the report titled ‘Unemployment/Under‐Employment Report Q3 2016’, it was revealed that from January 2016 to September 2016, the total number of person in full time employment (did any form of work for at least 40hours) decreased by 272,499 or 0.51 percent when compared to the previous quarter, and decreased by 1.66 million (1.7 million) or 3.01 percent when compared to Q3 of 2015.
NBS explained that the labour force population covers all persons aged 15 to 64 years who are willing and able to work regardless of whether they have a job or not. The definition of unemployment therefore covers persons (aged 15–64) who during the reference period were currently available for work, actively seeking for work but were without work.
It explained further that a person is regarded as employed if he/she is engaged in the production of goods and services, thereby contributing to the Gross Domestic Product (GDP) in a legitimate manner, which is a component of the national accounts and receives any form or amount of compensation for that activity.
However, the NBS noted that underemployment occurs if one works less than full time hours, which is 40 hours, but work at least 20 hours on average a week and /or if you work full time but are engaged in an activity that underutilizes his skills, time and educational qualifications.
According to the report, the number of economically active population or working age population (persons within ages 15 and 64) increased from 106.69 million in Q2 2016 to 108.03 million, this represents a 1.26 percent increase over the previous quarter and a 3.57 percent increase when compared to Q3 2015.
It said in Q3 2016, the labour force population (i.e those within the working age population willing, able and actively looking for work) increased to 80.67 million from 79.9 million in Q2 2016, representing an increase of 0.98 percent in the labour force during the quarter.
This means about 782,886 persons from the economically active population entered the labour force, that is individuals that were able, willing and actively looking for work. This magnitude of increase between Q2 and Q3 2016 is smaller when compared to Q1 and Q2 2016, which was an increase of 1.39 million in the Labour force population.
The report noted that the “IMF Global growth forecast is projected to slow to 3.1 percent in 2016 before recovering to 3.4 percent in 2017.”
It however disclosed that, “The highest unemployment rate in the world is recorded in Djibouti (54%), Congo (46.1%), Bosnia and Herzegovinian (41.3%), Afghanistan (40%) and Kenya (40%) while the lowest are found in Qatar (0.2%), Cambodia (0.5%), Belarus (1%), Benin (1.0%), Thailand (1.2%),
Madagascar (1.2%) Laos (1.4%) and Guinea (1.7%).
By Adedapo Adesanya
Bitfinex has listed the wrapped Minima ($WMINIMA) token, an ERC-20 token, aimed at helping build a truly decentralized network that empowers freedom worldwide and increases access to Web3 for any person with a mobile or IoT device.
Bitfinex is one of the first crypto exchanges to list WMINIMA, built on the world’s first mobile-native Layer 1 blockchain.
Minima’s presale for WMINIMA started on February 14, 2023, with 10 million tokens currently acquired out of the total supply of 125 million $WMINIMA tokens.
Traders on Bitfinex are taking this new innovation as a huge opportunity to become early adopters of the $WMINIMA token, by making deposits and purchases during the presale period. Effective 21st of March, 2023, on Bitfinex, trading for WMINIMA against the US Dollar (USD) and Tether tokens (USDt) will be available for all traders.
Wrapped Minima (WMINIMA) is a wrapped version of Native Minima (MINIMA), which has been issued on the Ethereum blockchain. Wrapped Minima (WMINIMA) enables Minima to be tradable on exchanges shortly after its Token Generation Event, without waiting for the technical integration of Native Minima ($MINIMA) onto exchanges, scheduled for Q3/Q4 2023. WMINIMA has an initial circulating supply of 98,100,000 coins and a total supply of 125,000,000 coins, with a listing price of $0.30.
The move is part of Bitfinex’s efforts to bring financial inclusion and financial freedom to less-advantaged and emerging communities around the world, particularly where there is currency volatility.
By becoming an owner of Wrapped Minima on Bitfinex, users will be helping build a truly decentralized network that empowers freedom all around the world.
The Minima protocol and its network have already been built, with Mainnet recently launching after several years in Testnet, yet Minima is still relatively unknown.
As a result, there is still a huge opportunity to become an early adopter of the world’s first mobile-native layer 1 blockchain before it becomes widely adopted.
How to trade WMINIMA on Bitfinex
WMINIMA is available to trade with US Dollar (USD) and Tether tokens (USDt). To sign up now, follow these few easy steps:
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- Create an account by entering the required details: username, email, password, country of residence, and referral (optional).
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- You will be directed to the setup security page. Here, download the Google Authenticator app. If already downloaded, select the “I’ve installed the app” tab.
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- Check your inbox to confirm your email address via an email sent by Bitfinex.
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- Once that is done you can now trade the WMINIMA on Bitfinex.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has disbursed N12.65 billion to the Anchor Borrowers Programme (ABP), its flagship agriculture intervention scheme, in the first two months of 2023.
The Governor of the apex bank, Mr Godwin Emefiele, said this on Tuesday in Abuja when he read the communique issued at the end of the 290th meeting of the apex bank’s Monetary Policy Committee (MPC).
According to Mr Emefiele, the total disbursement under the ABP since its inception by President Muhammadu Buhari’s administration in 2015 is N1.09 trillion.
“Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP,” he said.
“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland,” Mr Emefiele added.
According to Mr Emefiele, the improved performance of the economy has been driven largely by sustained growth in the services and agricultural sectors.
He also cited a rebound in economic activities associated with economic recovery and continued intervention in growth-enhancing sectors by the CBN as responsible for the growth.
He said that the CBN had also disbursed huge sums as an intervention to various other sectors of the economy.
“The CBN also released the sum of N23.70 billion under the N1.0 trillion Real Sector Facility to eight new real sector projects in agriculture, manufacturing, and services.
“Cumulative disbursements under the Real Sector Facility currently stands at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services, and 13 mining sector projects,” he said.
He said that the apex bank also released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos).
He said that the facility was aimed at improving the liquidity status of the Discos, there aiding their recovery of legacy debt.
“This brings the cumulative disbursement under the facility to N254.39 billion,” he said.
By Adedapo Adesanya
Baron and Cabot, a UK-based international real estate firm, has launched a portal that will use artificial intelligence technology to predict property prices in Africa to allow real estate agents to sell properties and earn in pounds, providing an unprecedented opportunity for growth and financial success.
The novel approach will allow real estate firms to de-risk their investments in international markets and gain access to a wide range of fully compliant properties.
Baron & Cabot has been particularly successful in Africa due to inflation driving clients to move their money into GBP and Dollar to purchase assets. It is one of the top fastest-growing property companies in the world and transacts around £100 million per annum ($120 million) of UK property while having access to some of the best property developments in the UK.
Speaking on this, Mr Mark Pearson, Managing Director of Baron & Cabot, said, “We are thrilled to be launching this innovative concept that will not only provide a platform for real estate agents in Africa to sell UK properties but will also create job opportunities and drive economic growth.
“We believe that by leveraging AI technology to predict property prices, we can provide our partners with a unique advantage and help them to achieve financial success. Our joint venture expansion plans are aimed at creating mutually beneficial partnerships that will bring value to all parties involved.”
In addition to providing agents with access to new revenue streams, Baron and Cabot’s property portal is also expected to create new job opportunities in the African market.
The company also revealed that it would provide its agents with comprehensive 2 to 4-week training and support to help them succeed in their new roles. This training will ensure that agents are equipped with the skills and knowledge they need to navigate the real estate market and take advantage of the opportunities that Baron and Cabot’s concept provides.
As part of its offering, Baron and Cabot will provide clients with mortgages anywhere in the world (excluding war zones), with mortgage rates lower than 6 per cent and deposits below 35 per cent, making it easier for clients to invest in UK properties.
“Our management company boasts an impressive occupancy rate of over 99 per cent, with properties awaiting new tenants for an average of only 10 days. This sets us apart from other cities around the world, where the average occupancy rate is only 70 per cent.
“In addition, our Airbnb or short-term rental products have an average occupancy rate of over 70 per cent, resulting in substantial rental returns and secure investment. Our secret to success lies in our ability to identify high-demand areas with low supply, combined with exceptional management that keeps both our tenants and landlords satisfied,” Mr Pearson added.
