By Adedapo Adesanya

The unemployment rate in Nigeria declined to 4.3 per cent in the second quarter of 2024, according to the latest report released on Monday by the National Bureau of Statistics (NBS).

This rate is lower than the 5.3 per cent recorded in Q1 2024, reflecting a gradual recovery from the 5.0 per cent in Q3 2023.

According to global standards introduced by the International Labour Organisation (ILO), an employed person is defined as anyone working at least one hour a week, unlike the old methodology where a person had to work at least 20 hours a week to be considered employed.

The methodology introduced other fresh benchmarks as well. The sample size was widened to 34,250 as against 33,000. Also, the data will be gathered weekly as against quarterly in the previous method.

The NBS, in the latest Nigeria Labour Force Survey (NLFS), said a statistical survey designed to collect comprehensive data on employment, unemployment, and other characteristics of the population labour force. It provides quarterly estimates of the main labour force statistics with sufficient precision at the national level.

The Labour Force Participation Rate rose to 79.5 per cent, up from 77.3 per cent in the previous quarter, highlighting increased workforce engagement, as the Employment-to-Population Ratio also showed significant improvement, climbing to 76.1 per cent in Q2 2024 from 73.2 per cent in Q1 2024, indicating that a higher proportion of the working-age population was gainfully employed during the period.

Also, self-employment remained dominant, accounting for 85.6 per cent of total employment, an increase from 84 per cent in the preceding quarter.

Informal employment also rose slightly to 93.0 per cent, highlighting the economy’s reliance on informal jobs, as urban unemployment stood at 5.2 per cent, a reduction from 6.0 per cent in Q1 2024, while rural areas recorded an even lower unemployment rate of 2.8 per cent, compared to 4.3 per cent in the previous quarter.

This disparity highlights the continued role of agriculture and informal activities in rural employment, contrasting with the urban dependence on formal and service-driven jobs.

The youth unemployment rate (ages 15–24) dropped significantly to 6.5 per cent, compared to 8.4 per cent in Q1 2024.

The report further revealed gender disparities, with the unemployment rate for females at 5.1 per cent, compared to 3.4 per cent for males, suggesting a need for targeted gender-inclusive policies to bridge the employment gap.

“The unemployment rate is defined as the share of the labour force not employed but actively searching for and available for work.

“Unemployment is one of the components of labour underutilisation. The unemployment rate for Q2 2024 was 4.3 per cent, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated, noting that the unemployment rate among males was 3.4 per cent and 5.1 per cent among females.

“By place of residence, the unemployment rate was 5.2 per cent in urban areas and 2.8 per cent in rural areas. Youth unemployment rate was 6.5 per cent in Q2 2024, showing a decrease from 8.4 per cent in Q1 2024,” the NBS said.

Time-related underemployment, which measures workers seeking additional hours, dropped to 9.2 per cent in Q2 2024 from 10.6 per cent in Q1.

Labour underutilisation metrics also improved, with LU2 (unemployment and time-related underemployment) decreasing to 13.0 per cent from 15.3 per cent in the previous quarter.

LU3 and LU4 metrics, which include potential labour force participation, also recorded declines to 5.9 per cent and 14.5 per cent, respectively.

The participation rates between males and females are nearly the same, with males at 79.9.5 per cent and females at 79.1 per cent.

This minimal difference suggests a balanced level of engagement across genders, indicating that gender is not a significant factor in labour participation.

Participation rates show notable differences by residence and disability status. In rural areas, participation is higher at 83.2 per cent compared to 77.2 per cent in urban areas.

A more significant gap existed between those with and without disabilities.

While 80.0 per cent of individuals without disabilities participate in labour-related activities, only 36.7 per cent of those with disabilities do, highlighting the need for greater inclusivity and targeted support to improve engagement among persons with disabilities (PWDs).

By Adedapo Adesanya

Nigerian digital payment service bank, 9 Payment Service Bank (9PSB), has tapped Mr Ikechukwu Ugwu as the company’s new Chief Marketing Officer, effective November 4, 2024, to advance its commitment to financial inclusion and growth.

Mr Ugwu is a highly accomplished marketing professional with over a decade of experience across various industries, including telecommunications, e-commerce, digital advertising, fast-moving consumer goods (FMCG), and fintech.

“His track record of driving transformative product marketing initiatives has significantly influenced the African market landscape,” a statement announcing his appointment said.

Speaking on this move, the chief executive of 9 Payment Service Bank, Ms Branka Mracajac, expressed enthusiasm about Mr Ugwu’s appointment.

“We are excited to welcome Ikechukwu to our leadership team. His extensive experience in marketing and his innovative approach to brand strategy will be invaluable as we continue to enhance our services and strengthen our position in the market.

“We are confident that his vision will help us reach new heights in our mission to promote financial inclusion across Nigeria,” she stated.

In his new role, the new CMO will leverage his deep understanding of Nigeria’s marketing communications landscape to develop and implement strategic growth and brand marketing initiatives to support the achievement of organisational goals and objectives.

He noted that he is committed to fostering a culture of creativity and innovation within the marketing team to further align with the company’s growth objectives.

“I am honoured to join 9PSB at such an exciting time for the organization. I look forward to working with the talented team here to enhance our marketing strategies and reach even more individuals and businesses in need of accessible financial solutions.

“Together, we will continue to build on the strong foundation that 9PSB has established and drive meaningful change in the lives of our customers,” he noted.

Before joining 9PSB, Mr Ugwu served as the Divisional Head of Growth Marketing at Interswitch, where he played a key role in strengthening the Interswitch brand, driving customer acquisition and retention through innovative campaigns and partnerships.

He was also responsible for expanding Interswitch’s footprints to key markets across West and East Africa.

“9PSB is poised for continued growth under Ikechukwu’s leadership, as it strives to deliver exceptional financial services that empower individuals and businesses across Nigeria,” the company disclosed.

By Modupe Gbadeyanka

Young Nigerians intending to learn and upgrade their digital skills can now do so through the flagship Digital Skills Empowerment Programme (DiSEP) of Stanbic IBTC Holdings Plc.

The scheme was created for ambitious young graduates with a passion for technology and a strong desire for continuous learning.

This year’s programme, DiSEP 4.0, offers a unique opportunity for 200 participants to gain the skills and knowledge necessary to thrive in the digital age.

To qualify for DiSEP 4.0, candidates must possess a minimum of a Second-Class Lower Honours degree in Information Technology or Engineering.

Additionally, they must hold a National Youth Service Corps (NYSC) discharge certificate. These requirements ensure that participants are not only academically qualified but also demonstrate dedication to their professional development.

Business Post learned that applications for Stanbic IBTC DiSEP 4.0 opened on Friday, November 1, 2024.

“We have witnessed remarkable success from previous cohorts. With graduates launching careers in critical fields like software engineering, data analysis, and cloud computing.

“Many of these talented individuals have not only advanced their careers but have also made significant contributions to their communities,” the acting chief executive of Stanbic IBTC Holdings, Mr Kunle Adedeji, stated.

Stanbic IBTC described DiSEP, established in October 2021, as an investment in the future as it is not just a corporate social initiative, but a pathway to a brighter future for Nigeria’s youths.

Aspiring tech professionals have been encouraged to apply for this valuable opportunity to enhance their skills and contribute positively to the rapidly evolving digital landscape.

It was noted that DiSEP 4.0 represents a significant step forward in addressing the digital skills gap that exists in Nigeria.

The programme equips young graduates with the necessary tools to succeed in the dynamic Information Technology sector.

Participants will receive intensive training in cutting-edge digital technologies such as Kubernetes, DevOps, Java, C#, NetCore, and Software Testing and Automation. This intensive training, professional certification opportunities, and practical experience will prepare graduates to enter the workforce with a competitive skillset.