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Nigeria’s Unemployment Rate Declines to 4.3% in Q2 2024

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Unemployment Rate Nigeria

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).

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Jobs/Appointments

Insight Redefini Appoints Babatunde Olaifa Group CEO

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Babatunde Olaifa

By Modupe Gbadeyanka

Mr Babatunde Olaifa has been appointed as the new chief executive of a Nigerian integrated marketing communications firm, Insight Redefini Group.

Before his latest appointment, Mr Olaifa served as the Country Head of GoMyCode Nigeria, where he led initiatives focused on digital technology education and talent development.

He had earlier occupied leadership roles at X3M Ideas, Prima Garnet Ogilvy and Google, where he served as SMB Business Development Manager for Sub-Saharan Africa, helping to drive digital adoption and business growth initiatives across the continent.

Mr Olaifa’s career started at Insight Redefini, a member of Publicis Groupe, making his appointment as a return to where his professional journey began more than two decades ago and an opportunity to help redefine the role of marketing communications in a rapidly changing business environment.

“I am returning with a deeper understanding of the challenges businesses face today,” the new chief executive said.

“The world has changed dramatically. Consumers are more connected, markets are more volatile, technology is evolving at an unprecedented pace, and organisations are under increasing pressure to deliver measurable value. The role of agencies must evolve accordingly,” he added.

Mr Olaifa noted that many organisations today are navigating complex realities that extend beyond traditional marketing challenges, from digital transformation and changing consumer behaviour to operational pressures, data management, and business resilience.

“Businesses are looking for partners that can help solve real problems, not just create campaigns,” he said. “The opportunity before us is to combine creativity, technology, data, strategy and culture to help clients unlock growth and navigate complexity. That is where the future of our industry lies.”

He added that the convergence of technology, artificial intelligence and data presents a unique opportunity for marketing communications professionals to reclaim a more strategic role within organisations.

“For years, creativity has been our strength. Today, we have an opportunity to complement that strength with deeper business understanding, stronger analytical capabilities and emerging technologies that allow us to create greater value for clients. Technology is not replacing creativity; it is amplifying what creativity can achieve.”

Drawing from these experiences, Mr Olaifa said his focus will be on strengthening the group’s integrated capabilities while fostering a culture of innovation, curiosity and continuous reinvention.

“Insight Redefini has always been known for creativity, bold thinking and industry leadership. The next chapter is about building on that legacy while preparing for the future. We want to create an environment where talent can experiment, innovate and solve business challenges in new ways.”

“Our ambition is simple. We want to be indispensable to our clients. We want to be involved not only when a campaign is needed, but when business challenges need solving. We want to sit at the intersection of creativity, technology, culture and commerce, helping organisations navigate change and seize opportunities,” he further stated.

Insight Redefini Group said the appointment reflects its commitment to strengthening its position as an integrated growth partner for businesses across Nigeria and West Africa.

With access to the global capabilities, technology infrastructure, data intelligence and strategic resources of Publicis Groupe, the group said it remains focused on delivering connected solutions that help brands remain relevant, competitive and future-ready.

Insight Redefini Group is a member of Troyka Holdings, West Africa’s leading marketing communications and business solutions group. Its portfolio includes Insight Publicis, Leo Burnett Lagos, All Seasons Zenith, Starcom Media Perspectives, Quadrant MSL, Digitas and Publicis Nourish.

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Seplat Appoints Elumelu Chairman, Okon CEO as Roger Brown Bows Out

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tony elumelu

By Adedapo Adesanya

Seplat Energy Plc has announced a major leadership transition, appointing Mr Tony Elumelu as Chairman-designate and Mr Effiong Okon as incoming chief executive, as it pursues its long-term growth ambitions and 2030 strategic roadmap

The company disclosed that its current Chairman, Mr Udoma Udo Udoma, will retire from the board on December 31, 2026, after overseeing a significant period of strategic expansion, including the integration of Mobil Producing Nigeria Unlimited (MPNU) and the development of Seplat Energy’s 2030 strategic plan.

Mr Elumelu will take over on January 1, 2027, having joined the board at the beginning of the year after buying a 20.07 per cent stake in the local energy producer.

In a parallel leadership transition, the current chief executive, Mr Roger Brown, will retire on July 31, 2026, ending a 13-year tenure with the company, including six years as CEO.

Mr Brown played a pivotal role in Seplat Energy’s transformation, leading major acquisitions, including Eland Oil & Gas in 2019 and the landmark acquisition of MPNU in 2024.

In his place, Mr Okon, who currently serves as Managing Director of the ANOH Gas Processing Company, will take over on August 1.

The veteran brings more than 35 years of industry experience and has held several leadership positions within Seplat Energy and Royal Dutch Shell.

Speaking on his exit, Mr Brown said, “It has been the greatest pleasure to be part of Seplat Energy’s growth since joining in 2013 as CFO and having led the company as CEO since August 2020. I am immensely proud that we have built a company that has now become synonymous with financial resilience, balanced capital allocation, strong corporate governance and shareholder reward.”

Mr Udoma also said, “[Mr] Roger has been ever-present in Seplat Energy’s journey, and under his leadership, the company has materially outperformed the sector and delivered exceptional returns to shareholders. He leaves us well-placed to continue delivering for all our stakeholders.

“I would also like to welcome Mr Okon as our incoming CEO. He has extensive operational experience that will support our ambitious growth aspirations.”

On his part, the incoming CEO said: “I am delighted to be taking on this appointment at an important juncture. My immediate focus will be on ensuring the Company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.”

Mr Elumelu said, “I am honoured to succeed Senator Udoma as Chairman in January 2027 and to lead the Board through Seplat Energy’s next phase of growth. I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa, and Seplat Energy’s culture of execution and governance aligns strongly with my own values.”

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Tinubu Swears in Power Minister, Minister of State for Foreign Affairs

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swear in Joseph tegbe Sola Enikanolaiye

By Modupe Gbadeyanka

President Bola Tinubu, on Monday, swore in Mr Joseph Olasunkanmi Tegbe as the new Minister of Power and Mr Sola Enikanolaiye as the Minister of State for Foreign Affairs.

A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, last night disclosed that the exercise took place at the Presidential Villa, Abuja, in the presence of the ministers’ spouses and senior government officials.

The new Ministers took the oaths of office yesterday after they were cleared by the Senate for the appointments on May 6, 2026.

Mr Tegbe was chosen to replace Mr Adebayo Adelabu, who resigned from the position to pursue a governorship ambition in Oyo State, while Mr Enikanolaiye was drafted to the current post after the elevation of Mrs Bianca Ojukwu to the position of the Minister of Foreign Affairs, following the resignation of Mr Yusuf Tuggar, who tried to clinch the governorship ticket of the All Progressives Congress (APC) in Bauchi State.

Mr Tegbe, born in Ibadan, Oyo State, is a renowned fiscal, economic and institutional reform strategist and stakeholder engagement expert with over 35 years of professional experience across the public and private sectors.

He holds a First Class Degree in Civil Engineering from Obafemi Awolowo University, a Master’s degree in Business Administration (Switzerland) and a Master’s degree in Public Administration (Birmingham).

He worked as a Senior Partner and Head of Advisory Services at KPMG in Africa, where he led transformational initiatives, including the design and implementation of major presidential reforms, the articulation and implementation of a strategy for subnational governments.

The Power Minister was also involved in fiscal policy restructuring at all levels of Government. He has worked with organisations such as the Nigerian Communications Commission, Nigerian Bulk Electricity Trading, Nigerian Electricity Regulatory Commission, Nigeria Revenue Service, Shell, Huawei, General Electric, MTN, and Odu’a Group, among others.

On his part, Mr Enikanolaiye from Igbagun, Kogi State, holds a First Class Degree in Political Science from Ahmadu Bello University, Zaria, and won the Dean’s Prize as the best student in his faculty. He also obtained a Master’s Degree in International Law and Diplomacy from the University of Lagos with Distinction.

He joined the Ministry of Foreign Affairs in August 1982 and rose to the position of Director. He was appointed Permanent Secretary of the Ministry in 2016, from which he retired on August 4, 2017, after 35 years in service.

As a career diplomat, Mr Enikanolaiye served in many of Nigeria’s diplomatic missions, notably Addis Ababa (Ethiopia), Belgrade (Serbia), Ottawa (Canada) and London (UK). His last foreign service posting was as Nigeria’s Head of Mission in New Delhi (India).

He is a recipient of several merit awards, including the Presidential Civil Service Merit Award, the Presidential Distinguished Public Service Career Award, and a Distinguished Fellow of the National Defence College, among others.

Mr Enikanolaiye was, until his appointment, the Senior Special Assistant to the President on Foreign Affairs and International Relations in the Office of the Chief of Staff to the President.

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