Jobs/Appointments
Nigeria’s Unemployment Rate Declines to 4.3% in Q2 2024
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).
Jobs/Appointments
UAC Foods Elevates CFO Temitope Omodele to CEO
By Adedapo Adesanya
Nigerian fast-moving consumer goods (FMCG) powerhouse, UAC Foods Limited, has promoted its Chief Financial Officer, Mrs Temitope Omodele, to the position of chief executive.
The company, a subsidiary of UAC of Nigeria Plc (UACN), officially made the announcement on its official LinkedIn page.
The ex-KPMG executive has a big task ahead of her, particularly with UAC Foods now a N340 billion revenue company buoyed by its recent acquisition of CHI Limited. With the new appointment, the company positions the seasoned finance executive as the driving force to further increase the value of brands like Gala Sausage Roll, Supreme Ice Cream, Swan Natural Spring Water, and Funtime Chips.
In its announcement, UAC Foods described the appointment as “an exciting new chapter,” affirming that Mrs Omodele will continue to “drive operational excellence, innovation, sustainable growth and long-term
Mrs Omodele began her career at KPMG Professional Services, where she rose through the ranks, from Senior Associate to Senior Manager, providing audit and assurance services across Nigeria’s financial services, FMCG, power and utilities, and energy and natural resources sectors.
Her time at KPMG was marked by an unusual distinction where she was seconded to the Department of Professional Practice at KPMG Inc. South Africa, gaining cross-border exposure to international standards and methodologies.
Following her return to Nigeria, she helped found the Department of Professional Practice for KPMG Professional Services Nigeria.
She joined the UAC of Nigeria Plc group in September 2020, initially as Technical Accounting and Reporting Lead and quickly advanced to Senior Vice President of Finance, with oversight of group-wide finance operations and reporting for the holding company. In this role, she served as a Non-Executive Director on the Board of Livestock Feeds Plc, a fellow UACN subsidiary.
She was then promoted to the role of Chief Financial Officer at UAC Foods Limited, expanding her operating-company exposure particularly around brand strategy, supply chain economics, and P&L accountability.
Mrs Omodele holds a Bachelor of Science in Accounting from the University of Lagos, supplemented by an Executive MBA from Lagos Business School at Pan-Atlantic University. She further completed Executive Education in data analytics and emerging technologies at the W. P. Carey School of Business, Arizona State University.
She is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Fellow of the Association of Chartered Certified Accountants (ACCA).
Originally established as the United African Company in 1879, the company has evolved into one of Nigeria’s oldest and firmest companies. The UAC Foods unit was formally constituted in 2010 through a joint venture with Tiger Brands, the South African packaged food giant. In 2021, UACN acquired Tiger Brands’ minority stake, assuming full ownership and with it, full strategic responsibility for the subsidiary’s future.
The company is best known for its flagship Gala Sausage Roll, which has led Nigeria’s sausage roll market for over 60 years, alongside other popular brands including Supreme Ice Cream, Swan Natural Spring Water, and Funtime Chips.
In 2025, UACN’s consolidated revenue surged further to N340.47 billion, bolstered by the landmark acquisition of CHI Limited (the maker of Chivita juice and Hollandia dairy products), though profitability came under pressure from elevated financing costs tied to that acquisition.
Jobs/Appointments
Tinubu Okays Recruitment of 1,000 Forest Guards in Oyo
By Aduragbemi Omiyale
President Bola Tinubu has approved the recruitment of 1,000 forest guards in Oyo State in collaboration with the state government.
This was disclosed by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, in a statement on Sunday.
The recruitment follows a visit to Esiele and Yawota communities in Oriire Local Government Area of Oyo State by a high-powered federal government delegation on Sunday, May 31, 2026.
The team, led by the President’s Chief of Staff, Mr Femi Gbajabiamila, was in the local council following the abduction of pupils and teachers from Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School on May 15, 2026.
Residents of the communities were promised the safe return of the victims. They were also informed that their request for the establishment of a military base in the area would be conveyed to the President for consideration and approval.
In addition, Mr Tinubu has directed a specialised security unit with advanced rescue capabilities to intensify efforts to secure the release of the abducted pupils and teachers.
Mr Gbajabiamila, while addressing residents in both English and Yoruba, said the President’s decision to dispatch the nation’s top security leadership to the affected communities reflected his determination to deploy every available resource towards securing the victims’ release.
“Mr President is deeply troubled by this incident. Whatever it takes, our children and teachers will be brought back home safely. He has issued all necessary directives and is providing every support required by our security agencies to achieve that objective.
“Your pain and anxiety are understood. By the grace of God, your children will return safely to your arms.
“Mr President also saw the appeals from some parents and community members urging caution in the rescue efforts. Let me assure you that the operation will be intelligence-led and carefully coordinated, deploying both kinetic and non-kinetic measures to secure the safe return of the victims,” he said.
The delegation was also at the palace of the Soun of Ogbomoso land, Mr Ghandi Afolabi Olaoye, to commiserate with him and his people. The group also met with the wife of the deceased school teacher, Mrs Mary Oyedokun, and her two children.
Other members of the team were the National Security Adviser, Mr Nuhu Ribadu; the Inspector-General of Police, Mr Tunji Disu; the Minister of Defence, Mr Christopher Musa; and the Special Adviser to the President on Media and Public Communications, Mr Sunday Dare.
Jobs/Appointments
NCC Appoints Funke Opeke, ipNX’s Olusola Teniola to IPv6 Board
By Modupe Gbadeyanka
The duo of Mr Olusola Teniola and Ms Funke Opeke are now on the newly inaugurated Internet Protocol version 6 (IPv6) council board of the Nigerian Communications Commission (NCC).
The team was constituted as part of a broader industry effort to accelerate Nigeria’s transition to IPv6.
It has Mr Muhammed Rudman as Chairman, Mr Chris Uwaje as Vice Chairman, and Ms Mary Uduma, Mr Gbenga Adebayo, Mr Lanre Ajayi, and Mr Latif Ladid as members.
At the inauguration in Ikeja, Lagos, NCC said it created the group as part of its renewed commitment to accelerating Nigeria’s transition to IPv6, a critical enabler of the country’s digital future.
Speaking on his appointment, Mr Teniola, a director at ipNX, expressed appreciation to the NCC for the opportunity to serve and reiterated the importance of collaborative action in driving Nigeria’s digital transformation.
“The transition to IPv6 is no longer a future consideration; it is an immediate priority for Nigeria’s digital economy. As data consumption grows and emerging technologies such as 5G, IoT, and AI become more pervasive, we must ensure that our underlying infrastructure is scalable, secure, and globally competitive,” he said.
He further emphasised that achieving meaningful IPv6 adoption will require strong alignment across stakeholders, including telecom operators, internet service providers, enterprises, academia, and government.
“This is a collective responsibility. We must invest in capacity building, drive awareness, and create the right policy and regulatory environment to accelerate adoption. Nigeria cannot afford to lag in an increasingly connected world,” he added.
The IPv6 Council Board has been tasked with developing and overseeing the implementation of a national IPv6 strategy, monitoring progress, and providing periodic updates on adoption levels across the country.
The team will also play a key role in addressing infrastructure challenges, strengthening technical expertise, and recommending policy incentives to support nationwide deployment.
Mr Teniola’s appointment reflects ipNX’s continued commitment to shaping Nigeria’s digital ecosystem and advancing the development of resilient, future-ready network infrastructure across the country.
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