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Nigeria’s Unemployment Rate Hits 4.2% in Q2 2023

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Unemployment Rate Nigeria

By Adedapo Adesanya

Nigeria’s unemployment rate increased to 4.2 per cent in Q2 2023 from the 4.1 per cent recorded in Q1 2023, according to the National Bureau of Statistics (NBS).

The NBS said this in its Nigeria Labour Force Survey for Q2 2023, released on Thursday.

Recall that the NBS on April 20, 2023, made adjustments to how the labour force figures would be calculated moving forward. The agency adopted global standards as its new method and this crashed the rate from a high of 33.3 per cent released in 2020.

According to the new measures, the unemployment rate is defined as the share of the labour force who are not employed but who are actively searching and available for work.

The bureau said the unemployment rate among youth aged (15-24 years) in Q2 2023 was 7.2 per cent compared to the 6.9 per cent recorded in Q1 2023, adding that the unemployment rate among men was 3.5 per cent and 5.9 per cent among women in Q2 2023.

The unemployment rate in urban areas was 5.9 per cent in Q2 2023, which was an increase from the 5.4 per cent recorded in Q1 2023.

Meanwhile, the unemployment rate in rural areas was 2.5 per cent in Q2 2023, which was a decline from the 2.9 per cent recorded in Q1 2023.

In terms of educational attainment, the report said the rate of unemployment among persons with post-secondary education was 8.0 per cent in Q2 2023.

“Those with upper secondary education was 5.4 per cent, while those with lower secondary education was 3.7 per cent, 3.0 per cent for those with primary education and 2.5 per cent for those with no formal education,” it stated.

The NBS also said time-related underemployment in Q2 2023 was 11.8 per cent compared to 12.2 per cent recorded in Q1 2023.

It said time-related underemployment rate was the share of employed people who were working less than 40 hours per week, but who would be willing and available to work more.

The share of employed men that were underemployed was 8.4 per cent while the share of employed women that were underemployed was 15.3 per cent in Q2 2023.

The underemployment rate was 10.3 per cent in urban areas and 13.2 per cent in rural areas.

The NBS said the share of employed persons aged 15 to 24 years that were underemployed was 19.3 per cent.

The report said the combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) was 15.5 per cent in Q2 2023.

The NBS said the labour force participation rate among the working-age population in Nigeria was 80 per cent in Q2 2023 compared to 79.9 recorded in Q1 2023.

The report said the participation rate among men was 82.1 per cent while for women it was 78.8 per cent. The participation rate was 78.4 per cent in urban areas and 82.6 per cent in rural areas in Q2 2023.

According to the report, the employment-to-population ratio, which was the proportion of the working-age population that was employed was 77.1 per cent in Q2 2023.

The report said the employment-to-population ratio for men and women was 79.3 per cent and 74.9 per cent, respectively.

The employment-to-population ratio in urban areas was 73.8 per cent compared to 80.5 per cent in rural areas in Q2 2023.

The report said 88.0 per cent of employed Nigerians were primarily self-employed with the remaining 12.0 per cent engaged as employees(wage employment) in Q2 2023.

It said 85.2 per cent of employed men were self-employed, while 91.0 per cent of employed women were self-employed.

“While men and women engaged as employees(wage employment) was reported at 14.8 per cent and 9.0 per cent, respectively,” the report showed.

The report said 8.0 per cent of the working-age population were in subsistence agriculture.

The NBS said the informal employment rate in Q2 2023 was 92.7 per cent.

It said in Q2 2023, the percentage of youth (15-24 years) identified as Young Persons Not in Employment, Education or Training (NEET) was 13.8 per cent.

“This is an increase from the 12.1 per cent and 10.0 per cent recorded in Q4 2022 and Q1 2023, respectively,” the NBS said.

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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NMDPRA CEO Farouk Ahmed, NUPRC Boss Gbenga Komolafe Resign

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farouk ahmed gbenga komolafe

By Adedapo Adesanya

The chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, has resigned alongside his counterpart at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.

Based on the development, President Bola Tinubu has asked the Senate to confirm new chief executives for the two agencies.

The President’s request was contained in separate letters to the Senate on Wednesday, according to a statement signed by Mr Bayo Onanuga, the Special Adviser to the President on Information and Strategy, late on Wednesday.

Both officials were appointed in 2021 by former President Muhammadu Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).

To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Mrs Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Mr Saidu Aliyu Mohammed as CEO of NMDPRA.

Mr Ahmed’s resignation comes amid a high-profile conflict with businessman, Mr Aliko Dangote, who alleged that the NMDPRA chief and his family were living beyond their legitimate means, citing millions of Dollars allegedly spent on overseas schooling for his four children.

Mr Eyesan, a graduate of Economics from the University of Benin, spent nearly 33 years with the NNPC and its subsidiaries. She retired as Executive Vice President, Upstream (2023–2024), and previously served as Group General Manager, Corporate Planning and Strategy at NNPC from 2019 to 2023.

Mr Mohammed, born in 1957 in Gombe, graduated from Ahmadu Bello University in 1981 with a Bachelor’s in Chemical Engineering. He was announced today as an independent non-executive director at Seplat Energy.

His prior roles include Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company, as well as Chair of the boards of West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.

He also served as Group Executive Director/Chief Operating Officer, Gas & Power Directorate, where he provided strategic leadership for major gas projects and policy frameworks, including the Gas Masterplan, Gas Network Code, and contributions to the Petroleum Industry Act (PIA).

He played a pivotal role in delivering key projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and Nigeria LNG Train.

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Transcorp Hotels Picks Awele Elumelu as Board Chair

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awele vivian elumelu

By Adedapo Adesanya

Transcorp Hotels Plc has appointed Mrs Awele Vivien Elumelu as the chair of its board, effective January 1, 2026.

Her appointment follows the scheduled retirement of the current chairman, Mr Emmanuel N. Nnorom.

Mrs Elumelu, a medical doctor with an MBBS from the University of Benin (UNIBEN) and clinical experience in Nigeria and the United Kingdom, brings extensive experience in healthcare, insurance, corporate governance, and philanthropy. She is married to the chairman of Transcorp Plc, Mr Tony Elumelu.

She currently chairs Avon Healthcare Limited, a Nigerian health maintenance organisation, and Avon Medical Practice, a network of hospitals and clinics.

She also chairs Heirs Insurance Brokers and serves as a founding Director of Heirs Holdings Limited. Her executive education includes programmes at Harvard Business School, IMD Switzerland, and the London School of Economics.

According to a statement, her appointment highlights a strategic focus on integrating innovation, wellness, and responsible business practices into Transcorp Hotels’ operations. Mrs Elumelu is also a trustee and co-founder of the Tony Elumelu Foundation, through which she has supported more than 24,000 African entrepreneurs with training, seed capital, and mentorship, while advancing gender inclusion.

Commenting on the appointment, Mr Elumelu tasked his wife to deliver value to stakeholders.

“We are delighted to welcome Dr Awele Elumelu as the board chair of Transcorp Hotels. Her distinguished track record perfectly aligns with our ambition to redefine hospitality through innovation, wellness integration, and responsible business practices. Her strategic insight will be invaluable, as we continue to elevate guest experiences and deliver sustainable value to all stakeholders,” he said.

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc. The firm manages prominent properties including the Transcorp Hilton Abuja and the recently launched 5,000-seat Transcorp Centre. It is part of Transcorp Group’s diversified investments across power, hospitality, and energy sectors in Africa.

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Falade to Head NLNG as Mshelbila Quits to Lead Gas Exporting Countries Forum

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Nigeria LNG Limited NLNG

By Adedapo Adesanya

The Board of Directors of the Nigeria LNG Limited (NLNG) has appointed Mr Adeleye Falade as its new chief executive. He is to assume office in April 2026.

Mr Falade joins NLNG from Brunei LNG, where he has been serving in a similar position.

His appointment follows the exit of Mr Philip Mshelbila after more than four years of leadership to assume the position of Secretary-General of the Gas Exporting Countries Forum (GECF) in Doha, Qatar. He will officially leave the company on December 31, 2025.

Last weekend, a send-off ceremony was held in Abuja at the weekend to mark the end of the tenure of Mr Mshelbila and was graced by NLNG Directors, executives from shareholder companies, dignitaries from the public sector and energy industry in Nigeria, members of NLNG management, and representatives of various staff groups.

Speaking about the outgoing NLNG helmsman, Mr Olakunle Osobu, NLNG’s Deputy Managing Director, in his remarks described Mr Mshelbila as a man of distinction, an accomplished professional whose expertise spans medicine, environmental health, strategic business leadership, and global gas diplomacy.

He revealed that the outgoing MD stepped in during a period of unprecedented challenges, from the aftermath of COVID-19 and severe flooding that disrupted gas pipelines to vandalism and force majeure declarations by suppliers.

Mr Osobu stated that the global energy turbulence following the Russia–Ukraine war added further strain, but noted that despite these hurdles, NLNG pursued its sustainability goals with courage and innovation.

“Understanding that NLNG needed multiple supply sources, especially with current challenges, Mshelbila championed a bold and strategic pivot to expand NLNG’s feed-gas base beyond the shareholder joint-venture supply chain.

It was also revealed that under his leadership, NLNG negotiated and signed long-term Gas Supply Agreements (GSAs) with six third-party gas suppliers in August 2025. These GSAs commit to delivering an estimated 1,290 million standard cubic feet per day (mmscf/d) of feed-gas to NLNG, a historic step for the Company, marking a seismic shift,”.

Mr Osobu stated that Mr Mshelbila had championed innovation with a forward-looking approach, inspiring NLNG’s workforce to strengthen their commitment to emissions control and environmental stewardship, adding that Mr Mshelbila redefined NLNG’s business model through its transformation programme, building foundations for future sustainability and value creation.

In her remarks, Mrs Sophia Horsfall, NLNG’s General Manager, External Relations and Sustainable Development, said, “Thank you for your selflessness, for the steadiness of your leadership, for the clarity of your vision, and for the values that guided your every step. You led with humility, yet you inspired greatness. You carried the weight of challenges with calm resolve. You charted a path toward sustainability long before it became fashionable.”

On his part, Mr Mshelbila expressed profound gratitude to NLNG’s shareholders, Board of Directors, staff, and industry partners for their support throughout his tenure.

He praised the Company’s enduring culture of innovation and excellence and affirmed that he would carry these values into his new role at GECF, where he will promote natural gas as a sustainable and reliable energy source.

As Secretary-General of GECF, Mr Mshelbila will strengthen dialogue between gas-producing and gas-consuming nations, advancing stability in the international gas market.

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