Jobs/Appointments
Nigeria’s Unemployment Rate Hits 4.2% in Q2 2023
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.
By Modupe Gbadeyanka
The International Bar Association (IBA) has elected Mr Jaime Carey from Chile as its new president, succeeding Spain’s Almudena Arpón de Mendívil y Aldama and becoming the first from his country to lead the group.
He will head the group alongside Claudio Visco, a Senior Partner at Italian law firm, Lipani, the first time the association is having a joint presidency.
On September 19, 2024, the IBA Council adopted a resolution that ratified this arrangement for the years 2025–2026.
Mr Carey is a Senior Partner of Carey, Chile’s largest law firm, and has been a member of the IBA for 41 years.
Prior to becoming President, he held many senior positions in the IBA, including: Co-Vice President, Co-Secretary-General, Chair of the Legal Practice Division (LPD), Member of the Council of the LPD, Officer of the Diversity and Inclusion Council, Chair of the Latin American Regional Forum, Co-Chair of the Corporate and M&A Section, Member of the Advisory Board of the Law Firm Management Committee, Member of the Advisory Board of the Women’s Interest Group and was named a Male Champion for Change Ambassador by the Women Lawyers’ Committee. Also, he has been a member of the IBA Management Board since 2011.
‘I feel honoured to have been elected President of the International Bar Association and will carry out the duties of this office with full conviction and high resolve, building on the efforts of predecessors. Knowing that I am part of a continuum working to uphold the rule of law fills me with pride.
“During my tenure, I hope to increase the IBA’s visibility in Africa and Asia and encourage more peers in those regions to get involved in the Association’s work. Additionally, because I am from Latin America, I will work to increase the region’s visibility in the international legal community by creating more opportunities for interaction with colleagues from other jurisdictions,” Mr Carey stated.
‘Undoubtedly, our world is rapidly changing and becoming more divided. Legal professionals have a role to play in countering division.
“Since unity, collaboration, diversity and integration are essential to improving the world, it is my intention to encourage these things as widely as possible across all IBA constituents and as many jurisdictions as possible,” he added.
Being good friends since 1991, when they met at an IBA Conference in Hong Kong, Mr Carey and Mr Visco decided they would divide the two-year term and collaborate, with each serving as IBA President for a year.
In a joint statement, Mr Carey and Mr Visco commented: ‘We are grateful that this historic agreement was supported by the IBA Council.
“Our joint presidency reflects the collaborative approach of IBA members who freely and voluntarily share their knowledge with legal professionals around the world.
“As we continue the work that embodies the IBA’s founders’ vision of promoting and defending the rule of law and human rights globally in an environment of mutual respect, cooperation, and shared objectives, this shared two-year mandate will ensure order, coordination, and continuity.’
With Mr Carey as IBA President for 2025, Mr Visco is serving as President-Elect, but will take over as President next year, with the title of immediate past president to be assigned to Mr Carey.
By Adedapo Adesanya
The Governor of Oyo State, Mr Seyi Makinde, has formally announced Prince Abimbola Akeem Owoade as the new Alaafin of Oyo, more than two years since the throne was vacant following the death of the last Alaafin, Oba Lamidi Olayiwola Adeyemi III, on April 22, 2022.
A statement by the Commissioner for Information and Orientation, Mr Dotun Oyelade, said Prince Owoade, after thorough consultations and divination, was recommended by the Oyomesi and approved by the Governor of Oyo State.
According to the Commissioner, a statement to this effect had been issued by the Commissioner for Local Government and Chieftaincy Affairs, Mr Ademola Ojo, who said that the announcement put to rest all the social and legal bickerings that ensued since the demise of the previous occupier of the exalted seat in Yorubaland.
Mr Ojo called on all citizens of Oyo State to join the government in celebrating this momentous occasion and lend their support to the new Alaafin of Oyo.
The Commissioner prayed that his reign would bring peace, prosperity and unity to the historic Oyo Kingdom.
Business Post reports that insiders say there is some discontent as Prince Lukman Adelodun Gbadegesin was initially selected by the Oyo Mesi, the kingmakers, to be the next ruler.
Prince Akeem Abimbola Owoade, a member of the Owoade-Agunloye family, is 47 years old. He is a trained mechanical engineer.
He has an MSc in Mechanical Engineering from Northumbria University after he attained a BSc in Mechanical Engineering from the University of Sunderland.
Before his sojourn to the United Kingdom, he has some education in Nigeria, attaining his Higher National Diploma (HND) also in Mechanical Engineering from the Polytechnic, Ibadan and his National Diploma from Federal Polytechnic, Ilaro and his Secondary School from Baptist High School, Saki.
His coronation will happen in the coming weeks.
By Aduragbemi Omiyale
Mr Ayo Adeonipekun has been appointed as the new Registrar and chief executive of the Chartered Institute of Stockbrokers (CIS).
He is taking over the position from Mr Josiah Akerewusi, who retired after a decade of meritorious service, according to a statement.
“This is a critical role that requires strong leadership, strategic thinking, and a deep understanding of the capital market.
“Adeonipekun possesses these qualities, and we believe he will transform the institute into a world-class certification entity,” the chairman of the Council at CIS, Mr Oluropo Dada, said.
Mr Adeonipekun is expected to guide the organisation to higher heights with his over 25 years of extensive multidisciplinary experience in leadership, finance, people and performance management, as well as corporate planning and administration.
Before now, he has served in various top management positions in leading organisations, including Marina International Bank (now Access Bank), Crossword Securities Limited, Sterling Bank, First City Monument Bank Plc, Susu Microfinance Bank, and MBL Financial Services, among others.
He was once the chief executive of a funds/portfolio manager licensed by the Securities and Exchange Commission (SEC), Reliance Capital Limited.
A Fellow of the Chartered Institute of Stockbrokers, Mr Adeonipekun qualified as a Chartered Stockbroker in March 2006 while working at Crossword Securities Limited.
He also became a Chartered Accountant in May 1997 and was admitted as a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) in 2013.
Additionally, he is a Certified Microfinance Banker (CIBN-MCP), an Associate Member of the Chartered Institute of Taxation of Nigeria (CITN), a trading license holder with the Nigerian Exchange (NGX) Limited, and a Registered Capital Market Operator/Sponsored Individual with the SEC.
The CIS chief boasts a Higher National Diploma in Accountancy from Yaba College of Technology, a Bachelor of Science in Accounting and a Master’s in Finance, both from Olabisi Onabanjo University (OOU), Ago-Iwoye, Ogun State, and currently a doctoral candidate (PhD Finance) at the same institution.
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