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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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UAC Foods Elevates CFO Temitope Omodele to CEO

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Temitope Omodele

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.

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Tinubu Okays Recruitment of 1,000 Forest Guards in Oyo

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Forest Guards

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.

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NCC Appoints Funke Opeke, ipNX’s Olusola Teniola to IPv6 Board

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olusola teniola ipNX

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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