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.
Jobs/Appointments
Board Picks Malolan Sampath as Champion Breweries CEO After Adoga’s Exit
By Aduragbemi Omiyale
Mr Malolan Sampath has been appointed as the new chief executive of Champion Breweries Plc, effective September 1, 2026.
The appointment of a new chief executive was approved by the board of the brewery giant following the resignation of Mr Inalegwu Adoga.
To ensure continuity during the transition pending Mr Sampath’s assumption of office, the board has appointed Mr Rasheed Ademola Adebiyi, Executive Director of Finance, to take charge of the affairs of the organisation.
In a statement, the board said it remains committed to the highest standards of corporate governance and to delivering a seamless leadership transition and sustainable value to shareholders and other stakeholders.
The new Sheriff in town, expected to take over next quarter, was described as an accomplished executive with over 26 years of international leadership experience across the beverage, FMCG, manufacturing and agro-industrial sectors, having built and led businesses up to $500 million in scale.
His beverage and brewing experience includes serving as Managing Director of Unique Beverages in Angola and as Sales & Marketing Director for a PepsiCo bottling franchise, in addition to earlier brewing-sector experience.
Most recently, he held the dual role of Managing Director (NPK Joint Venture) and Chief Marketing Officer at Indorama Eleme Fertilisers in Nigeria and previously served as Chief Executive Officer of Global Industries Limited, a Wilmar International joint venture in Zambia.
He holds a Postgraduate Diploma in Management (MBA) from the Symbiosis Centre for Management & HRD, Pune, and a Bachelor of Business Administration from the University of Chennai.
The board expressed confidence that his expertise in manufacturing excellence, commercial execution and business transformation will support the company’s strategic objectives and long-term growth.
Jobs/Appointments
Julius Berger Appoints Muiz Banire, Chinazo Okoye to Board
By Aduragbemi Omiyale
Erudite legal practitioner, Mr Muiz Banire (SAN), has been appointed to the board of a construction giant, Julius Berger Nigeria Plc.
He joins the board of the organisation as a non-executive director, with effect from July 1, 2026, alongside Mrs Chinazo Okoye, who is an alternate director to Dr Ernest N. Azudialu-Obiejesi.
A statement from the company secretary, Ms Cecilia Ekanem Madueke, said Mrs Okoye is a graduate of the University of Michigan, Ann Arbor, Michigan, USA, and holds a Bachelor of Science in Mechanical Engineering, Master of Engineering Degree in Mechanical Engineering from the Cornell University, Ithaca, New York, USA, and a Master of Science Degree in Professional Accountancy from the University of London, London, UK.
She is a Chartered Certified Accountant (ACCA) of the Association of Chartered Certified Accountants. She has worked in various positions in various companies and is currently the Managing Director of Amaranta Trading Limited.
As for Mr Banire, he is a graduate of the University of Lagos and holds a Master of Laws Degree as well as a Doctor of Philosophy Degree from the same university.
He was called to the Nigerian Bar in 1989. He also holds a Master Certificate in the Arbitration Master Course from the Lagos Court of Arbitration Training Institute. He was admitted to the Inner Bar and conferred with the rank of Senior Advocate of Nigeria (SAN). He is a Member of the International Bar Association, the Institute of Chartered Secretaries and Administrators, an Associate Member of the Chartered Institute of Arbitrators, a Fellow of the Institute of Transport Administration of Nigeria, and the Nigerian Institute of Management. He is registered with the Law Society of England.
He had served in various capacities in the Legal profession, academic community and publicly. He was conferred with the National Honour of the Officer of the Order of the Niger (OON).
He is the Founder and Principal Partner, M. A. Banire & Associates, Member of the Board of Trustees, Fountain University, Osogbo, Osun State, and Pro-Chancellor of the University of Uyo, Akwa Ibom State.
Jobs/Appointments
Access ARM Pensions Appoints Sa’adu Jijji as Chief Executive
By Adedapo Adesanya
Access Holdings Plc appointed Mr Sa’adu Jijji as the new chief executive of Access ARM Pensions Limited, its pension subsidiary.
The appointment has received all necessary regulatory approvals, including the board of Access ARM Pensions, reflecting the group’s continued focus on deepening leadership capacity across its subsidiaries and reinforcing its position in Nigeria’s pension industry.
Mr Jijji obtained a Master of Business Administration (MBA) from the Saïd Business School, University of Oxford and a bachelor’s degree in Business Administration.
He is a seasoned executive with over two decades of experience in the financial services sector, spanning pension fund administration, investment management, actuarial consulting, and corporate strategy.
Mr Jijji has held senior leadership roles at Premium Pension Limited, Alexander Forbes Consulting Actuaries Nigeria and Pension Alliance Limited (PAL Pensions), where he served as acting managing director.
Also, his appointment underscores Access Holdings’ commitment to delivering long-term value to retirement savings account holders and other stakeholders, while advancing its broader strategy of building globally competitive financial services businesses.
In 2024, Access Pensions Limited acquired a majority stake in ARM Pensions Managers Limited to create Nigeria’s second-largest Pension Fund Administrator by Assets Under Management.
At the time, the then-Group Chief Executive, Access Holdings, Mr Herbert Wigwe, said, “We are pleased to have reached this transformative milestone in our pension fund administration journey. The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry.”
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