Jobs/Appointments
Nigeria’s Unemployment Rate Jumps to 27.1% in Q2 2020
By Adedapo Adesanya
The National Bureau of Statistics (NBS) has disclosed that 27.1 per cent of Nigerians were without jobs during the coronavirus-induced lockdown months in the second quarter of the year.
The data would be the first released after almost two years when the country’s unemployment numbers stood at 23.1 per cent, signifying a 4 per cent rise in unemployment within the period.
In a report published on Friday titled Labour Force Statistics: Abridged Labour Force Survey Under COVID-19, the national statistics body noted that based on a survey, the unemployment rate among young people (15-34years) was 34.9 per cent, up from 29.7 per cent.
It added that the rate of underemployment (working between 20-29 hours per week) for the same age group rose to 28.2 per cent from 25.7 per cent in Q3, 2018, noting that these rates were the highest when compared to other age groupings.
It found out that the underemployment rate increased from 20.1 per cent in Q3, 2018 to 28.6 per cent. Combined with the unemployment, it means 55.7 per cent of the country’s labour force was either unemployed or underemployed in the period under review.
By states, Imo State reported the highest rate of unemployment with 48.7 per cent while the lowest rate was Anambra also in the South-East with 13.1 per cent.
For underemployment, the state which recorded the highest rate was Zamfara with 43.7 per cent, while Anambra State recorded the lowest underemployment rate, with 17 per cent in Q2 2020.
As a whole, the number of persons in the economically active or working-age population (15 – 64 years of age) during the reference period stood at 116.9 million. This is 1.2 per cent higher than the figure recorded in Q3, 2018, which was 115.5 million.
The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80.3 million, this was 11.3 per cent lesser than the number persons as of Q3, 2018.
The bureau indicated that of this number, those within the age bracket of 25-34 were highest, with 23.3 million Nigerians equivalent to 29.1 per cent of the labour force.
The total number of people in employment (i.e. people with jobs) during the reference period was dwellers which rose to 31.5 per cent in that period from the comparative 22.8 per cent.
The rate among urban dwellers rose to 23.2 per cent from 58.5 million. A breakdown shows that 35.6 million were full-time employed (worked 40+ hours per week), while 22.9 million were under-employed
Comparatively, this figure is 15.8 per cent lesser than the people in employment in as the third quarter of 2018.
By Adedapo Adesanya
Global blockchain ecosystem behind the world’s largest digital asset exchange by trading volume and users, Binance, has appointed its co-founder, Ms Yi He, as its co-CEO.
“Yi has been an integral part of the executive leadership team since the launch of Binance. Her innovative and user-focused approach has been instrumental in shaping the company’s vision, culture, and bottom-up business strategy,” said Binance CEO, Mr Richard Teng. “This appointment is a natural progression and she will continue to guide the organization from strength to strength.”
“We remain dedicated to being the most trusted and regulated exchange in the world, always putting our users first. Yi plays a critical role in growing our community and driving product innovation as we work to reach one billion users. Together, we are focused on building the Web3 infrastructure and promoting financial freedom, empowering people to participate in a more open and fair financial system,” added Mr Teng.
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days,” said Ms He. “Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”
Binance remains one of the world’s largest players in crypto trading, and leadership changes within the company continue to draw attention due to its scale and influence.
The appointment of a co-CEO adds structure during a period when global exchanges emphasize compliance, operational clarity and more formal management frameworks.
The company did not announce changes to its product lineup or platform priorities alongside the leadership update, and no financial terms were disclosed. The addition of a co-CEO role reflects an internal effort to distribute responsibilities as the firm works with regulators and seeks stability in a competitive and closely watched industry.
By Adedapo Adesanya
The African Petroleum Regulators Forum (AFRIPERF) has chosen Nigeria as its official headquarters and also elected the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, as its chairman.
Recall that in September, 16 countries, led by Nigeria, gathered in Accra, Ghana, to witness the signing of the charter establishing the forum, which seek to harmonise oil regulation in Africa.
Others include Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, and Togo among others.
The decisions were announced at the inaugural executive committee meeting of the forum which took place virtually on December 2, 2025. The meeting which was attended by the 16 African countries, was convened to pick its leadership, headquarters and logo.
Prior to his endorsement as the substantive pioneering chairman, Mr Komolafe acted in interim capacity.
Also, Mrs Eyoanwan Ndiyo-Aiyetan also emerged as the secretary of AFRIPERF.
According to a statement on Wednesday, NUPRC notes that the development affirms Nigeria’s central role in the African petroleum regulatory space and as Africa’s largest producer of crude oil.
In his acceptance speech, Mr Komolafe thanked his African counterparts for the trust and honour, promising to ensure that no member country is left behind.
AFRIPERF aims to strengthen regional petroleum governance by fostering collaboration, cooperation and coordination among member regulators.
Its mission includes creating standards, enhancing transparency and addressing cross-border challenges such as gas trade, emissions, and digitalisation while making the African continent energy sector attractive for crucial investments.
By Adedapo Adesanya
The immediate past Chief of Defence Staff (CDS), General Christopher Gwabin Musa, has been nominated by President Bola Tinubu as the new Minister of Defence, replacing Mr Mohammed Badaru Abubakar.
The erstwhile minister resigned from his position with immediate effect for health reasons, the president’s spokesman, Mr Bayo Onanuga, had said on Monday night.
The 63-year-old’s departure coincides with a period of heightened security challenges across Nigeria, with the government under pressure to deal with a spate of mass kidnappings.
In a letter to Senate President, Mr Godswill Akpabio, President Tinubu conveyed Mr Musa’s nomination as the successor to Mr Abubakar, according to statement on Tuesday by Mr Onanuga, the Special Adviser to the President on Information and Strategy.
The 58-year-old retired military chief is described as a distinguished soldier who served as the CDS from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.
Born in Sokoto in 1967, Mr Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.
He was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career. His appointments included General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.
In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.
In 2021, Mr Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed CDS by President Tinubu in 2023.
In the letter to the Senate, Mr Tinubu expressed confidence in Mr Musa’s ability to lead the Ministry of Defence and further strengthen Nigeria’s security architecture.
If confirmed by the upper legislative chamber, he will take up the ministry at a crucial time when security challenges including terror and kidnappings are plaguing the country.
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