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Nigeria’s Unemployment Rate Rises 18.8% as 15.9m Jobless

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By Dipo Olowookere

Data released on Friday morning by the National Bureau of Statistics (NBS) has revealed that in the third quarter of 2017, the unemployment rate in Nigeria increased to 18.8 percent.

This was an increase from 16.2 percent recorded in the second quarter of this year, according to the stats office.

The NBS, in the report, noted that the number of people within the labour force who were unemployed increased from 13.6 million in the second quarter of the year to 15.9 million in the third quarter of same year, with more than two million people unemployed within the period.

This was attributed to the economic recession that saw the nation’s growth decelerate until September 2017 when Nigeria finally exited recession.

Also in the report, the country’s stats agency stated that the number of underemployed increased from 17.7 million in the second quarter to 18 million in period under review.

The report further said economically active or working age population (15–64 years of age) increased from 110.3 million in Q2 to 111.1 million in Q3 2017, while the labour force population increased from 83.9 million in second quarter to 85.1 million in Q3 2017.

The total number of people in full-time employment (at least 40 hours a week) declined from 52.7 million in Q2 2017 to 51.1 million in Q3 2017, it said, adding that total unemployment and underemployment combined increased from 37.2 percent in the previous quarter to 40.0 percent in Q3 2017.

During the quarter Q3 2017, 21.2 percent of women within the labour force (aged 15-64 and willing, able, and actively seeking work) were unemployed, compared to 16.5 percent of men within the same period.

The report also noted that underemployment was predominant in the rural areas as 26.9 percent of rural residents within the labour force in were underemployed compared to 9 percent of urban residents within the same period.

“An economic recession is consistent with an increase in unemployment as jobs are lost and new jobs creation is stalled,” the report said.

“A return to economic growth provides an impetus to employment. However, employment growth may lag, and unemployment rates worsen especially at the end of a recession and for many months after,” it added.

“Nigeria economic growth has been decelerating since Q2 2014 culminating in an economic recession in Q2 2016. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country gross domestic product (GDP).

“The economic recession was technically over in Q2 2017. However, several economic activities are still contracting or recovering sub optimally.

“The unemployment rate, induced by a recession, typically peaks about 15-18 months after the beginning of a recession or 4-8 months after the end of a recession before it returns to its pre- recession trend.

“This, in the case of Nigeria will be a peak in Q4 2017 which means we will only expect unemployment to return to its normal trend in 2018.

“The length of the lag depends on how deep and long the recession was. It also depends on how stable and fast the recovery is as well as on the economic sectors diving the recovery (labour or capital/technology intensive).

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Jobs/Appointments

UK Appoints Peter Vowles as New High Commissioner to Nigeria

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Peter Vowles

By Adedapo Adesanya

The United Kingdom Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria, succeeding Mr Richard Montgomery. The new envoy is expected to take up his post in Abuja in September 2026.

Mr Montgomery, who was appointed to the post in March 2023, will remain in post until that time, a statement on Tuesday said.

Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.

He has held senior leadership positions across the UK Foreign, Commonwealth & Development Office (FCDO) and its predecessor, the Department for International Development (DFID), including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.

Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.

Speaking on his appointment, Mr Vowles said, “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”

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SereniMind Founder Ridwan Oyenuga Gets Seat on West Africa Peace Advisory Council

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SereniMind Founder Ridwan Oyenuga

By Adedapo Adesanya

The founder and chief executive of SereniMind, Mr Ridwan Oyenuga, has been appointed to the World Citizen Peace West Africa Advisory Council, a regional advisory body of the World Citizen Peace Ambassador Centre dedicated to advancing peacebuilding, leadership, sustainable development, and regional cooperation across West Africa. 

The appointment recognises Mr Oyenuga’s contributions to mental health innovation, youth development, entrepreneurship, and public sector collaboration across Africa. 

He has championed innovative approaches to mental health advocacy and access across Africa. Beyond directly impacting more than 300,000 individuals through SereniMind’s services and programs, he spearheaded the Africa Wellness Voices Initiative (AWVI), a landmark pan-African campaign that generated over 100 million media impressions across 25 African countries, amplifying conversations around youth mental health and wellbeing.

Through these efforts, SereniMind has emerged as one of Africa’s most recognised youth-led mental health organisations and has earned recognition among Nigeria’s leading health technology ventures. 

In addition to his entrepreneurial work, Ridwan has served in several leadership positions focused on youth empowerment and social impact. He is a World Food Forum Youth Representative under the Food and Agriculture Organisation of the United Nations (FAO), State Coordinator of the Youth Creative Consortium in Ogun State, President (Nigeria) of the African Youth Convention, and has collaborated with various governmental and international organisations on initiatives promoting innovation, youth participation, and sustainable development. 

“It is a privilege to join the World Citizen Peace West Africa Advisory Council. I look forward to contributing to initiatives that strengthen peace, leadership, collaboration, and sustainable development across West Africa while creating opportunities for young people to drive meaningful change within their communities,” he said in an emailed statement.  

The World Citizen Peace West Africa Advisory Council brings together leaders, professionals, advocates, and changemakers committed to fostering peace, civic engagement, and inclusive development throughout the region.

The appointment reflects the growing recognition of young African leaders who are leveraging innovation, entrepreneurship, and advocacy to address societal challenges and contribute to regional progress. 

Mr Oyenuga has collaborated with initiatives linked to the United Nations, the African Union, and Nigeria’s Federal Ministry of Youth Development, while leading the Africa Wellness Voices Initiative, which reached over 100 million people across 25 African countries. He is a member of the ForbesBLK community and a Fellow of the Harvard Aspire Leaders Program, committed to advancing innovation, mental health, and youth development across Africa. 

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Insight Redefini Appoints Babatunde Olaifa Group CEO

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Babatunde Olaifa

By Modupe Gbadeyanka

Mr Babatunde Olaifa has been appointed as the new chief executive of a Nigerian integrated marketing communications firm, Insight Redefini Group.

Before his latest appointment, Mr Olaifa served as the Country Head of GoMyCode Nigeria, where he led initiatives focused on digital technology education and talent development.

He had earlier occupied leadership roles at X3M Ideas, Prima Garnet Ogilvy and Google, where he served as SMB Business Development Manager for Sub-Saharan Africa, helping to drive digital adoption and business growth initiatives across the continent.

Mr Olaifa’s career started at Insight Redefini, a member of Publicis Groupe, making his appointment as a return to where his professional journey began more than two decades ago and an opportunity to help redefine the role of marketing communications in a rapidly changing business environment.

“I am returning with a deeper understanding of the challenges businesses face today,” the new chief executive said.

“The world has changed dramatically. Consumers are more connected, markets are more volatile, technology is evolving at an unprecedented pace, and organisations are under increasing pressure to deliver measurable value. The role of agencies must evolve accordingly,” he added.

Mr Olaifa noted that many organisations today are navigating complex realities that extend beyond traditional marketing challenges, from digital transformation and changing consumer behaviour to operational pressures, data management, and business resilience.

“Businesses are looking for partners that can help solve real problems, not just create campaigns,” he said. “The opportunity before us is to combine creativity, technology, data, strategy and culture to help clients unlock growth and navigate complexity. That is where the future of our industry lies.”

He added that the convergence of technology, artificial intelligence and data presents a unique opportunity for marketing communications professionals to reclaim a more strategic role within organisations.

“For years, creativity has been our strength. Today, we have an opportunity to complement that strength with deeper business understanding, stronger analytical capabilities and emerging technologies that allow us to create greater value for clients. Technology is not replacing creativity; it is amplifying what creativity can achieve.”

Drawing from these experiences, Mr Olaifa said his focus will be on strengthening the group’s integrated capabilities while fostering a culture of innovation, curiosity and continuous reinvention.

“Insight Redefini has always been known for creativity, bold thinking and industry leadership. The next chapter is about building on that legacy while preparing for the future. We want to create an environment where talent can experiment, innovate and solve business challenges in new ways.”

“Our ambition is simple. We want to be indispensable to our clients. We want to be involved not only when a campaign is needed, but when business challenges need solving. We want to sit at the intersection of creativity, technology, culture and commerce, helping organisations navigate change and seize opportunities,” he further stated.

Insight Redefini Group said the appointment reflects its commitment to strengthening its position as an integrated growth partner for businesses across Nigeria and West Africa.

With access to the global capabilities, technology infrastructure, data intelligence and strategic resources of Publicis Groupe, the group said it remains focused on delivering connected solutions that help brands remain relevant, competitive and future-ready.

Insight Redefini Group is a member of Troyka Holdings, West Africa’s leading marketing communications and business solutions group. Its portfolio includes Insight Publicis, Leo Burnett Lagos, All Seasons Zenith, Starcom Media Perspectives, Quadrant MSL, Digitas and Publicis Nourish.

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