Jobs/Appointments
Nigeria’s Unemployment Rate Rises 33.3% as Unemployed Persons Hit 23.2m
By Adedapo Adesanya
The rate of unemployment among Nigerians jumped 33.3 per cent in the fourth quarter of 2020, according to the latest data from the National Bureau of Statistics (NBS).
In the Labour Force Statistics: Unemployment and Underemployment Report released on Monday, the NBS said this represents an increase from 27.1 per cent recorded in the second quarter of the year under review.
According to the calculations done by Business Post, in the period under consideration, a total of 23,187,389 persons were willing to work but could not get jobs.
The report revealed that the total number of people in employment (people with jobs) during the reference period was 46,488,079. Out of which 30,572,440 were full-time employed (worked 40+ hours per week), while 15,915,639 were under-employed (working between 20-29 hours per week). These figures indicated a drop of 20.6 per cent compared with the people in employment in Q2, 2020.
The report further showed that the number of persons in the economically active or working-age population (15 – 64 years of age) during the reference period of the survey were 122,049,400, 4.3 per cent higher than 116,871,186 in the corresponding quarter.
The stats agency explained that the number of persons in the labour force, that is people between the ages of 15 – 64, who are able and willing to work, were estimated to be 69,675,468. This was 13.2 per cent less than the number of persons in the second quarter.
Of this number, those within the age bracket of 25-34 were highest, with 20,091,695 or 28.8 per cent of the labour force.
For the period under review, the unemployment rate among young people (15 – 34years) was 42.5 per cent up from 34.9 per cent.
The unemployment rate among rural dwellers went up to 34.5 per cent from 28.2 per cent in Q2 2020, while urban dwellers reported a rate of 31.3 per cent, higher than 26.4 per cent in the comparative period.
There was a semblance of good news in the case of underemployment among rural and urban dwellers. For rural dwellers, it declined to 26.9 per cent from 31.5 per cent, while for urban dwellers, it decreased to 16.2 per cent from 23.2 per cent in Q2 2020.
Also, the rate of underemployment among young people (15- 34years) declined to 21.0 per cent from 28.2 per cent in the previous quoted period.
By states, Imo State reported the highest rate of unemployment with 56.6 per cent of people without any job, this was followed by Adamawa and Cross River States with 54.9 per cent and 53.7 per cent respectively.
The lowest rate of unemployment was recorded in Osun State with 11.7 per cent.
Per underemployment, the state which recorded the highest rate was Benue State with 43.5 per cent while Lagos State recorded the lowest underemployment rate with 4.5 per cent in Q4 2020.
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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