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NBS: 16m Nigerians Unemployed in Q3 2017

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Rice firm in Nigeria to create 7000 jobs in 2016
  • NBS: 16m Nigerians Unemployed in Q3 2017

The National Bureau of Statistics (NBS) has disclosed that about 7.5 million Nigerians in the labour population had nothing to do in the third quarter of 2017, but when this number is added to those who worked for less than 20 hours a week – 8.46 million, the number of unemployed persons in the country stood at 15.99 million during the period under review.

According to the NBS’ Labour Force Statistics Volume 2: Employment by Sector Report for Third Quarter of 2017, which was released in Abuja Monday, those who worked less than 20 hours a week and those who did absolutely nothing were classified as unemployed.

The report noted that in the third quarter of 2017, 77.55 million people were engaged in economic activities from a labour force of 85.08 million.

However, the statistical agency pointed out that 8.46 million were engaged for between one and 19 hours weekly; 18.02 million for 20 to 39 hours; 51.06 million above 40 hours, just as 7.53 million did absolutely nothing during the quarter under review.

According to the report, those who worked between 20 and 39 hours or did jobs not commensurate with their qualifications and skills were also classified as underemployed.

The bureau, however, stated that of 8.46 million persons that worked within 1 to19 hours a week, 1.83 million or 21.67 per cent worked for pay/wages.

The NBS report added that among the 77.55 million labour population who were engaged in some form of economic activity, 38.24 per cent of them or 29.66 million were self-employed (engaged in farming/agriculture) while 27.93 per cent or 21.66 million were self-employed in non-farming/agriculture sectors.

“A total of 19.72 million were working for pay or wages, which was equivalent to 25.42 per cent of the total workers in 2017 Q3. Paid apprentices and unpaid house workers constituted 7.30 per cent and 1.11 per cent of the total work force engaged for at last one hour a week,” it said.

It stated that 83,978 or 0.99 per cent were paid apprentices and 703,240 or 8.31 per cent were unpaid house workers.

Giving a further breakdown under the working hours’ category, the agriculture sector with 59.02 per cent or 5.01 million persons dominated, followed by trade (9.7 per cent), and professional, scientific and technical services (7.0 per cent).

The NBS added that of the 18.02 million persons that worked within 20 to 39 hours a week and classified as underemployed, 3.77 million or 20.96 per cent worked for pay/wages.

It added that 231,671 or 1.28 per cent were paid apprentices and 2.41 million or 13.39 per cent were unpaid house workers.

During the third quarter of 2017, NBS also said more males worked full-time than females, while a higher percentage of females worked part-time between 20 to 39 hours and below 20 hours per week.

The absolute number of male full-time workers (34.85 million) was more than twice the number of female full-time workers (16.21 million) in the third quarter of 2017.

The report also indicated that a larger percentage of males to females were self-employed in farming/agriculture work, while a larger percentage of females were self-employed in non-farming/agriculture work.

Agriculture dominated both the female and male labour markets, NBS stated.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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