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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.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

BUA, Kainos Exploration to Drag Each Other to Court Over $20 Million Scandal

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BUA Cement Logo

BUA Group on Monday threatened to drag Mr James Onyejekwe, the Managing Director of Kainos Exploration to court over a publication that claimed the Group was involved in a $20 million scandal.

BUA stated in a statement issued on Monday.

It stated that the publication engineered by Mr Onyejekwe was a “clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Mr Abdul Samad Rabiu.”

BUA takes its reputation seriously and we will continue to do everything to protect it from anyone and any entity who obstructs our mandate to conduct business in a proper, legal and socially-responsible manner.

“BUA will, therefore, utilise its legal and human resources to resist every campaign of defamation and distraction,” the statement further said.

The leading cement manufacturing company said its independent investigation showed Mr. Onyejekwe was behind the false story that went viral online.

We have, therefore, instructed our legal team to immediately commence criminal defamation proceedings against the person of Mr James Onyejekwe who is the said originator of the malicious letter fraudulently attributed to Cavendish Petroleum against our person, with damages,” the statement seen by Investors King noted.

BUA explained that “We deem these actions necessary, in order to protect the name and reputation of BUA Group.”

“We see no reason why Mr James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.

“Therefore, BUA finds it absurd that Mr Onyejekwe or anyone else will decide to drag BUA into their issues and/or put out such a malicious and defamatory statement, fraudulently using the name of Cavendish/Mr Mai Deribe without recourse to the truth, facts, decorum or decency,” it added.

BUA Group described the story bordering on allegations of corruption as “false, malicious and spurious.”

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Dangote Cement Emerges Best Performing Firm In Africa

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Prime Real Estate Development At Eko Atlantic City

The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.

The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.

Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.

He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.

According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.

Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.

“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.

He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.

The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.

Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.

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Appointments

MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation

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MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation

MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.

Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.

He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.

His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.

“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.

To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.

In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.

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