News
Massive Unemployment Hit Nigeria as 1.3m Nigerians Lose Jobs
A record 1.3 million Nigerians suffered job losses during the second quarter of 2015 alone, bringing the country’s total unemployment rate to greater than 6 million individuals, according to a recent report by National Bureau of Statistics (NBS).
A few among the companies partially responsible for this increase are IrokoTV, Deal Dey and Rocket Internet-owned Jumia, once considered major employment opportunities for the country’s workforce.
But in an effort to combat these statistics, Ifemidayo LayGiri, Joblanda, a staffing and education advancement advocate, has launched increased efforts to work with those affected by Nigeria’s diminishing employment availability.
LayGiri said that, “Over the last few months, several Nigerian companies have been laying off massive numbers of employees in a bid to “rightsize”. To date, we’ve made significant progress in helping those hardest hit find new jobs as well as placing recent university graduates just entering the workforce. Despite the growing unemployment rates, many companies across the country, not to mention the world, are desperately seeking qualified employees to fill crucial positions. Our role is to connect those looking for jobs with businesses in need of personnel, and we intend to forge ahead with this momentum.”
Owned by Qlimb Group, Joblanda serves various aspects of the employment sector, connecting disciplined members of the workforce with companies seeking new staff. The website additionally offers information regarding academic opportunities for those hoping to advance their careers and eligibility in various fields.
Among the top employers the company is currently partnered with are the Palladium Hotel Group, the U.S. Embassy in Abuja, A & E Petrol, AF-Mining Concepts, Boerata Energy and Technology Limited, KnowHow Media and Pfizer, to name a few of those listed at joblanda.com/companies.
Industries covered by the agency include finance, security, oil and gas, health care, technology, education and food service as well as other rapidly growing fields.
Placement is available for various experience levels ranging from new graduates to numerous years serving a chosen arena.
Factors considered in the company’s placement efforts encompass education, practical experience, training-based certifications and employment track record as well as other employer-specific requirements.
Concluded LayGiri, “Nigeria’s workforce continues to grow in contrast to diminishing job availability; however, all hope is certainly not lost. An array of employment opportunities still exist and more positions are opening up every day. We will continue to make every effort to remain a step ahead of the game on both ends of the spectrum. In doing so, we hope to foster the country’s economy and the morale of everyone involved. We encourage anyone affected by mounting lay-offs to contact us and find out how we can help.”
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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