News
Unemployed Nigerians Hit 22m in 2020- NBS
The total number of unemployed Nigerians is 21,764,617, according to National Bureau of Statistics (NBS).
The statistics are contained in the bureau’s Labor Force Statistics website, entitled “Unemployment and Underemployment Report (Q2 2020) released in Abuja.
It referred to the report as an Abridged Labour Force Survey under COVID-19 for August 2020.
The unemployment rate during the period in reference represented a 27.1 per cent rise from the 23.1 per cent recorded in the third quarter of 2018.
“A rise in unemployment generally means the number of people searching for jobs has increased, which can occur because people previously outside the labour force have decided to join the labour force and are now in search of jobs.
“Or people previously working have lost their jobs and are now in search of jobs.
“Often, it is a combination of these two,” the NBS said.
According to the report, the total number of people in employment during the reference period is 58,527,276. “
The statistic of those employed showed a 15.8 per cent reduction in employment in the third quarter of 2020.
Of this number, 35,585,274 were full-time employed, who worked for 40 hours or more per week, while 22,942,003 were under-employed and worked between 20 to 29 hours per week.
The number of persons in the labour force, people within ages 15 to 64, able and willing to work was estimated to be 80,291,894.
The figure represented an 11.3 per cent decrease in the number of persons recorded in the third quarter of 2018.
Of this number, those within the age bracket of 25 to 34 were highest with 23,328,460, representing 29.1 per cent of the labour force.
The NBS noted that the unemployment rate among rural dwellers in the period under review increased to 28 per cent from 23.9 per cent in the third quarter of 2018.
Urban dwellers also reported a rate of 25.4 per cent up from 21.2 per cent.
In the case of underemployment among rural dwellers, it rose to 31.5 per cent in the period under review from 22.8 per cent in the third quarter of 2018.
The rate among urban dwellers also rose to 23.2 per cent from 13.7 per cent in the third quarter of 2018.
Moreover, the unemployment rate among young people, ages 15 to 34 in the second quarter of 2020 was 34.9 per cent up from 29.7 per cent in the third quarter of 2018.
Also, the rate of underemployment for the same age group rose to 28.2 per cent from 25.7 per cent.
These rates were the highest when compared to other age groupings.
For state statistics under the second quarter of 2020, Imo reported the highest rate of unemployment with 48.7 per cent, followed by Akwa-Ibom and Rivers with 45.2 per cent and 43.7 per cent respectively.
The state with the lowest rate was Anambra in the South-East with 13.1 per cent.
For underemployment, the state which recorded the highest rate was Zamfara with 43.7 per cent, while Anambra recorded the lowest underemployment rate, with 17 per cent.
A total number of 2,736,076 did not do any work in the last seven days preceding the survey due to the lockdown but had secure jobs to return to after the lockdown.
The NBS said the unemployment and underemployment rates varied across states according to the nature of economic activities predominant in each state.
“Favorable conditions in one state may lead to an influx of jobseekers in that state and in the process increasing unemployment in the performing state, while reducing the unemployment rate in the originating state.
“This may give a false impression that the state with the lower unemployment rate is performing better,” it said.
News
NIMASA, BOI Partner to Grow Capacity In Maritime Sector
Nigerian Maritime Administration and Safety Agency (NIMASA) and the Bank of Industry (BOI) have initiated discussions on strategies for capacity building in the maritime industry.
Dr. Dayo Mobereola, Director General of NIMASA, represented by the Executive Director of Maritime Labour and Cabotage Services, Mr. Jibril Abba disclosed this during a visit by the management of the bank led by Executive Director of Large Enterprises, Mrs. Ifeoma Uz’Okpala.
Osagie Edward, the agency’s Head of Public Relations, said in a statement that in addition to safety, security and maritime labour, the agency’s mandate encompasses capacity development aimed at growing the sector.
Also, Mobereola explained that NIMASA’s commitment to collaboration was a vital tool for achieving its mandate.
He said: “The aim is to actualise the vision of the Federal Government to reposition the maritime sector, especially with the creation of the Ministry of Marine and Blue Economy.”
Also, Uz’Okpala affirmed the bank’s readiness to support NIMASA, emphasising the importance of collaboration in implementing a robust capacity-building initiative that would contribute to economic growth in Nigeria.
She noted: “Bank of Industry Limited is Nigeria’s oldest and largest Development Finance Institution (DFI) currently in operation. It is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80 per cent), the Central Bank of Nigeria (CBN) (5.19 per cent) and private shareholders (0.01 per cent).
News
FG VAT Collection Up 9.11% to N1.56tn
The federal government’s aggregate receipt of the Value Added Tax (VAT) in Q2 2024, stood at N1.56 trillion, indicating a growth rate of 9.11 per cent on a quarter-on-quarter (QoQ) basis from N1.43 trillion in Q1 2024.
The figure represents a 99.82 per cent increase compared to the N781.35 billion collected in the corresponding quarter of last year.
According to numbers released by the Nigeria Bureau of Statistics (NBS), On a quarter-on-quarter basis, the Q2 VAT rose by 9.11 per cent from N1.43 trillion in Q1 2024.
The data showed that local VAT payments recorded were N792.58 billion, foreign VAT payments stood at N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.
Analysis of the NBS numbers showed that human health and social work activities recorded the highest growth rate with 98.44 per cent, followed by agriculture, forestry and fishing with 70.26 per cent, and water supply, sewerage, waste management and remediation activities with 59.75 per cent.
Contrarily, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –46.84 per cent, followed by real estate activities with –42.59 per cent.
In terms of sectoral contributions, the top three largest shares in Q2 2024 were manufacturing with 11.78 per cent; information and communication with 9.02 per cent; and mining and quarrying with 8.79 per cent.
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00 percent, followed by activities of extraterritorial organisations and bodies with 0.01 per cent; and water supply, sewerage, waste management and remediation activities with and Real Estate Services 0.04 per cent each.
“However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82 per cent from Q2 2023,” NBS stated.
News
GOCOP Partners NCDMB, EMADEB, Dangote, NCAA, Setraco, UBA, NCC, Others for 2024 Conference
Partners for the eighth annual conference of the Guild of Corporate Online Publishers (GOCOP) have begun to emerge with the Nigerian Content Development and Monitoring Board (NCDMB), Emadeb Group and Dangote Group leading the train of partners for the event slated for Thursday, October 3, 2024 at the Reverton Hotel, GRA Lokoja, Kogi State.
The chairman of the 2024 Conference Planning Committee, Danlami Nmodu, mni, also listed other partners to include Nigeria Civil Aviation Authority (NCAA), Setraco Nigeria Limited, United Bank for Africa (UBA) and Nigerian Communications Commission (NCC), according to a statement by
GOCOP Publicity Secretary, Sir Remmy Nweke.
Nmodu was also quoted as saying that the eighth conference would center on the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy” and will hold on Thursday, October 3, 2024 from 10am. The keynote will be delivered by former governor of Cross River State, Senator Liyle Imoke.
Read Also: Imoke, Buratai, Maida, others to headline GOCOP 2024 conference in Kogi
Additional partners for 2024, he said, comprised the Nigerian Safety Investigation Bureau, Access Bank plc, Zenith Bank plc, First City Monument Bank (FCMB), Fidelity Bank plc, Sovereign Trust Insurance Plc (STI), Nigerians in Diaspora Commission (NIDCOM) and National Film and Video Censors Board (NFVCB).
A major highlight of this year’s conference, Nmodu said, is a business luncheon with GOCOP partners on Wednesday, 2 October, at the same venue, while the conference itself would hold on Thursday, October 3.
Nmodu noted that the 8th edition would be chaired by former Nigeria’s Ambassador to Spain, Alhaji Yusuf Mamman, with the former Nigerian Chief of Army Staff, Lt-General Tukur Yusuf Buratai (Retd) and the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida as Guest Speakers, while a Professor of Political Science at the Federal University Lokoja, Prof. Rotimi Ajayi and an edutainment communicator and veteran broadcaster, Ms Debrah M. Ogazuma are panellists.
Nmodu recalled that GOCOP conference 2023 was chaired by the JAMB Registrar and Chief Executive, Prof Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
Previous speakers at the annual conference consisted of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Mr. Boss Mustapha, Secretary to the Government of the Federation, keynoted the Conference in his capacity as Chairman of the Presidential Task Force on Covid-19. He spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
In 2022, Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission, delivered the keynote entitled “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.
Membership of the Guild is a constellation of editors and senior journalists who, having distinguished themselves in their various positions in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The Guild has over 104 corporate publishers as members.
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