News
WorldStage Economic Summit 2016 to Address Nigeria’s Unemployment Challenges
With a total of 22.4 million Nigerians unemployed or under‐employed out of the 76.9 million total labour force, Worldstage Economic Summit (WES) 2016 (http://worldstagegroup.com/wes/) will be hosted in Lagos between September 7- 8, 2016 to address the unemployment challenges in the African biggest economy.
According to Mr Segun Adeleye, president/CEO, World Stage Limited (www.worldstagegroup.com), the organisers, “The alarming rate of unemployment in Nigeria is not only of great concern to the three tiers of government, but also to the private sector and other critical stakeholders of the economy on job creation. While some people see it as an indictment on the educational system that seems to be churning out ‘unemployable graduates’ it is also being seen as an economic deficiency, with economy having a limitation of the labour force it can sustain by its productivity.”
He said Nigeria’s unemployment rate of 10.4% represents about 14 percent of global unemployment in fourth quarter 2015, the 7th highest in the world with only Kenya, Congo and Djibouti having worse rates in Africa.
“This should be embarrassing when compare with countries such as Qatar (0.2%) unemployment rate, Cambodia (0.3%), Belarus (0.5%), Thailand (0.8%), Benin (1.0%), Madagascar (1.2%), Laos (1.40%) and Guinea Bissau (1.80%),” he said.
He said the statistics that job loss in Nigeria dropped by only 1.29% in Q4 2015 at a period when oil price crashed by 65% could only show that there are other inherent factors outside oil that shape the labour market, which will be reviewed at the summit.
On how an economic summit can address unemployment challenges, he said, “We are in an era where Nigeria’s economic problem can no longer be left in the hand of government to fix alone.
There are organisations and experts that have the knowledge of how to solve economic challenges of any kind, but in most cases, they are either not talking at the right forum, or they are not being heard. At WES 2016, the government side is going to be represented by ministers, members of the National Assembly, head of regulatory agencies, CEOs of public corporations, top official from state governments; and they will be interacting with representatives of the organised private sector along with local and foreign experts, to discuss series of the sub-themes through which the problem of unemployment in Nigeria will be tackled.”
He made reference to the challenges facing state governments to the extent that they can no longer pay salaries as at when due, saying these can be addressed with the right concept of how to explore economic potentials to create private sector jobs.
“With about 65 per cent drop in oil price since 2014, Nigeria’s main source of income, the revenue allocations to the Federal Government, States and the Local Government have dropped drastically with most states now finding it almost impossible to pay workers’ salaries. This has become one of the greatest challenges facing Nigerian economy, as the elected governments are becoming aware that they may not be able to deliver the electoral promises and dividend of democracy if an urgent solution is not found,” he said.
“Besides providing knowledge base for government on how to save billions of naira in revenue, diversify economy, create jobs and end the practice of committing the largest portion of income to the payment of civil servants’ salaries, WES 2016 will help review the economic potentials of the states and arrive at sustainable development strategy for them to be economically viable with or without revenue from federation account.”
He listed the objectives of WES 2016 to include; To identify and proffer solutions to the growing unemployment problem in the public and private sectors of Nigerian economy; To identify the employment generation potentials of every sector of the economy from ICT, Maritime, banking & finance, mining, aviation, construction, oil and gas and others and then address what they need to realise the full potential; To connect new entrepreneurs with financiers and skilled workers for them to be at the driving seat of job creation; To connect employers with job seekers and enhance migration of skills across all sectors; To generate a national unemployment data bank; To assist government on policies to make the economy productive, global competitive and generate jobs; To help review the economic potentials of the states and arrive at sustainable development strategy for them to be economically viable with or without revenue from federation account; To provide knowledge base for government on how to save billions of naira in revenue, diversify economy, create jobs and end the practice of committing the largest portion of income to the payment of civil servants’ salaries.
On how WES 2016 will not end like others past summits at home and abroad with nothing to show for them, he said, “When one deploys a conventional solution to a problem, the result will still be the same old story.
It’s easy for government agencies to announce that they want to create thousands or millions of jobs, but how they will do it is very critical, and has to be tested to be sure that they are on the right track.
They will need the right knowledge base to achieve it and carry other stakeholders along. Governments and institutions have to invest in time and knowledge to think outside the box on how to address economic challenges, and when the solutions are found, they have to try all possible best to apply them to achieve desirable result.
What is unique about WES is that it’s research driven. If the obstacle to job creation in a particular sector of the economy has to do with legislature, the National Assembly Committees involved will be at the WES 2016 and will be made to understand what is expected of them and why they must act fast.
The WSE will then do the necessary following up on all resolutions of the summit to ensure that they are not thrown into the dustbin.”
The expected participants at the summit include the Presidency, National Assembly, MGAs, State Governments, OPS- Oil and Gas, Banking, Insurance, Maritime, Aviation, Mining, Agriculture, Hospitality & Tourism, Entertainment, Construction, Power, ICT, Education, Transportation, Local and Foreign Investors, Media and Other Relevant Stakeholders.
WorldStage is the operator of WorldStage Newsonline, the online news (www.worldstagegroup.com) which is currently a leading source of business information in Africa. WorldStage is also the publisher of TrueColour, the African dream magazine that celebrates the positive side of Africa.
Kirusa Unveils MyGenie App Platform in Nigeria
Telecom and social media solutions provider Kirusa has launched myGenie in Nigeria, a free airtime App for prepaid Android users.
The myGenie app can be used to explore and download new and popular Android apps, and according to Kirusa, users will be rewarded with free airtime credits for downloading, installing, and using these Android apps.
“They can use the free credits to recharge their mobile numbers, or gift the airtime credits to their friends and family. What’s more, myGenie also provides free airtime credits when a user invites their friends to the app, and when their friends start downloading apps via myGenie,” said Kirusa in a statement.
Several apps, including InstaVoice, 474Recharge, Zambia Caller, APUS launcher, Super B Clearer, BBM, and UC Browser have been made available to coincide with the launch.
David Kruyt, App Owner, 474Recharge App, said, “myGenie is an altogether new way of promoting the app developer community. It is a simple way to reach out and get the app campaigns organised. The most exciting part is that myGenie helps in usage and retention of the apps by incentivising customers in Nigeria, making it a win-win for both app developers and customers.”
Inderpal Singh Mumick, CEO of Kirusa, shared on the launch, “Our vision is to grow the mobile ecosystem, and to fuel entrepreneurship in Nigeria, by creating a platform for the local app developers to reach out to their customers in a seamless manner, by assisting them in their app promotion efforts.”
According to Kirusa the platform is currently available to Android mobile users in Nigeria and will be extended to other African countries soon.
New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.
In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.
Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.
For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent.
CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”
Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet.
Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.
Access Holdings Group Chief Executive Officer Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.”
The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.
That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.
Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages
Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.
The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.
In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”
Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.
However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.
She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.
Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.
“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.
Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.
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