News

Nigeria’s Unemployment Rate Rises By 0.8 Per Cent In Q3 2023 – NBS

Published

7 months ago

February 20, 2024

Nigeria’s unemployment significantly rose in the third quarter of 2023 by 0.8% from the second quarter 2023, the National Bureau of Statistics (NBS) has said.

The NBS, in its ‘Nigeria Labour Force Survey Q3 2023’ report published on Monday, disclosed that the country’s unemployment rate increased sharply from the 4.2% recorded in Q2 2023 to 5.0% in Q3 2023.

According to the Bureau, the labour force participation rate among the working-age population fell to 79.5% in Q3 2023 compared to 80.4% in Q2 2023.

In its breakdown of the statistics, the NBS said, “The employment-to-population ratio was 75.6% in Q3 2023 with a decrease of 1.5% compared to a ratio of Q2 2023.

“The combined rate of unemployment and time-related underemployment as a share of the labour force population (LU2) increased to 17.3% in Q3 2023 from 15.5% in Q2 2023.

“About 87.3% of workers were self-employed in Q3 2023.

“The proportion of workers in Wage Employment in Q3 2023 was 12.7%.

“The unemployment rate increased significantly in Q3 2023 at 5.0%. This is an increase of 0.8% from Q2 2023.

“The rate of unemployment among persons with post-secondary education was 7.8% in Q3 2023.”

According to the nation’s main statistical agency, the unemployment rate among youth aged (15-24 years) was 8.6% in Q3 2023, and got an increase of 1.4% compared to Q2 2023.

“The unemployment rate in urban areas was 6.0% in Q3 2023, a slight increase of 0.1% from Q2 2023.

“Time-related underemployment in Q3 2023 was 12.3%, showing a slight increase of 0.5% from the rate recorded in Q2 2023. This shows an increase of 1.4% compared to the rate in Q4 2022.

“4.1% of the working-age population was in subsistence agriculture in Q3 2023.

Informal employment rate in Q3 2023 was 92.3%, while Q2 2023 was 92.7%.

“Percentage of youth Not in Employment, Education or Training (NEET Rate) was 13.7% in Q3 2023,” the report added.

News

Borno Flood: HoR Donates N100m to Victims

Published

11 mins ago

September 17, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has donated the sum of N100 million to support victims of the recent flood disaster in Borno State.

Naijablitznews.com reports that a.special delegation, led by the Chairman of the Northern Caucus, Rep. Alhassan Ado Doguwa, visited Maiduguri to express sympathy and solidarity with the state government and its people.

During their visit, the delegation met with Governor Babagana Zulum and presented the donation on behalf of the Speaker, Rt. Hon. Tajudeen Abbas, and the entire House.

Speaking to journalists, Doguwa praised President Bola Tinubu for his prompt response to the disaster and assured the National Assembly’s commitment to working with the federal government on legislative and budgetary solutions to address flood impacts across the country.

He said: “We also pledge the National Assembly’s readiness to liaise with the federal Government to come up with a legislative framework or any possible budgetary intervention to help states government to address the impacts of flood disaster in the country,” Doguwa stated.

News

EducationUSA: In 2023 Over $30bn Was Awarded In Scholarships, Financial Aid To Nigerian Students – U.S. Ambassador

Published

41 mins ago

September 17, 2024

Gloria Ikibah

By Gloria Ikibah

The United States Ambassador to Nigeria, Richard M. Mills Jr. has said that there is a strong relationship between the United States and Nigeria, especially in the area of education.

The U.S Ambassador who stated this at the 23rd Annual College Fair hosted by the U.S. Embassy’s EducationUSA on Tuesday, in Abuja, disclosed that last year 2023, over $30 million (47.7 billion naira) in scholarships and financial aid were awarded to Nigerian students.

The event brings together representatives from 50 U.S. colleges and universities, providing Nigerian students with valuable insights into studying in America.

Ambassador Mills Jr. emphasized that there are more Nigerian who study in the U.S. than from any other African country, with over 17,600 Nigerians attending various institutions across all 50 states, with Texas being a popular destination.

He said: “Your presence here represents the strong people-to-people ties between the United States and Nigeria. It is wonderful to see the flourishing interest from Nigerians considering studying in the United States and from the representatives of U.S. colleges and universities who travel to Nigeria, to meet with prospective students.

“Our Embassy-sponsored College Fair provides you all with a great opportunity to obtain current information on studying in the United States and to discuss career possibilities.

“We are glad you are here, following in the footsteps of thousands of Nigerians who have traveled to the United States to study. More Nigerians study in the United States than from any other African country. According to the most recent data, more than 17,600 Nigerian students studied at over 970 institutions in all 50 states and the District of Columbia last year. If you are wondering which state is the most popular – it’s Texas!

“Our annual College Fairs have significantly increased the number of excellent applicants to U.S. institutions and boosted financial aid and scholarship opportunities for Nigerian students. Last year, over $30 million (47.7 billion naira) in financial aid, scholarships, and assistantships were awarded to students advised by EducationUSA Nigeria, with 73 students supported through the Opportunity Funds Program in Abuja and Lagos”.

The envoy also emphasized that education plays a crucial role in fostering economic growth, improving health, advancing gender equality, and promoting societal progress in both countries.

“A prosperous and stable Nigeria benefits both Nigeria and the United States, and it all starts with education.

“Studying in the United States also creates new friendships that will last a lifetime. You will experience the tapestry of American culture and hopefully get to understand us as Americans better. And you will share your country’s rich and vibrant culture with your new American friends whose horizons will broaden as a result.

“Our Public Diplomacy team from the Embassy will be on hand to answer questions and guide you. We also have representatives from the U.S. Embassy Consular section here to explain their role in international education. I hope you will take advantage of this great opportunity today and that attendance at a U.S. college or university is in your very near future”, Amb. Mill Jr. added.

He therefore encouraged students to seize this opportunity, even as he noted that studying in the U.S. offers not only academic excellence but also a chance to build lasting relationships and share cultural experiences.

News

The Federal Capital Territory(FCT), Minister of the Federal Capital Territory Administration (FCTA), Barr Nyesom Wike has moved to ensure that the cost of construction is reduced in the Territory.

Published

43 mins ago

September 17, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

He took this position during an inspection tour to Zeberced Limited Quarry Saturday in Abuja which is the largest in the whole of West Africa.

Wike, who was amazed at the scale of operations, described it as a game-changer for the construction industry in the region.

He said: “It’s a factory right here in the FCT, and the Managing Director has always invited me to see the facility, which is the biggest quarry in West Africa. I had never been here before, but today, I’ve taken the opportunity to assess the environment and see firsthand the incredible work being done,” Wike remarked during his tour of the factory.

The minister’s visit comes amidst rising construction costs in the capital city.

Wike stressed that the abundant availability of raw materials within the FCT should, in fact, lower construction expenses, particularly when it comes to aggregates used in building roads and infrastructure

He stated, “That shows that ordinarily, the cost of construction ought not to be very expensive, particularly in the FCT. Apart from the equipment that is imported, the raw material is available here. I wonder why contractors should be talking about the high cost of aggregates as if these materials are imported they’re made right here.”

With over 800 workers directly employed at the quarry, Wike commended the company’s contribution to job creation and local economic growth.
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He further revealed that the same company is spearheading the development of an industrial park at Idu, a project the FCT Administration is fully supporting.

“I sent out a letter to the Ministry of Finance just yesterday to facilitate some tax credits, which will enable them to carry out the expansion of a single-carriage road to a double-carriage way, a project currently being handled by Salini Construction Company. We’re giving them all the necessary support to make this a reality,” Wike added.
The minister, visibly impressed by the quarry’s operations, expressed some concerns about the environmental impact but was reassured that all assessments were up to standard. “My only concern was the environmental impact assessments, but I’ve been assured that everything is in compliance. I’m very impressed with what I’ve seen here.”

Wike’s visit underscores the FCT Administration’s focus on driving industrial growth while encouraging local manufacturing to support infrastructure development.

With local resources available, he emphasized the need for contractors to re-evaluate pricing structures, particularly in the FCT, to reflect the advantages of sourcing materials locally.

Wike’s endorsement of the quarry and the upcoming industrial park at Idu marks a step towards a more sustainable and cost-efficient approach to construction in the capital, aligning with President Bola Tinubu’s administration’s vision for economic growth and infrastructural development.