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Unemployed Nigerians Hit 22m in 2020- NBS

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The total number of unemployed Nigerians is 21,764,617, according to National Bureau of Statistics (NBS).

Unemployed Nigerians Hit 22m in 2020- 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.

 

 


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DBN Awards N13m in Grants to Tech Startups

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Development Bank of Nigeria (DBN) has awarded a total of N13 million in grants to three standout tech startups at the 2025 Techpreneur Summit held in Lagos, reinforcing its commitment to innovation and inclusive growth among Nigeria’s micro, small, and medium enterprises (MSMEs).

DBN Awards N13m in Grants to Tech Startups

The winners include: BuyScrap, a digital marketplace for recyclable materials – N6 million; Qiqi Farms, which connects local farmers to hospitality and export markets – N4 million; Eco-Cyclers, a youth-led recycling initiative based in Enugu – N3 million

Alongside the grant awards, DBN also launched a new digital data asset, a first-of-its-kind platform aimed at enabling data-driven decisions within the MSME ecosystem.

The platform offers deep insights into business trends, sector-specific challenges, and growth opportunities—supporting smarter policymaking and targeted investments.

In his keynote address in Lagos, Tony Okpanachi, managing director/ CEO, DBN,   described the event’s theme, “CTRL + SHIFT: Tech Empowered Movement for Naija,” as a strategic call to reimagine enterprise development in Nigeria.

“This isn’t just a keyboard shortcut,” he said. “It’s a mindset reset—powered by technology—to build a more inclusive, innovative, and resilient business landscape. From financing to innovation, DBN remains committed to enabling MSMEs to thrive.”

Okpanachi emphasized that the Summit aligns with DBN’s AMPLIFI Strategy, which integrates digital transformation, sustainability, and scalability into its core programs.

He highlighted initiatives such as the Digital Shift Workshops and the Eco-Innovation Challenge as key steps toward embedding innovation in Nigeria’s MSME sector.

Encouraging young innovators, he added: “The future belongs to those bold enough to imagine and build it. DBN is proud to support the ideas that will shape tomorrow.”

A major highlight was the unveiling of the DBN Data Asset—a digital platform designed to provide real-time, evidence-based insights into Nigeria’s MSME landscape.

The platform combines DBN’s proprietary data with external sources like the National Bureau of Statistics (NBS) to offer a comprehensive view of MSME performance by region and sector.

Jeremy Dan Okayi, DBN’s Head of Strategy, Policy & Innovation, described the platform as: “A reservoir of insight, potential, and direction—built on two years of collaboration and shared vision. This tool will support informed decision-making across the public and private sectors.”


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FCCPC Shuts France, Belgium, and Italy Visa Centres in Abuja Over Alleged Consumer Rights Violations

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In a bold enforcement action, the Federal Competition and Consumer Protection Commission (FCCPC), supported by the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), has sealed off the visa application centres of France, Belgium, and Italy in Abuja over alleged consumer protection breaches and obstruction of regulatory investigations.

The affected centres—located at Mukhtar El-Yakub House in the Central Business District and operated by TLS Contact, a Teleperformance Company—were shut down following reports that they refused to accept formal correspondence from the FCCPC regarding a consumer complaint. The Commission cited further infractions, including obstruction of investigation and alleged assault of its officers during lawful duties.

Speaking to journalists at the scene, Mrs. Boladale Adeyinka, Director of Surveillance and Investigations at the FCCPC, explained: “This is an enforcement operation against TLS. On March 25, 2025, we served them a letter to address a consumer complaint, which they refused to accept. Instead, TLS officers assaulted our team, and in a subsequent visit on June 17, they also allegedly assaulted uniformed police officers.”

Citing Section 33 of the Federal Competition and Consumer Protection Act (FCCPA), Mrs. Adeyinka emphasized that failure to comply with Commission directives constitutes a criminal offense, punishable by imprisonment, fines of up to ₦20 million, or both.

TLS has been ordered to appear before the Commission on June 20, 2025, to provide testimony, submit evidence, and make formal depositions. The company may be held liable for any financial losses suffered by applicants due to the disruption of visa services.

Despite multiple requests for comment, management at TLS Contact declined to respond as of press time.


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How and Why N210 Trillion is Missing in NNPCL – CFO

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Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.

How and Why N210 Trillion is Missing in NNPCL - CFO

According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.

He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.

Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.

Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.

Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.

“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”

However,  Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.

Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.

“Forget about the senators’ lack of knowledge.

“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?

“If it’s a cash call, why hasn’t the disclosure said so?

“Which cash call is over 100 trillion?

“Something is definitely not right, and I hope they retrospectively correct that FS.

“Someone somewhere did a chef’s work,” he wrote on X.

 

 


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