Nigeria’s unemployment rate declined to 4.3 per cent in the second quarter of 2024, signalling improved labour market conditions.

According to the latest report released on Monday, by the National Bureau of Statistics, this marked a decrease from the 5.3 per cent recorded in Q1 2024 and reflected a gradual recovery from the 5.0 per cent in Q3 2023.

The Labour Force Participation Rate rose to 79.5 per cent, up from 77.3 per cent in the previous quarter, highlighting increased workforce engagement.

The Employment-to-Population Ratio also showed significant improvement, climbing to 76.1 per cent in Q2 2024 from 73.2 per cent in Q1 2024.

This indicates that a higher proportion of the working-age population was gainfully employed during the period.

Also, self-employment remained dominant, accounting for 85.6 per cent of total employment, an increase from 84 per cent in the preceding quarter.

Informal employment also rose slightly to 93.0 per cent, highlighting the economy’s reliance on informal jobs.

Urban unemployment stood at 5.2 per cent, a reduction from 6.0 per cent in Q1 2024.

However, rural areas recorded an even lower unemployment rate of 2.8 per cent, compared to 4.3 per cent in the previous quarter.

This disparity highlights the continued role of agriculture and informal activities in rural employment, contrasting with the urban dependence on formal and service-driven jobs.

The youth unemployment rate (ages 15–24) dropped significantly to 6.5 per cent, compared to 8.4 per cent in Q1 2024.

The report further revealed gender disparities, with the unemployment rate for females at 5.1 per cent, compared to 3.4 per cent for males.

This suggests a need for targeted gender-inclusive policies to bridge the employment gap.

The report read, “The unemployment rate is defined as the share of the labour force not employed but actively searching for and available for work.

“Unemployment is one of the components of labour underutilisation. The unemployment rate for Q2 2024 was 4.3 per cent, showing an increase of 0.1 percentage point compared to the same period last year.

“The unemployment rate among males was 3.4 per cent and 5.1 per cent among females.

“By place of residence, the unemployment rate was 5.2 per cent in urban areas and 2.8 per cent in rural areas. Youth unemployment rate was 6.5 per cent in Q2 2024, showing a decrease from 8.4 per cent in Q1 2024.”

Time-related underemployment, which measures workers seeking additional hours, dropped to 9.2 per cent in Q2 2024 from 10.6 per cent in Q1.

Labour underutilisation metrics also improved, with LU2 (unemployment and time-related underemployment) decreasing to 13.0 per cent from 15.3 per cent in the previous quarter.

LU3 and LU4 metrics, which include potential labour force participation, also recorded declines to 5.9 per cent and 14.5 per cent, respectively.

United States President-elect, Donald Trump, is reportedly planning to sign an executive order that would remove all transgender members from the country’s military.

Daily Mail reports that the development has raised concerns within the LGBTQ+ community.

The development is coming amid moves by the US Congress to stop first transgender lawmaker from using female restrooms and bathrooms in her new workplace.

According to the report, state officials had stated that transgender personnel would be discharged on medical grounds, deeming them “unfit” to serve.

DAILY POST recalls that during Trump’s first administration, he introduced a similar policy that prohibited transgender individuals from joining the Armed Forces.

He, however, allowed those already enlisted to remain in their roles.

President Joe Biden later overturned the military ban in his first week as President in 2021 after Trump left office.

The National Bureau of Statistics (NBS) has disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 3.46%.

The growth showed an increase in economic performance from Q2 GDP of 3.19% and higher growth from 2023 Q3 GDP of 2.54%.

“Nigeria’s Gross Domestic Product (GDP) grew by 3.46% (year-on-year) in real terms in the third
quarter of 2024. This growth rate is higher than the 2.54% recorded in the third quarter of 2023 and
higher than the second quarter of 2024 growth of 3.19%,” it read.

According to the report released on Monday, the Q3 GDP growth was mainly driven by the service sector.

“The performance of the GDP in the third quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP. The agriculture sector grew by 1.14%, from the growth of 1.30% recorded in the third quarter of 2023.

“The growth of the industry sector was 2.18%, an improvement from 0.46% recorded in the third quarter of 2023. In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the third quarter of 2024 compared to the corresponding quarter of 2023.

“In the quarter under review, aggregate GDP at basic price stood at ₦71,131,091.07 million in nominal terms. This performance is higher when compared to the third quarter of 2023, which recorded aggregate GDP of ₦60,658,600.37 million, indicating a year-on-year nominal growth of 17.26%,” it stated.

The Independent National Electoral Commission, INEC, has responded to allegations from Peoples Democratic Party (PDP) governors regarding manipulation of the 2024 Edo State governorship election.

During a recent two-day meeting in Jos, Plateau State, the PDP governors claimed that electoral irregularities prevented the party’s candidate, Asue Ighodalo, from winning in Edo.

They PDP governors also accused INEC of rigging in the recent Ondo election.

They alleged that INEC altered results to benefit the APC and urged the judiciary and lawmakers to enhance electoral laws to combat what they referred to as “institutional sabotage of the will of the people”.

In response, Rotimi Oyekanmi, Chief Press Secretary to the INEC Chairman, called the allegations “unfortunate and inappropriate,” emphasizing that INEC, as a law-abiding body, cannot comment on ongoing court matters.

Oyekanmi criticized the PDP governors for engaging in a “media trial”, encouraging them to present their evidence in court instead of making unsubstantiated claims publicly.

He pointed out that the PDP has filed a petition at the tribunal to contest the Edo State governorship election results, suggesting they should provide their evidence there.

Regarding the Ondo State election, Oyekanmi defended INEC’s performance, labeling it one of the best elections conducted by the Commission.

He urged political parties to adopt a spirit of sportsmanship, stating, “It is not healthy to accept the outcome of an election only when you win.”

DAILY POST recalls that the electoral body had declared Monday Okpebholo of the All Progressives Congress (APC) winner of the Edo election with 291,667 votes, with the PDP candidate, Dr. Asue Ighodalo, securing 247,274 votes. Labour Party’s Olumide Akpata came third with 22,761 votes.

Similarly, in Ondo, INEC declared Lucky Aiyedatiwa as the winner of the governorship election that was held on Nov 14 defeating the Peoples Democratic Party, PDP, candidate Agboola Ajayi, and Olorunfemi Festus of the Labour Party.

The publisher of Ovation Magazine, Dele Momodu, has revealed an aspirant gave $30,000 to each of the 774 delegates during the 2022 Peoples Democratic Party (PDP) presidential primary.

Speaking on the Key to Keys podcast show, Momodu expressed regret over spending nearly N50 million to purchase the PDP presidential nomination form, describing the primary as heavily monetised. 

He also stated he would not contest for any party’s presidential ticket unless adopted as a consensus candidate.

He said, “No, experience is the best teacher, and I have come to realise that there are powers you can describe as principalities that control Nigeria.

“Unless a major political party decides to adopt me through a consensus that Dele Momodu is best suited to change and lead Nigeria, then I can consider it.

“But if I have to pick my money to go and buy a presidential nomination form of about N100 million and the last one I spent about N50 million buying the form. This could have gotten me a property and it was a waste, nobody voted for me – not even one vote because everything was monetized.

“There was one of the candidates who paid as high as $30,000 per delegate and we had 774 delegates, so how do you compete with them? They have stolen the country blind and doing all kinds of deals to make money, especially those in the oil-rich areas.

“It’s not easy and that’s why you can’t compete with them – that’s why they insult Nigerians anyhow because of the amount of money available to them in raw cash. There is no country in the world where people control raw cash like Nigeria.

“The bulk of their money is not in any bank so they are not traceable. If today you ask some politicians that look you need $500 million to become a President, they will find it. So people like us where will I start from? I’m not bothered.”

Governor Caleb Mutfwang, on Monday, submitted the 2025 Appropriation Bill, titled “Budget of Consolidation and Sustainability,” along with the Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) for the period 2025–2027, to the Plateau State House of Assembly.

Naija News reports that the Governor highlighted that the MTEF/FSP delineates his administration’s fiscal strategy aimed at achieving significant economic development objectives, which include fostering economic diversification, reforming public institutions, enhancing human capital, addressing infrastructure shortfalls, and advancing urban renewal and sustainable housing initiatives.

During the presentation, Governor Mutfwang said, “The MTEF/FSP establishes a three-year fiscal plan and serves as the basis for the formulation of the 2025 budget. It details the macroeconomic and fiscal framework for the years 2025–2027. This document adheres to Section 16(1) and (2) of the Plateau State Fiscal Responsibility Law of 2014.

“It guarantees that resources are allocated effectively to priority sectors, representing a conscious effort to enhance transparency and accountability in accordance with global best practices.”

The Governor revealed that the proposed budget for 2025 amounts to ₦471,134,093,541.00, reflecting an increase of ₦156,278,944,988.00 compared to the approved budget for 2024.

“The 2025 Appropriation Bill reflects our commitment to solidify past achievements and ensure the continued growth and development of Plateau State,” he said.

“The implementation of the budget will be guided by the Plateau Strategic Development Framework (PSDF) 2023–2027, which is encapsulated in three pillar policies: Peace, Security, and Good Governance; Sustainable Economic Rebirth; and Physical Infrastructure Development. The budget will be people-oriented, positively impacting the lives of the citizens of our state.”

Governor Mutfwang urged the Assembly to expedite the passage of the bill, emphasizing, “A swift approval will enable us to initiate the implementation of these vital projects without delay.”

In response, Speaker of the House, Gabriel Dewan, assured the Governor of the Assembly’s commitment to acting in the best interest of Plateau State.

Nigerian Afrobeats singer, Tiwa Savage, has asserted that hardship in the country is responsible for the huge amount of entertainers being churning out.

The singer made this known during an interview on the ‘Shopping The Sneakers’ podcast.

According to Tiwa Savage, serving in Nigeria is difficult, and artists are just like hustlers.

She said, “When you come to Nigeria, you will understand why we breed so many superstars. To survive in Nigeria is something else so that’s why the artists that come out of Nigeria are just like hustlers. They are just hustling.”