Consumers shift to sachet bitter drinks as purchasing power weakens

Olufikayo Owoeye Oct 03, 2019

Bolt drivers mull moves to ORide

Unilever, Pepsico revive partnership, introduce new ready to drink Lipton Tea Drink

Consumer goods firms may face cash crunch

Beer makers shift to Can & PET packs as consumers seek convenience, cheaper brands

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Retail

Border closure brings untold hardship on Nigerians as food prices soar

Bunmi Bailey Sep 26, 2019

Nigerians paid more on food commodities last month on account of President Muhammadu Buhari’s directive to have the country’s borders...

How Nigerian manufacturers, retailers can beat odds in evolving consumer landscape

Bala Augie Sep 12, 2019

The Nigerian retail environment has been tough and scotching the expectations of manufacturers as they grapple with stiff competition, currency...

Unfavourable tariff, forex policies pushes trade to negative growth territory

Bunmi Bailey Sep 12, 2019

The customs duty tariff hike combined with Central Bank of Nigeria (CBN)’S Foreign Exchange (FX) restriction on some items and...

Mr Bigg’s remodels restaurant raises ante in customers’ lifestyle experience

Bunmi Bailey Sep 12, 2019

Mr Bigg’s, the Quick Service Restaurants (QSR) arm of UACN of Nigeria being run by its subsidiary, UAC Restaurants Limited,...

Consumers shift to low-budget clothes on shrinking wallet

Olufikayo Owoeye Sep 12, 2019

Yaba market, one of the most popular markets in Lagos, was thronged with shoppers who were bargaining with retailers, as...

Colgate Partners Tolaram To Bring Innovative Oral Care Solutions To Nigeria

Lucky Nwanekwu Sep 06, 2019

COLGATE- Palmolive company makers of “Colgate” and TOLARAM Group Inc. the conglomerates behind several household brands in...

PZ Cussons announces successor to current CEO Giannopoulos

PZ Cussons Nigeria’s full-year revenue tanked amid competition from rival brands

BusinessDay Sep 05, 2019

PZ Cussons Nigeria Plc’s full-year revenue and profit for the full-year ending in May 2019 dropped impacted by low consumer demand,...

Guinness to focus on spirit brands as sales from beer capitulate

Olufikayo Owoeye Sep 05, 2019

Guinness Nigeria seems to have thrown in the towel as the beer ‘war’ in the country becomes more intense. After...

Abercrombie & Fitch’s Q2 net sales dropped as US-China trade spat heats up

Olufikayo Owoeye Sep 05, 2019

American lifestyle retailer that focuses on casual wear, Abercrombie & Fitch’s second-quarter net sales decreased 0.2percent to $841.1 million, and...

Nigeria’s recession opens opportunities for innovators, savvy entrepreneurs

Recession warnings pile up for battered Manufacturing sector

Bala Augie Sep 04, 2019

The tough and unpredictable macroeconomic environment has pushed the Nigerian manufacturing sector to brinks of a recession and there is...

Here are major trends in Nigeria’s unemployment By Ifeoluwa Adebayo Analysts at Data Services and Resources (ADSR) Limited, a research company in Nigeria, have highlighted three major trends in the Nigerian unemployment rate in 2023 for businesses and policymakers to consider their implications. This was revealed in a recent report titled, ‘Key highlights of the Nigerian unemployment rate and other labour force statistics,’ presented by Afolabi Olowookere, managing director of ADSR. The report explores the labour force statistics from 2016 to 2023, unemployment, underemployment, and employment rates from 2017 to 2023 including their sectors. On September 24, 2024, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points from 26.75 percent to 27.25 percent. The National Bureau of Statistics (NBS) also released two reports: the Nigeria Labour Force Survey Annual Report 2023 and The Nigerian Labour Force Statistics Report Q1’2024. “These reports contain rich information on Nigerian employment and other labour force statistics with business and policy planning implications,” Olowookere said. NBS highlighted that Nigeria had a labour force of 88.94 million persons, of which 84.15 million were employed, giving an unemployment rate of 5.39 percent. The unemployment rate was highest in Abia State (18.7 percent) and lowest in Nasarawa (0.5 percent) while Employees entitled to either pension or health insurance schemes were 26.3 percent in Nigeria. However, in Q1 2024, an unemployment rate of 5.3 percent and an underemployment rate of 10.6% were recorded. “Only 7.3 percent of Nigerian workers were in the formal sector while 14.5 percent of Youths were not in education, employment or training,” NBS report says. Total Labour Force Statistics Nigeria’s total labour force rose to 90.47 million persons in 2018 but fell to 69.68 million at the peak of COVID-19 in 2020. In 2023, labour force stood at 88.94 million persons out of a total working-age population of 116.60 million. Out of the total labour force of 88.94 million in 2023, 27 percent had no formal education, which may limit job opportunities and skills development. Only 26 percent possessed primary education and 33 percent had secondary education which is the largest, suggesting that it is a common level of attainment while 13 percent had post-secondary qualifications, only 1 percent had postgraduate qualifications. About 42.3 percent of the Nigerian labour force were residents in rural areas while 57.7 percent were residents in the urban areas. Labour Force by Age About 25.6 percent of the labour force was aged 15-24 years, 22.5 percent were aged 25-34 years. Also, 22.9 percent were in the age bracket 35-44 years and 16.4 percent between 45 and 54 years while 8.1 percent were found in the range 55-64 years, and 4.6 percent were from 65 years and above. Unemployment Rate Nigeria’s unemployment rate rose from 14.2 percent in 2016 to 33.3 percent in 2020, while the underemployment rate rose from 21 percent to 22.8 percent. Based on a new methodology that the NBS recently migrated to, the unemployment rate in 2024’Q1 was 5.3 percent and the Time-related underemployment rate was 10.6 percent. The unemployment rate of 5.39 percent in 2023 implies that 84.15 million persons of the labour force of the 88.94 million population were engaged in one form of activity or another. Out of these, 92.2 percent were working in the informal sector, while only 78 percent were engaged in formal economic activities. The unemployment rate is highest in Abia (18.7%), FCT (14.1%), Rivers (13.4%), but lowest in Nasarawa (0.5%), Sokoto (1.2%), and Benue (1.6%). Employment by Economic Sectors The main economic sectors of Nigerian workers were Agriculture (30.1%), Wholesale and Retail (27.5 percent), Manufacturing (12.7 percent), and Accommodation and Food Services (7.8 percent) whereby close to 80 percent of Nigerian workers are in these four main sectors. Most Nigerians work in the private sector (74.4%), while 25.6 percent work in the public sector. The major occupations of Nigerians are Service and Sales (33.8 percent), Farming (28.1 percent), and Crafts and Related Trades (14.4 percent). “States with high poverty rates tend to have relatively lower unemployment rates. Policymakers should pay close attention to this relationship and conduct further empirical analysis to determine the reason and implications,” ADSR says.

Nigerian consumers’ spending patterns are changing

Anthony Nlebem Sep 04, 2019

What does the Nigerian consumer spend his money on? And how have these spending patterns evolved in recent times? Thinking...

LG offers double gains with energy savings, fast cooling in new Gencool air conditioners

Jumoke Akiyode-Lawanson Sep 01, 2019

LG Electronics (LG) is cooling down more than the summer temperatures with its impressive all new Gencool air conditioners. Nigerian...

Champagne no longer pops as Nigeria’s cash-strapped middle class opts for red wine

Bunmi Bailey Aug 29, 2019

Between 2011-2014, Bimpe Ige, an event planner used to get champagne requests frequently from clients on the type of alcoholic...

Cadbury bolsters board with Doyin Salami, Ezz El Arab as stock hits new low

Nestle Nigeria generates higher sales from assets than peers

Bala Augie Aug 29, 2019

Nestle Nigeria has utilized its assets in generating higher sales more than peer rivals even amid deteriorating industry average, as...

Border bottleneck compounds consumer goods firms’ woes