How do Nigerians define unemployment?

According to Investopedia, unemployment is “the term for when a person, who is actively seeking a job is unable to find work.” Oxford Advanced Learner’s Dictionary defines it as “the state of not having a job.” In the terms of Wikipedia, unemployment is “the state of being without any work yet looking for work.” Judging from these definitions, one can say that when a person is unemployed if he does not have a paid job, say the regular 9-5 jobs. This may be the reason the rate of unemployment is said to be very high in Nigeria.

But, does unemployment truly mean a lack of paid jobs as the above definitions imply?

According to Organisation for Economic Co-operation and Development (OECD), unemployment refers to when “persons above a specified age {are} not being in paid employment or self-employment but {are}currently available for work during the reference period” (as cited in Wikipedia). With this definition, one can see that so long as a person has a source of income, he is employed. This also means that a person doesn’t have to work for hours daily to be classified as employed.

So, why has the self-employed not been duly categorised as employed?

It may interest you to know that Nigerians, including government officials, have categorised jobs into three: temporary jobs, permanent jobs, and businesses. Permanent jobs are usually identified as government-paid works, jobs in multinational companies, and any other one that “pays well” and has some levels of job security. Only people in this type of job are considered employed by Nigerians. Businesses, on the other hand, stand for people that voluntarily decided to be their own bosses. This category, however, does not cover people, who are victims of circumstances and those that have no physical office.

Temporary jobs, also known as casual jobs, are never considered as employment in Nigeria. This is the type of job people say, “There is no work so he is managing this one.” The workers here also brand themselves as unemployed. For instance, a bricklayer will be quick to tell you, “I no get job o” because he hasn’t seen himself as having one. However, casual workers change their employment status by themselves when they begin to earn handsomely from their work. By then, they group themselves as entrepreneurs and register among the employed.

So, is it proper to brand casual workers as unemployed? Answers are left for you to provide.

There are also a group of persons that have never been identified as belonging to the labour force. Lots of money comes into their hands but they are not even gazed upon as employed or even having sources of income. These are those that belong to the informal sector of the economy.

Has anyone else wondered if motor-park touts (aka agebro) are regarded as employed by the authorities? Yes, Nigerians tell them to “go and look for jobs”, but has it occurred to you that they actually have jobs? What about beggars, street hawkers, medicine vendors (in buses), bouncers (in clubs and parties), and the rest of them? What employment status is created for them? Ok, shall we look at the illegal professions such as prostitution, cybercrime, fraud, pickpocket, illicit drug peddling, and so on? If we keep morals and the law aside, can we say these people are unemployed? What status defines them? Do we still believe they are victims of circumstances or that they chose to be in those professions? No matter how we look at them, these people have sources of income. Since one does not have to deal in legal jobs to be defined as employed, people doing the above-mentioned jobs are not unemployed.

The essence of this essay is to draw the attention of the concerned authorities to the modalities used in measuring unemployment in Nigeria. The essay hopes to make it known that the number of Nigerians categorised as unemployed may actually have jobs that put food on their tables, clothes on their backs, and roofs over their heads. The essay hopes to influence Nigerian authorities and other stakeholders to review and redefine unemployment in the country.

Twitter boss Jack Dorsey sold his first tweet as an non-fungible token (NFT) for nearly $3 million on Monday.

The chief executive officer of Malaysian blockchain service Bridge Oracle paid Twitter Inc’s co-founder $2.9 million to buy his first tweet.

Sina Estavi paid for the non-fungible token in cryptocurrency Ether, according to Cent, the operator of auction website Valuables where it was sold. Jack Dorsey, also Twitter’s CEO, announced the sale of the 15-year-old tweet — “just setting up my twttr” — on March 6.

“This is not just a tweet!” Estavi tweeted after his purchase. “I think years later people will realize the true value of this tweet, like the Mona Lisa painting.”

NFT’s popularity has soared in 2021, kicking off a new digital sensation that replicates conventional art.

The function consists of digital art — anything from pictures to sports highlights, with a certificate of authenticity that runs on blockchain technology. Each NFT has its own blockchain-based digital signature, which serves as a public ledger, allowing anyone to verify the asset’s authenticity and ownership.

When a non-fungible token piece is sold, nothing about it changes in a traditional or digital sense. For instance, if a picture or a video clip is sold as an NFT, it doesn’t need to be moved from its original owner’s platform to indicate that it has been purchased. Instead, what changes is the certificate of ownership which is transferred from the original owner to the new owner using the blockchain ledger.

While blockchain keeps track of who has ownership of the file, the art, tweet video, song whatever the file contains would still be distributed digitally after it has been sold.

Dorsey had on March 9, said he would donate the proceeds of the NFT to GiveDirectly, a charity organization helping people impacted by COVID-19 in Africa. And tweeted he has done that after the auction.

The NFT was auctioned on the Valuable platform owned by the US-based company Cent. It was facilitated using the cryptocurrency Ether for 1630.5825601 units.

The NFT frenzy has caught up with the big guys in tech, from Elon Musk to Mark Cuban, and there have been big numbers coming from the auctions.

Beeple sold a piece of work for $69 million earlier in March, while auction house Sotheby’s said it would start a collaboration with digital artist Pak.

Musk’s partner and musician Grimes made around $6 million in a digital auction selling some of her original artwork as NTFs.

Dorsey’s NFT’s auction which started early March received many bids, but Estavi was on top of them with a $2.5 million first bid, which was Dorsey’s asking price, before he increased his bid to $2.9 million.

The NFT’s craze is baffling; economists are yet to unravel the push behind it. There is no consensus yet on whether the value of a commodity is tied to the labor required to produce it or to the degree it meets its purchaser’s needs.

However, the frenzy may be ushering in a revolution that will help creators to make more money from their works and protect ownership rights.

Intel Corp has announced plans to greatly expand its advanced chip manufacturing capacity. The new chief executive said the plans involve spending as much as $20 billion to build two factories in Arizona and to open up its factories to outside customers, Reuters reported.

The move by CEO Pat Gelsinger on Tuesday aims to restore Intel’s reputation after manufacturing delays sent shares plunging last year. The strategy will directly challenge the two other companies in the world that can make the most advanced chips, Taiwan’s Semiconductor Manufacturing Co Ltd (TSMC) and Korea’s Samsung Electronics Co Ltd.

Last year, TSMC announced a plan to establish a $12 billion factory in the United States, further intimidating Intel.

The move by Intel will also aim to tilt a technological balance of power back to the United States and Europe as government leaders on both continents have become concerned about the risks of a concentration of chipmaking in Taiwan given tensions with China.

Intel shares rose 6.3% after the company disclosed its new strategy and full-year financial guidance for 2021. Some investors such as Third Point LLC had previously urged Intel to consider spinning off its costly chip manufacturing operations.

Intel said it expects $72 billion in revenue and adjusted earnings per share of $4.55, compared with analyst estimates of $72.9 billion and $4.77 per share, according to Refinitiv data. The company said it expects to spend $19 billion to $20 billion on capital expenditures.

Gelsinger said that the 2021 forecast “reflects the industry-wide shortage” of some components such as substrates.

Intel is one of the few remaining semiconductor companies that both designs and manufactures its own chips. Rival chip designers such as Qualcomm Inc and Apple Inc rely on contract manufacturers.

In an interview with Reuters, Gelsinger said Intel has “fully resolved” its problems with its most recent manufacturing technology and is “all systems go” on chips for 2023. It now plans a massive manufacturing expansion.

That will include spending $20 billion on two new factories at an existing campus in Chandler, Arizona, that will create 3,000 permanent jobs. Intel will then work on future sites in the United States and in Europe, Gelsinger said.

Intel will use those factories to make its own chips but also open them to outside customers in what is called a “foundry” business model in the chip industry. Gelsinger said the new factories will focus on cutting-edge computing chip manufacturing, rather than the older or specialty technologies that some manufacturers such as GlobalFoundries specialize in.

“We are absolutely committed to leading process technology capabilities at scale for the industry, and for our customers,” Gelsigner said, adding that Intel has lined up customers for the new factories but could not disclose their names.

He did say on a webcast Tuesday that Amazon.com Inc, Cisco Systems Inc, Qualcomm Inc and Microsoft Corp support its efforts to offer chip manufacturing services.

Having been the underdog for some time in the industry it once dominated, Intel is all out to reclaim its market share.

The move is a direct challenge to TSMC and Samsung. The two have come to dominate semiconductor manufacturing business, moving its center of gravity from the United States, where much of the technology was once invented, to Asia, where more than two-thirds of advanced chips are now manufactured.

Gelsinger said Intel will aim to change that global balance by embracing the foundry business where it historically has been a minor player. Intel will offer chip customers the ability to license out its own technological crown jewels – known as the x86 instruction set architecture – as well as offer to build chips based on technology from Arm Ltd or the emerging open source technology RISC-V, he said.

“We will be picking our next sites within the next year for U.S. and Europe,” he said.

Intel also announced plans for new research collaboration with IBM focused on computing chip and packaging technology.

But even as Intel jumps into competition with TSMC and Samsung, it also plans to become a larger customer of theirs by turning to them to make subcomponents of its chips called “tiles” to make some chips more cost-effectively.

“I’ll pick the best process technologies wherever they exist,” Gelsinger said. “I leverage internal and external supply chains. I’ll have the best cost structure. That combination of supply, products and costs, we think is a killer combination.”