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The Unemployment Rate in Nigeria – We Emailed NBS for The Report’s Raw Data

By
Ndubuisi Ekekwe
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1

This data below is from the National Bureau of Statistics, Nigeria, according to Nairametrics. I am still trying to understand the possibility of this. How did Covid-19 affect South South more than most parts of the north to have triggered this level of unemployment.  With sustained pockets of insecurity in the Northeast, its unemployment was close to 10% better than the South South region. But as this report gets wider distribution, I want to see the raw numbers behind the percentages. So, Tekedia has asked NBS if it could share its raw numbers.

If we make progress, I will update the community here. But as it stands, I do not believe the usually reliable National Bureau of Statistics on this. That Rivers state has the second worst unemployment rate in Nigeria at 43.7%? That is a Nigeria’s tier-1 city in the same league as Lagos, Abuja and maybe Kano.

  • August 2020 Unemployment Rate (Nigeria)
  • South-South geopolitical zone (37.0%)
  • South East (29.1%),
  • North Central (27.9%),
  • Northeast (27.9%),
  • North West (26.3%),
  •  South West (18.0%).

Rivers State is ranked second place, with unemployment in the region at 43.7%, and underemployment at 19.8%. 1,714,189 residents were recorded as unemployed, with a total labour force of 3,921,860.

Yet, I am open to learn. So, if you can help, please help explain how these numbers could be possible under any scenario. I hope to read you.

Follow the conversations here on LinkedIn as people offer insights and perspectives.

Their was no total lockdown in the North and many South south had their business locked down , the North went back to the farms while people at the South south where at home with zero productivity . The NBS data is the most accurate data you can get in Nigeria .

My response: This seems to be a really good reason. I think you have a point here: no lockdown in the North while the South had lockdown. Yet, why the exception to SouthWest which I guess was also locked down?

A Testimonial on Tekedia Mini-MBA – “a great learning platform”

By
Ndubuisi Ekekwe
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0

We received one of those nice testimonials today (source, LinkedIn) and I am happy to share. Meanwhile, we have opened early registration for the next edition of Tekedia Mini-MBA here.

Learning can be overwhelming sometimes, especially nowadays with the pursuit of knowledge inorder to standout or fit in as the case may be.

It’ll be great to self check?once in a while, understand your pace and do not over load yourself with the work of learning in order to achieve something or prove something.
Learn for the sake of value addition to yourself and to society, and I must say that the Tekedia Institute has curated a great learning platform through their Mini MBA program for entrepreneurial professionals to learn a lot of value in a very relatable way for the participants.

I think that Ndubuisi Ekekwe and the tekedia team is doing a great job with learning style currently deployed and even as we are rounding of cohort 2. I look forward to joining the live class discussions every Saturday.

Tekedia Mini-MBA next edition will even get better. A dedicated learning management system, and an app (web and mobile) which mimics Facebook Page, are coming to power that next edition. Register today and get our two books – The Dangote System and Africa’s Sankofa Innovation – immediately.

How Nigerian Government Will Distribute the N75 Billion Survival Fund Grant – Osinbajo

By
Ndubuisi Ekekwe
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2

Nigeria has unveiled a N75 billion fund to help the citizens and small businesses get over the Covid-19 impacts; apply via this link if you have not done so. In an interactive session this week, the Vice President of the nation, Prof Yemi Osinbajo, explained how about 1.7 million Nigerians and businesses would be supported and empowered. Already, about 175,000 people have already registered for the fund. Of course, my thesis has been focusing on growing businesses over spreading to millions.

When you want to empower one million traders with $200, instead of focusing on the top promising few with capacity to scale, you end up wasting resources as nothing changes. We have been running that policy for decades and nothing has changed. We can all believe whatever we want to believe. But the fact is that food prices are going up despite some “alternative facts” created by political hitters. That trajectory is very dangerous right now.

Yet, you cannot fault the government as the cardinal mission may not be to fund future companies, but rather, to share goodies to the lucky few, in a nation with limited identity records which could have made tax credits or other support mechanisms easier.

They are the MSME Survival Fund with the payroll support track as the first scheme to rollout (N60 billion); and the Guaranteed Offtake Scheme (N15 billion) to help cushion the impact of the COVID-19 pandemic. The government said the scheme will be implemented over three months. The scheme is part of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan (ESP).

[…]

“We are looking at 1.3 million beneficiaries under the Survival Fund and under the artisans and transporters grants. Then we have a Guaranteed Off-take Scheme. Under this programme, basically, if you manufacture certain items and food products, we will buy them from you. Our target is about 300, 000 of such producers of foods. Both schemes will benefit about 1.7 million individuals and small businesses.”

The core elements:

  • Free business name registration for about 250,000 persons
  • Payroll support for about 500,000 qualified beneficiaries.
  • Grants to 333, 000 artisans and transporters.
  • 2 million farmers will benefit from the program.

 

Data from Premium Times

Paga Group Picks London As Its New Legal Home

By
Ndubuisi Ekekwe
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1

Paga Group, the pioneering fintech out of Nigeria, has given up on Africa, at the level where it matters: legal jurisdiction of the holding company.  Yes, Paga Group CEO, Tayo Oviosu, just informed the world that the Mauritius-based company has redomiciled to the United Kingdom! 

There is nothing new here: holding companies of 99% of fintech companies in Nigeria which have raised at least $2 million are typically not Nigerian. The news here is that the old “reliable” Mauritius has failed Paga Group.  Simply, African legal systems are not catching up with the modern ordinance of market systems. We need to fix those urgently.

Here is the core reason for moving:

“The laws and courts of Mauritius are not very fast-moving, and the rules are difficult. I’ve had one court case that was eventually thrown out after a year.

In the UK it would have been thrown out immediately, and the person would have had to pay us for our lawyer fees.

“Basically, not an easy place to do business. It is more painful than useful. I say stick to good ol’ America or UK or Netherlands or Luxemburg. Where you know there are professionals, and the legal system works.”

The Acceleration of Profit Margins

By
Ndubuisi Ekekwe
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0

Pricing, cost, and margin are three powerful words in business. In the next edition of Tekedia Mini-MBA, coming up in Feb [early registration has started], we will dedicate a session on how to price to improve margins. Yet, besides the rudimentary cost-based and value-based pricing, the gold standard of modern business is attaining better equilibrium on marginal-cost pricing, via compounding acceleration of simultaneous reduction of transaction and distribution costs.

As you look at this plot, you can notice one thing: as the world digitizes, margins improve. It does not mean that all businesses are experiencing better margins. What is happening is that those capturing values are improving margins faster than the value-dissipation experienced by the disrupted. So, on average, margin moves northwards.

To make it easier to understand. If you average the profit margin of a digital advertising portal (like Facebook) and a print newspaper, you will notice that the margin is improving because Facebook’s margin is growing faster than any reduction in the print margin. Simply, the improving global margin is as a result of digitization and automation in most industrial sectors.

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