Business
Breaking: 87.3% Nigerians Self-Employed, 12.7% on Salary Jobs – NBS
The National Bureau of Statistics (NBS), today, released the Nigeria Labour Force Statistics Report Quarter 3,2023.
Findings in the World Bank and the International Labour Organization ( ILO) funded reports showed that in Q3 2023, 87. 3 percent of employed Nigerians were primarily self-employed with the remaining 12.7 percent being primarily engaged in salary jobs.
The NBS, in the Wage & Self-Employment Snapshot, said that paid employment declines from 13. 4 percent in Q 4 2022 to 11.8 percent Q1 2023 ; it went up to 12.0 percent in Q2 2023 and peaks at 12.7% Q3 2023.
Connverely, as at Q4 2022, 84.0 percent Nigerians were in Self-Employment; the figure surged to 86.0 percent in Q1 2023; 88.0 percent in Q2 2023 and further soared to 87.3 percent in Q3 2023.
Disaggregation By Sex
The findings further shows that 90.5% of women were engaged as self-employed while 84.2% of men were selfemployed.
It said 80.3 percent of employed people in urban areas were self-employed this is lower when compared with 94.5 percent of employed people in rural areas.
On informal employment in Nigeria, NBS said : ” The share of employed persons in
informal employment was 92.3% in Q3 2023 a reduction of 0.4% when compared to 92.7% in the previous quarter.
The rate of women in informal employment is significantly higher than that of men.
The rate of informal employment among people living in rural areas was 97.2% while the urban informality rate was estimated at 87.5%. Females are more in informal employment than males.”
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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