ILO Report Forecasts 14 Million Increase in Sub-Saharan Africa’s Labour Force for 2024

GovernMend Nigeria January 14, 2024 0

A recent report by the International Labour Organization (ILO) has projected a significant increase of 14 million in the labour force of sub-Saharan Africa for the year 2024. The report highlights that population growth continues to be a key factor shaping the region’s labour force dynamics.

In 2023, the region experienced a 3.3% growth in the labour force, adding 53 million working-age individuals compared to 2019. Although this growth was slightly lower than the average of the previous decade, the labour force participation rate remained stable at around 67%, consistent with pre-pandemic levels.

The report takes into account unemployment and underemployment figures from previous years to project estimates for 2024. It notes that unemployment rates have remained slightly elevated throughout the pandemic, with youth unemployment standing at 8.9% and affecting 9.4 million individuals. The report also highlights that around 62 million young people were Not in Education, Employment, or Training (NEET) in 2023, representing 25.9% of the youth population.

While employment has increased in line with the expanding labour force, the report raises concerns about the quality of jobs created. It notes that informal employment accounted for 86.5% of total employment in 2023, with a significant portion of the employed population residing in households below the international poverty threshold. Additionally, the prevalence of own-account and contributing family work, which often entails less job security and irregular income, remains high at 75.5% of the employed population.

The ILO report emphasizes the need for newly created jobs to be both decent and productive, addressing the challenges of underemployment and the quality of employment in the region. It underscores the importance of policies and initiatives aimed at improving the overall quality of jobs to ensure sustainable and inclusive economic growth across sub-Saharan Africa.

Nairametrics

More Stories

Borno State Government Under Prof Zulum Pays Teachers N10,000 As Salary, Forces Them Into Hardship

Borno State Government Under Prof Zulum Pays Teachers N10,000 As Salary, Forces Them Into Hardship

GovernMend Nigeria May 3, 2024 0
Nigerian Secret Police, DSS Reacts To Officers’ Killing Of Lagos Resident At Filling Station

Nigerian Secret Police, DSS Reacts To Officers’ Killing Of Lagos Resident At Filling Station

GovernMend Nigeria May 3, 2024 0
Nigerian Court Grants EFCC Order to Freeze 1,146 Suspicious Company, Personal Accounts Linked to Foreign Exchange Manipulation

Nigerian Court Grants EFCC Order to Freeze 1,146 Suspicious Company, Personal Accounts Linked to Foreign Exchange Manipulation

GovernMend Nigeria April 30, 2024 0

Leave a Reply

Your email address will not be published. Required fields are marked *

You may have missed

Other Govs And I Went To US To Find Lasting Solutions To Banditry, Kidnapping In North – Katsina Governor, Radda

Other Govs And I Went To US To Find Lasting Solutions To Banditry, Kidnapping In North – Katsina Governor, Radda

GovernMend Nigeria May 4, 2024 0
High Court Stops Nigerian Electricity Commission, NERC From Implementing New Tariffs

High Court Stops Nigerian Electricity Commission, NERC From Implementing New Tariffs

GovernMend Nigeria May 4, 2024 0
Court Restrains Police From Arresting APC Executives Who Suspended National Chairman, Ganduje

Court Restrains Police From Arresting APC Executives Who Suspended National Chairman, Ganduje

GovernMend Nigeria May 4, 2024 0
BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.<br><br>This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.<br><br>In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.<br><br>Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.<br><br>Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.<br><br>In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.<br><br>In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.

Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

GovernMend Nigeria May 4, 2024 0
Nigerian Government Vows To Fish Out, Dismiss Workers In Public, Private Organisation Using Fake Certificates

Nigerian Government Vows To Fish Out, Dismiss Workers In Public, Private Organisation Using Fake Certificates

GovernMend Nigeria May 4, 2024 0
Social media & sharing icons powered by UltimatelySocial