Business - Page 229

Interesting Things To Know Ahead Rebased Inflation Figures

Inflation Rate: Nigeria, US Expect Further Surge As Naira Continues To Struggle

The inflation rate has become a global concern, impacting economies at various levels. In Nigeria, consumer prices accelerated to a near-three-decade high in April, hitting 33.69%. This surge has tightened spending power

Emmanuel Ochayi

June 10, 2024

The equity market closed in positive territory for the second time this week as stocks rose by 0.04%. Investors traded N15.07bn worth of shares.

Business·Markets·News

Nigerian Stock Market Gains N15.25trn In First 5 Months Of 2024

The Nigerian stock market has made gains in the first five months of 2024, with the overall market capitalisation increasing by N15.25 trillion. This increase brought the total market capitalisation to N56.172

Emmanuel Ochayi

June 10, 2024

Vessels Discharge Hitches Causing Fuel Scarcity – NNPC

Business·News·Oil & Gas

Modular Refineries: How Local Refining May Crash Petrol Price To N300/litre

The price of Premium Motor Spirit (PMS), commonly known as petrol, could drop to about N300 per litre, with the commencement of large-scale production by the Dangote Petroleum Refinery and other local

Emmanuel Ochayi

June 10, 2024

Minimum Wage Decision Expected as Nigerian Labour Leaders Await President's Response ABUJA, NIGERIA – The discussions on the new minimum wage between the Federal Government and Organized Labour are anticipated to conclude today, with labour leaders keenly awaiting President Bola Tinubu's verdict on their N250,000 proposal. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had set a Monday deadline for finalizing the new minimum wage talks. Last Friday, the Tripartite Committee on National Minimum Wage concluded its meetings where the Federal Government and the Organized Private Sector agreed on N62,000, while Labour demanded N250,000. However, the Nigeria Governors Forum declared that any minimum wage exceeding N60,000 would be unsustainable. A labour leader who spoke anonymously on Sunday stated, "We have submitted the report to the president and are waiting for him to make his decision. That is the most important thing and that is what we are all waiting for." The labour leaders, including NLC President Joe Ajaero, are currently attending a labour conference organized by the International Labour Organisation in Geneva, Switzerland. The leadership plans to hold a National Executive Council meeting upon their return, where a decision on a potential strike will be made based on the president's feedback. "We must come back from Geneva first before we can hold a NEC meeting. We are also trying to be careful so the government won't say Labour is inciting citizens against it. We are waiting for the president's decision," added another top NLC official. The labour unions, comprising the NLC and TUC, recently embarked on a two-day nationwide strike to demand a new minimum wage and the reversal of the electricity tariff hike. The strike was suspended for five days after a commitment was made with the Federal Government to resume negotiations and establish a new minimum wage within a week. Following a six-hour meeting between labour leaders and the National Assembly in Abuja, President Tinubu directed the finance minister, Wale Edun, to present the cost implications of a new minimum wage within two days. The finance minister, alongside the Minister of Budget and National Planning, Atiku Bagudu, presented the cost implications at the Presidential Villa on Thursday. The president is currently reviewing the proposal and is expected to make an official announcement soon. When asked about the Monday ultimatum, a source within the NLC said, "We have sent a report to the committee and are expecting the president to act on it. We will hold a National Executive Council meeting regarding the ultimatum when we return from Geneva. It is very important for us to be there, but right now, we are patiently waiting for the decision of Mr President." Organized Labour's recent actions underscore the urgency and importance of establishing a new minimum wage for Nigerian workers. The outcome of President Tinubu's decision will be crucial in determining the next steps for both the government and the labour unions. Related News: Atiku claims to have saved Tinubu's political career Debating the appropriate wage for workers Labour criticizes governors for minimum wage stance The labour leaders and the nation await the president's decision, which will significantly impact the economic and social landscape of Nigeria.

Business·News·Politics

Minimum Wage: Negotiations To End Today As Labour Awaits Tinubu’s Approval

The ongoing negotiations over Nigeria’s new minimum wage between the Federal Government and Organised Labour are set to conclude today. This comes as the Nigeria Labour Congress (NLC) and the Trade Union

Emmanuel Ochayi

June 10, 2024

Business·News

Sallah: Ram Sellers Lament Low Patronage, Blame Economic Challenges

As the Sallah celebrations approach, ram sellers across Nigeria are facing a challenging situation. The combination of economic difficulties, insecurity, and high transportation costs has resulted in low patronage, causing concern among

Emmanuel Ochayi

June 9, 2024

Forex Crisis Costs Nigeria Over $500m Annually, Importers Warn

Business·Markets·News

Nigeria’s FX Reserves Rises To $32.8bn After 10-week Slump

Nigeria’s foreign exchange (FX) reserves have shown a notable increase over the past six days, indicating a potential recovery for the economy’s external reserves. According to data from the Central Bank of

Emmanuel Ochayi

June 9, 2024

Labour Begins Indefinite Strike Monday Over Minimum Wage, Electricity Tariff Hike

Business·News·Politics

Minimum Wage: Labour Leaders Demand Resignation of Governors If They Can’t Pay

In a heated exchange on Saturday, Organised Labour has accused state governors of acting in bad faith regarding the ongoing minimum wage negotiations. The Nigeria Governors Forum (NGF) had recently rejected the

Emmanuel Ochayi

June 9, 2024

Nigerian Workers Need New Minimum Wage But Not N1m - Moghalu

Business·News

Will Minimum Wage Increase Do More Harm Than Good?

The debate over minimum wage in Nigeria has intensified, especially in the wake of the recent labour strike. Social media platforms are buzzing with discussions and misinformation, prompting caution and verification. On

Emmanuel Ochayi

June 8, 2024

Business·FEATURES

The Rise Of Online Shopping In Nigeria: A Game Changer In Modern Retail Business

In recent years, Nigeria has witnessed a significant shift in the way people shop, with a growing number of consumers turning to online shopping and e-commerce platforms for their purchasing needs.

Chiamaka Ajomiwe

June 8, 2024

Naira vs Dollar: What To Expect This Week (24th-30th, March 2025)

Business·News

How FX Gain Now Major Source Of FAAC Revenue – Report

Foreign exchange (FX) gains have emerged as a significant revenue source for Nigeria’s Federation Account Allocation Committee (FAAC), according to a recent report by Agora Policy, a think-tank organisation. The report, titled

Emmanuel Ochayi

June 8, 2024

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Business - Page 229

Inflation Rate: Nigeria, US Expect Further Surge As Naira Continues To Struggle

Nigerian Stock Market Gains N15.25trn In First 5 Months Of 2024

Modular Refineries: How Local Refining May Crash Petrol Price To N300/litre

Minimum Wage: Negotiations To End Today As Labour Awaits Tinubu’s Approval

Sallah: Ram Sellers Lament Low Patronage, Blame Economic Challenges

Nigeria’s FX Reserves Rises To $32.8bn After 10-week Slump

Minimum Wage: Labour Leaders Demand Resignation of Governors If They Can’t Pay

Will Minimum Wage Increase Do More Harm Than Good?

The Rise Of Online Shopping In Nigeria: A Game Changer In Modern Retail Business

How FX Gain Now Major Source Of FAAC Revenue – Report

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