Ogranized Labour Issues 14-Day Strike Ultimatum To FG

Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC) have declared a 14-day notice of strike to the Federal Government for failing to implement the 16-point agreement reached on October 2, 2023. Rising from a meeting in Abuja, the due in a statement jointly signed by NLC and TUC Presidents, Comrade Joe Ajaero and Comrade Festus Osifo, said that non-implementation of the agreement by the Federal Government has deepened mass suffering, adding that it is a show of bad faith.

Unemployment Rate: Two Million Workers To Lose Jobs In 2024 – ILO

The International Labour Organization, ILO, has predicted that about two million workers in the world may lose their jobs in 2024, as the global unemployment rate will raise from 5.1 per cent in 2023 to 5.2 per cent.

Nigerian Products To Saturate Chinese Markets - Ambassador

Chinese Ambassador to Nigeria, Cui Jianchun, affirmed that Nigerian products and commodities will be readily available in the Chinese market within the next few years as efforts between China and Nigeria to make this a reality are yielding. The Ambassador made this disclosure on Saturday 3rd of January 2023 at a temple fair held in Abuja to celebrate the approaching Chinese Lunar New Year, which marks the beginning of the Year of the Dragon in the 12-year cycle of the Chinese Zodiac, set to occur on Feb. 10.

Cadbury Nigeria to Sell 402m Shares over $7.7m Debt

Cadbury Nigeria has offered to give an additional 402 million shares or 4.42 percent equity in exchange for the $7.7 million (N7.03 billion) debt owed to Cadbury Schweppes Overseas Limited. Cadbury Schweppes Overseas Limited, controlled by Mondel–z International Inc, is a major investor in Cadbury Nigeria with a 74.97 percent stake. In a statement on Tuesday sent to the Nigerian Exchange Limited, NGX Cadbury Nigeria said it borrowed $23 million from Cadbury Schweppes to settle outstanding third-party loans obtained to fund raw material imports and other input costs.

Inflation: Customs Increases Exchange Rate For Cargo Clearance To N1,356.883/$1.

The Central Bank of Nigeria (CBN), has approved an increase in the import duty rate by 43%. The exchange rate its now to be adjusted from N951.941/$1 to N1,356.883/$1. Experts have projected that prices of imported goods and services will increase, thereby, fueling inflation. The Nigeria Customs Service levies duties on imported cargoes before they are cleared from the ports. These charges vary from 5% to 35% based on the harmonized commodity and coding system (HS code). Ever since the CBN unified the exchange rate market in June last year, the country has been bedeviled with an exchange rate crisis. Market forces have been allowed to dictate the value of the naira, resulting in a depreciation of over 100% in its value. Prior to the CBN’s policy change in June, the naira traded at an average of N460/$.

New Year: President Tinubu Promises To Boost Food Security

President Bola Tinubu has promised to among other things boost food security in the country in 2024. Tinubu made the promise in his New Year address to Nigerians on Monday. The President stated that the government would cultivate about 500,000 hectares of farmlands to combat hunger in the country. “To ensure constant food supply, security, and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops,” Tinubu said. President Tinubu emphasised that his government launched dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme. He said the economic aspirations and the material well-being of the poor, the most vulnerable and the working people shall not be neglected.

Labour Demands N400K As New Minimum Wage

The organized labour union has submitted $300 (N436,500) as the new minimum wage for Nigerian workers before the Federal Government. The congress said the proposed N436,500 was due to the fall in the value of the naira against the dollar.  Comrade Benjamin Anthony, Chairman of the Trade Union, stated this during the joint meeting of the National Public Service Negotiating Council, JNPSNC.  He made this proposal at the 2023 meetings of the Separate and Joint National Public Service Negotiating Council held in Goshen City, Nasarawa State. 

Nigeria’s Stock Market Ends 2023 Bullish Despite Challenges

In the exchange’s 39-year history, this year is ranked as the ninth (9th) most successful year after the Nigerian Exchange (NGX), for the first time in three (3) years closed on a 45.9% gain in its All Share Index (ASI) despite grappling with high inflation, a depreciating exchange rate, and ongoing security concerns. The NGX’s rally this year is its third-best showing in the last decade, only trailing the 50% rise in 2020 and 47% in 2013.

Reps Resumption: Security, Foreign Policy, Others To Dominate Deliberations

As the Green chamber resumes for full legislative business today, the increasing security challenges and consistent call for community-led policing structure in the country, including foreign policy have been highlighted to take the front burner for deliberations at the floor of the House of Representatives. This was disclosed by the Chairman, House Committee on Media and Public Affairs, Hon. Akin Rotimi, in a statement titled: ‘House resumption: Key issues expected to shape second half of legislative year’, made available to Parliamentary Correspondents.

NAF Airstrike Destroys Illegal Refineries In Rivers State

The Nigerian Air Force (NAF) High Command said on Wednesday that its aircraft under Operation Delta Safe carried out air strikes against economic saboteurs and oil thieves in the South-South region, during which an active illegal refining site (IRS) with equipment and reservoirs loaded with illegal products at Yellow Island near Bonny Island in Rivers State were totally destroyed.