Connect with us

Markets

FG, NLC, ASUU Meet Today over Strike, Planned Protest

Published

on

  • FG, NLC, ASUU Meet Today over Strike, Planned Protest

The Minister of Labour and Employment, Chris Ngige will lead the federal government team, including the Ministers of Finance and that of the National Budget and Planning to a crucial meeting today with the Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and other labour unions, as part of his efforts to avert the planned industrial action by the labour over the delay in the implementation of the recommended new minimum wage.

The federal government negotiating team will also hold another round of discussions with the leadership of the Academic Staff Union of Universities (ASUU) in a bid to resolve their differences and reopen the country’s public tertiary institutions that have been shut down in the past one month.

The issue in contention between the federal government and the organised labour movement is the N30,000 new national minimum wage, which the organised labour is demanding that the bill be forwarded to the National Assembly for enactment.

Instead of forwarding the bill, the federal government had said it would subject the report of the tripartite committee on minimum wage to a further scrutiny by a technical committee.

On its part, the organised labour had reacted to what it described as undue delay tactics by the federal government, threatening to embark on nationwide protest beginning from Tuesday.

A meeting was recently held between the government team and with the labour movement, represented by the NLC and TUC but it ended inconclusive.

Addressing journalists at the end of the meeting last Friday, Ngige said the issues were not conclusively dealt with.

He said although significant progress has been made in getting labour to understand the position of the government, there was the need for another round of talks today to agree on the period for the transmission of the National Minimum Wage Bill to the legislature.

“No, the meeting is not deadlocked, we are continuing on Monday (today). We have made substantial progress in our talks with labour in terms of the transmission of the New National Minimum Wage Bill to the National Assembly,” Ngige said.

Also speaking on the outcome of the meeting, the NLC President, Ayuba Wabba, said the meeting was inconclusive as there were still some physical issues that needed to be concluded when they reconvene today.

According to Wabba, “We have had a social dialogue bothering on the national minimum wage, as you are aware; and the meeting decided to adjourn and reconvene on Monday for us to do further consultations before the issues are concluded.’’

He said the issue at stake is to make sure that the minimum wage bill is transmitted, including other auxiliary issues that government said they were trying to put together.

In the case of ASUU, the union is currently on an industrial action, which has stretched for over one month.

ASUU had on November 4, 2018, embarked on nationwide strike over unfulfilled past agreements by the federal government.

Since the lecturers downed tools, several meetings have ended in deadlock, with the President of ASUU, Prof. Biodun Ogunyemi, and other leaders of the union insist that the federal government must fulfil agreements reached with the union in 2009, 2013 and 2017.

While decrying the decay in infrastructure and equipment in public universities, ASUU had demanded N1.1 trillion to fund the university system, while condemning the failure by the federal government to pay the arrears of the shortfall in their salaries

The last meeting between the federal government team and the ASUU delegation ended in a deadlock, with the lecturers expressing dissatisfaction.

As for the dissatisfaction shown by ASUU leaders, Ngige said: “As a union leader, if one doesn’t get 100 per cent of what he wants, you won’t expect him to be smiling. Any meeting that you see people smiling, you know that somebody has cheated the other.’’

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

Published

on

Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

Continue Reading

Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

Published

on

Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

Continue Reading

Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

Published

on

Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending