• Monday, May 27, 2024
businessday logo


Five things to know to start your Friday

Beggar’s Crescent

Labour defies govt threats, prepares for indefinite strike over fuel subsidy

In a defiant response to the Federal Government’s threat of contempt charges, Nigerian labour leaders are ready to proceed with an indefinite nationwide strike starting on October 3, 2023.

The strike, announced by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), aims to protest the government’s failure to provide post-subsidy palliatives for workers and alleviate the hardships faced by the public after the fuel subsidy removal.

Attorney-General Lateef Fagbemi warned that the strike contravenes a court order, but labour leaders remain resolute.

This standoff highlights the ongoing battle between labour unions and the government over fuel subsidies and workers’ welfare.

Dangote Group subsidiaries contribute N474bn in taxes to FG

During the 18th Abuja International Trade Fair, a representative of Dangote Group, Hashem Ahmed, revealed that three subsidiaries of the conglomerate—Dangote Sugar, Dangote Cement, and Dangote Salt—have collectively paid a significant sum of N474 billion in taxes to the Federal Government within three years.

Emphasising the group’s commitment to sustainable financing and taxation, Ahmed highlighted Dangote Group’s substantial contributions to both taxes and various social responsibility programmes.

He also praised the government’s tax reform policies aimed at expanding the tax base for infrastructure development.

NECA, NESG disagree with World Bank over $700mn loan

The Nigeria Employers Consultative Association (NECA) and the Nigerian Economic Summit Group (NESG) hold contrasting opinions on the recent approval of a $700 million loan by the World Bank for enhancing adolescent girls’ education and empowerment in Nigeria.

While NESG commends the move as beneficial for human capital development, NECA expresses concerns that additional loans may worsen the country’s economic challenges.

The loan, allocated to the Adolescent Girls Initiative for Learning and Empowerment programme, aims to improve secondary education opportunities for girls in multiple states, addressing the significant issue of out-of-school children, especially in Northern Nigeria, where insecurity has disrupted education.

AfDB releases climate finance guidelines for Nigeria, others

The African Development Bank Group has issued country-specific economic reports to assist policymakers, including Nigeria, in accessing crucial climate finance.

These reports, launched ahead of the 28th United Nations Conference on Climate Change, aim to facilitate informed decision-making and practical policies for private sector investment in climate change and green growth.

Nigeria, as Africa’s largest economy, is advised to prioritise funding for green mining, tackle gas flaring, and promote solar mini-grids for rural electrification.

The reports offer a range of policy recommendations to enhance economic growth and resilience while addressing climate change as a significant challenge.

Oil prices dip on profit-taking, supply increase expectations

Oil prices retreated in early trading as profit-taking and expectations of supply boosts from Russia and Saudi Arabia overshadowed positive demand forecasts for China’s Golden Week holiday.

Brent November futures slipped to $95.17 per barrel, while Brent December futures traded at $93.00 per barrel, and U.S. West Texas Intermediate crude (WTI) fell to $91.63 per barrel.

The recent rally paused after oil prices reached 10-month highs, partly due to concerns about high interest rates affecting demand.

The upcoming OPEC meeting on October 4 will be closely watched, with potential reductions in voluntary supply cuts by Aramco.