• Wednesday, December 06, 2023
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Five things to know to start your Thursday


Labour unions suspend strike

The Nigeria Labour Congress (NLC) has suspended strike embarked upon on Tuesday.

This followed Wednesday, meeting with the federal government team held at the office of Nuhu Ribadu, the National Security Adviser to the President.

The Labour leaders, led by Festus Osifo, President of the Trade Union Congress ( TUC), had stated that they would meet later tonight to decide the next line of action

Simon Lalong, Minister of Labour and Employment, who spoke to Journalists at the end of the meeting said the meeting discussed the incident that happened in Imo and took far-reaching decisions.

Lalong who noted that the meeting came under security consideration, said that was why the meeting was taken to the office of the NSA

Read more:Labour unions suspend strike

World Bank releases $300 Million in palliatives loans

The World Bank has initiated payments for Nigeria’s National Social Safety Net Programme-Scale Up, disbursing $299.99 million out of the approved $800 million.

This aims to aid vulnerable citizens affected by recent policies like fuel subsidy removal.

President Tinubu launched a conditional cash transfer for 15 million households, while the government seeks consultancy for system upgrades.

Financing details show repayments due from January 2027 to July 2051, with various charges applied over time.

Dangote pushes for enhanced intra-African trade relations

Aliko Dangote, President of Dangote Industries Limited, emphasized the significance of uniting African economies for growth and job creation at the Intra-African Trade Fair 2023 in Cairo.

Highlighting Dangote Group’s vast African investments, he pledged support for the African Continental Free Trade Agreement (AfCFTA) and the trade fair, viewing them as crucial for Africa’s economic progress.

Stressing their commitment to promoting entrepreneurship, Dangote underlined the responsibility to represent the brand and Nigeria on a continental platform.

SAATM set to slash Africa’s trade deficit by 51% says Keyamo

Festus Keyamo, Minister of Aviation, highlighted that establishing a Single African Air Transport Market (SAATM) could slash the continent’s trade deficit by 51 percent.

At a workshop in Abuja, he emphasised the crucial role of SAATM in boosting intra-African trade and tourism.

Keyamo urged involvement from foreign affairs ministries to expedite the implementation of aviation market liberalisation across Africa.

He emphasised that without a unified air market, the African Continental Free Trade Area would struggle to materialise.

Oil prices dip on US crude build, Asia demand worries

Oil prices declined due to concerns about increased U.S. supply and subdued energy demand in Asia. Brent futures dropped to $80.90 a barrel, and U.S. West Texas Intermediate crude fell to $76.35 a barrel.

Both benchmarks saw a 1.5% decrease. U.S. crude stocks surged beyond expectations, reaching 421.9 million barrels, while production remained at a record 13.2 million barrels per day.

In Asia, China’s oil refinery throughput decreased despite improved economic activity in October.