Economy
FG Sends 15 Obsolete Labour Laws to NASS for Review
By Dipo Olowookere
At least 15 obsolete and retrogressive labour laws, some of which date back to the colonial era, have been sent to the National Assembly for review.
This disclosure was made by the Minister of Labour and Employment, Mr Chris Ngige, at a function on Friday in Algiers, Algeria.
The Minister, according to a statement issued by the Deputy Director of Press in the Ministry, Mr Samuel Olowookere, explained that these laws were forwarded for review as part of concerted efforts to increase access to decent work to Nigerians through the implementation of National Policy on Employment whose document was reviewed in 2016.
He said further that the President Muhammadu Buhari administration was irrevocably committed to growing the economy through strategic initiatives that engage the nation’s huge population as a fulcrum.
According to him, the recently released Medium Term Economic Recovery and Growth Plan (ERGP) was a paradigm shift in this direction.
“The present administration in Nigeria has demonstrated its capacity to exploit our huge population for wealth creation and economic growth.
This explains the capacity shown so far for an early exit from recession. Our shift is the engagement of our large population in well-articulated diversification programme which has shifted attention to agriculture and mining, in a process intended to be driven by diverse skills acquisition and subsequent job creation,” Mr Ngige was quoted in the statement as saying.
Presenting Nigeria’s position in an address entitled ‘Investment In Employment and Social security For Harnessing Demographic Dividend’ at the on-going 2nd Ordinary Session of the Specialized Technical Committee on Social Development, Labour and Employment in Algiers, Algeria, the Minister said Nigeria was resolute in exploiting the untapped potentials of huge population to grow the economy through dynamic micro-economic policies.
“The focus of the present administration in Nigeria is to invest in our huge population through massive job creation, youth empowerment, social inclusion and strengthening of our educational and health system so as to achieve macro-economic stability and diversification.
“This is a pathway to building a global competitive economy that can stimulate private sector investments, infrastructural renewal, a major pathway to spend out of recession and improved business environment,” Mr Ngige said.
The Minister enumerated other government efforts towards exploiting Nigeria’s huge population for jobs and skills development to include a nation-wide stop-gap jobs for unskilled persons through interventionist schemes in agriculture and mining, skills development and competency upgrade, reduction of miss-match between graduate skills and demands in modern labour market as well as the N-power programme, noting that women constitute a large percent of the beneficiaries of these different programmes.
On Social security, the Minister said that beyond a National Policy on Social Protection and Social Security which was conceived to drive universal human rights, inclusiveness and wealth re-distribution, the National Social Insurance Trust Fund, the National Health Insurance Scheme, Pension Commission and National Social Investment Programmes were core government agencies effectively providing social protection for vulnerable persons within their respective purviews.
Earlier in his address, the Algerian Prime Minister, Abdelmalek Sellal lauded the theme of the conference which he said tallied with the objectives of the Africa Union as well as the aspiration of individual African governments to stimulate the economy of the continent through massive job creation with the youth population as the fulcrum. He said a stable African economy which subsists on diverse and sustainable job opportunities would stem brain drain, illegal migration, criminality and violent crimes, factors he said, impacted negatively on African labour force.
He however added that the future of labour in the continent would be brighter should leaders go beyond lip service to tripartite dialogue in labour administration.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
By Adedapo Adesanya
The Dangote Refinery on Wednesday returned the petrol price to N1,200 per litre, less than 24 hours after it increased it by 5 per cent.
The private refinery had raised the ex-depot price by N75 on Tuesday, citing pressure from volatile global oil markets, but quickly brought it back to N1,200 per litre from N1,275 per litre.
The swift downward review is directly linked to a sharp drop in international crude prices. Brent crude has plunged to $95.05 per barrel, after a 13 per cent decline, while the US West Texas Intermediate (WTI) crude closed at $97.18, recording nearly a 14 per cent drop.
This development comes after US President Donald Trump announced a conditional two-week ceasefire with Iran, which eased fears of immediate supply disruptions in the global oil market.
“This will be a double-sided CEASEFIRE!” Trump said on social media, marking a sharp reversal from his earlier warning that “a whole civilisation will die tonight” if Iran failed to comply with US demands.
Iran’s Foreign Minister, Mr Abbas Araqchi, confirmed that the country would halt attacks provided strikes against Iran cease and transit through the Strait of Hormuz is coordinated by Iranian forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
While oil prices have fallen back below $100, they remain significantly elevated after surging by a record amount in March. Market analysts noted that regardless of how successful the ceasefire is, geopolitical risk related to the Strait of Hormuz is likely to remain elevated for the foreseeable future under the control of Iran.
By Adedapo Adesanya
Crude oil deliveries from the Nigerian National Petroleum Company (NNPC) Limited to the Dangote Petroleum Refinery doubled in March, boosting prospects for improved fuel availability.
This was revealed by the chief executive of Dangote Industries Limited, Mr Aliko Dangote, on Tuesday, when he received the Deputy Secretary-General of the United Nations, Mrs Amina Mohammed, at the industrial complex in Ibeju-Lekki, Lagos.
While speaking on feedstock supply, Mr Dangote commended the NNPC for increasing crude deliveries to the refinery in March, noting that volumes rose to 10 cargoes—six supplied in Naira and four in Dollars—to support domestic fuel availability, according to a statement by the Refinery.
“Last month, they gave us six cargoes for Naira and four cargoes for Dollars,” he said.
Despite the improvement, Mr Dangote noted that the supply remains below the 19 cargoes required for optimal operations, with the refinery continuing to bridge the gap through imports from the United States and other African producers.
He also expressed concern over the unwillingness of international oil companies operating in Nigeria to sell to the refinery, stating that their preference for selling crude to traders forces it to repurchase at higher costs, with broader implications for the economy.
Mr Dangote added that the refinery is seeking increased access to domestically priced crude under local currency arrangements as part of efforts to moderate fuel costs and enhance long-term energy and food security across the continent.
On her part, Mrs Mohammed underscored the strategic importance of Dangote Industries Limited -particularly Dangote Fertiliser Limited—in addressing Africa’s mounting food security challenges, while calling for stronger global partnerships to scale its impact.
Mrs Mohammed said the United Nations would prioritise amplifying scalable solutions capable of mitigating the continent’s food crisis, describing Dangote’s integrated industrial model as a critical pathway.
“I think the UN’s job here is to amplify and to put visibility on the possibilities of mitigating a food security crisis, and this is one of them,” she said. “I hope that when we go back, we can continue to engage partners and countries that should collaborate with Dangote Industries.”
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