Economy
NLC Rejects Okorocha’s Farming Policy For Workers
The three-day work and two-day farming for workers policy introduced by the Imo State Governor, Rochas Okorocha, has been kicked against by president of the Nigeria Labour Congress (NLC), Ayuba Wabba.
Speaking with the News Agency of Nigeria (NAN) in Abuja on Sunday, Mr Wabba said the policy was against the International Labour Organisation Convention and also against the rules and procedures in service.
He said sending workers to farm by force should be rejected by all in strong term.
“First, we have condemned in very strong terms what the Imo State governor tries to do by forcefully sending workers to the farm.
“Don’t forget that the public service rule is very clear about what trade a worker can actually do to add to his normal routine services.
“It provided that on your own volition, you can join farming as part of your normal routine activities, and that is allowed by law.
“But to criminally now go to the state House of Assembly and pass a law overnight without public hearing and without consultation is against the ILO convention; it is against our rules and procedure in service.
“To say that you want to force workers compulsorily to go into faming two days a week is the height of not even understanding how governance or how public service is run.
“I am sure that is condemnable,” the NLC boss said.
He the Imo State Governor’s policy was quite different from what other states are doing.
Mr Wabba explained that while other states were encouraging workers to embrace farming voluntarily, the Imo State Government’s policy on the other hand was compulsory.
He, however, explained that the ILO Convention and the International Treaty Organisation made it clear that working hours should not be more than eight hours a day and 40 hours per week.
Wabba further noted that Nigeria is a signatory to the treaty prohibiting forced labour.
“What the governor is doing is forced labour; we are not slaves. Even under slavery, you cannot force a worker to work against his volition.
“Employment is a contract between the employer and the employee and therefore, there are rules of engagement. Even what you earn is through a collective bargaining process; it cannot be imposed or forced on you,” said Mr Wabba.
Accordingly, Wabba said that by the NLC directive, the law had been made ineffective, as workers had ignored it and continued with their work normally.
“How can you, for instance, ask a teacher not to go to school to teach pupils for two days a week? Or a health practitioner be given a particular date as disease doesn’t give a notice?” he queried.
“You don’t give notice before you fall sick. So at the time when you are going to farm, an epidemic can actually come up; how you can address all of these?
“Or you want to put two standards in place; you ask one category of workers to come to work three days a week and another category to go to farm.
“That is not done; there are better ways to do that; he can encourage farmers; he can allocate lands and give them fertiliser and give them other incentives.
“You can put laws in place and encourage workers to go into farming; but not through a very cruel process of working against the law and forcing them to go to farm which is against our law and against our convention,” he submitted.
The NLC president stressed that the international labour law, which Nigeria had ratified, was superior to the one passed by the Imo State Assembly.
By Adedapo Adesanya
Oil prices rose on Tuesday, influenced by increasing demand in China, the world’s largest buyer, as well as developments in Europe and Syria, with Brent crude futures closing at $72.19 per barrel after chalking up 5 cents or 0.07 per cent while the US West Texas Intermediate finished at $68.59 a barrel after it gained 22 cents or 0.32 per cent.
China will adopt an “appropriately loose” monetary policy in 2025 as the world’s largest oil importer tries to spur economic growth. This would be the first easing of its stance in 14 years.
Chinese crude imports also grew annually for the first time in seven months, jumping in November on a year-on-year basis.
Speculation about winter demand in Europe also contributed to the rise in prices as the period has been known for high demand.
In Syria, rebels were working to form a government and restore order after the ousting of President Bashar al-Assad, with the country’s banks and oil sector set to resume work on Tuesday.
Although Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran – two of the world’s largest oil producers.
Market analysts noted that the tensions in the Middle East seem contained, which led market participants to price for potentially low risks of a wider regional spillover leading to significant oil supply disruption.
The market is also looking forward to the US Federal Reserve, which is expected to make a 25 basis point cut to interest rates at the end of its December 17-18 meeting.
This move could improve oil demand in the world’s biggest economy, though traders are waiting to see if this week’s inflation data derails the cut.
Crude oil inventories in the US rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.
For the week prior, the API reported a 1.232-million barrel build in crude inventories.
So far this year, crude oil inventories have fallen by roughly 3.4 million barrels since the beginning of the year, according to API data.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
Also, the market is getting relief from the recent decision of selected members of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ to delay the rollback of 2.2 million barrels per day of oil production cuts to April from January. Another 3.6 million barrels per day in output reductions across the OPEC+ group has been extended to the end of 2026 from the end of 2025.
By Dipo Olowookere
The local stock market bounced back from the danger zone it fund itself on Monday as it appreciated by 0.10 per cent on Tuesday, with the year-to-date return closing at 31.34 per cent.
The Nigerian Exchange (NGX) Limited stood tall yesterday despite a pocket of profit-taking in the industrial goods and banking indices, which closed lower by 0.84 per cent and 0.20 per cent, respectively.
During the trading session, the insurance counter appreciated by 1.98 per cent, the energy sector improved by 1.64 per cent, and the consumer goods space gained 0.17 per cent.
Consequently, the All-Share Index (ASI) rose by 98.45 points to 98,206.97 points from 98,107.52 points and the market capitalisation increased by N60 billion to settle at N59.532 trillion compared with the preceding day’s N59.472 trillion.
According to data obtained from the bourse, Golden Guinea Breweries topped the gainers’ chart on Tuesday after it chalked up 9.93 per cent to trade at N6.53, Guinea Insurance jumped by 9.80 per cent to 56 Kobo, Tantalizers expanded by 9.77 per cent to N1.46, Africa Prudential soared by 9.70 per cent to N13.00, and ABC Transport accelerated by 9.65 per cent to N1.25.
On the flip side, John Holt led the losers’ table after it slumped by 9.96 per cent to N7.23, Haldane McCall shrank by 9.91 per cent to N5.27, Morison Industries moderated by 9.89 per cent to N4.01, Lafarge Africa tumbled by 7.80 per cent to N65.00, and UPDC REIT crashed by 5.83 per cent to N4.85.
At the close of transactions, Customs Street recorded 37 appreciating equities and 21 depreciating equities, representing a positive market breadth index and strong investor sentiment.
Business Post reports that Coronation Insurance was the most traded stock for the trading day with 457.6 million units sold for N503.8 million, Sterling Holdings exchanged 138.4 million units worth N677.5 million, Japual transacted 30.4 million units valued at N66.9 million, UBA traded 28.7 million units worth N962.6 million, and MTN Nigeria sold 24.7 million units valued at N4.3 billion.
A total of 939.4 million shares valued at N12.8 billion exchanged hands in 9,098 deals yesterday compared with the 436.0 million shares worth N12.9 billion traded in 9,489 deals a day earlier, implying a growth in the volume of transactions by 115.46 per cent and a fall in the value of trades and the number of deals by 0.78 per cent and 4.12 per cent, respectively.
By Adedapo Adesanya
The African Development Bank Group (AfDB) through its Affirmative Finance Action for Women in Africa (AFAWA) programme has pledged support towards a new $50 million financing agreement to provide financial and business support to women-led enterprises in Nigeria.
The African Guarantee Fund, which implements the AFAWA Guarantee for Growth programme, and the Bank of Industry (BoI) signed the $50 million loan portfolio guarantee framework at the Africa Investment Forum in Rabat recently.
Through the AfDB AFAWA has approved more than $2.4 billion in lending for Africa’s women-led small and medium enterprises, as well as partnered with 185 financial institutions responsible for disbursing the funds across 44 African countries.
The initiative has unlocked financing for more than 18,600 women-led small and medium enterprises. AFAWA is supported by the African Development Bank’s partners and donors: the Women’s Entrepreneurs Finance Initiative (We-Fi), G7 participating countries Canada, France, Germany and Italy as well as the Netherlands and Sweden.
The transaction will be phased out in three tranches over ten years and will significantly scale up lending from the BoI to small and medium enterprises in the country.
The new deal will support women-led businesses via the AFAWA Guarantee for Growth programme, which makes financing available for women entrepreneurs through de-risking and technical assistance measures.
“This strategic partnership illustrates the commitment of the African Development Bank, especially the Affirmative Finance Action for Women in Africa initiative, to empower women entrepreneurs and foster economic growth in Nigeria,” Mrs Beth Dunford, African Development Bank’s Vice President for Agriculture, Human and Social Development, told signing ceremony attendees.
“This is not just a financial transaction aimed at supporting and catalysing the growth of small and medium enterprises in Nigeria – it is a beacon of hope and progress for African businesses, particularly for those led and owned by women,” she added.
The partnership includes a comprehensive risk-sharing mechanism that focuses on supporting micro, small and medium enterprises, women-owned enterprises and “green businesses” that promote environmental sustainability and gender equity.
African Guarantee Fund Group Chief Executive Officer, Mr Jules Ngankam said, “This transaction with the leading development finance institution in Nigeria is a great milestone that will significantly impact Nigeria’s economy by unlocking up to $100 million in financing for small and medium enterprises. African Guarantee Fund will also provide tailored guarantees and technical assistance towards the special small and medium enterprise products offered by Bank of Industry that target women, youth and green businesses.”
“Bank of Industry is excited to leverage the guarantee framework of the African Guarantee Fund in promoting sustainable growth, gender equity, innovation and advancing more credit to small and medium enterprises in Nigeria in line with [Nigeria] President Bola Tinubu’s government’s Renewed Hope agenda,” said Mr Olasupo Olusi, Bank of Industry’s Managing Director and CEO.
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