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NLC Rejects Okorocha’s Farming Policy For Workers

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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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Economy

Nigeria’s Foreign Reserves Add $364m in Two Weeks

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By Adedapo Adesanya

Nigeria’s external reserves recorded an increase of 0.96 per cent or $364 million between April 30 and May 14, marking a potential turning point in the nation’s foreign currency position.

The Central Bank of Nigeria (CBN) reported that gross reserves climbed from $37.934 billion to $38.298 billion during the two-week period, after months of steady decline since their peak of $40.92 billion on January 6, 2025.

This rebound follows a challenging period triggered by pressure from external debt repayments, falling oil production, and volatile forex demand.

By the end of April, Nigeria had lost approximately $2.62 billion in reserves over four months, making this recent uptick a noteworthy shift in the country’s external accounts trajectory.

The rise in reserves reflects growing confidence in the CBN’s renewed FX market liberalization policies and efforts to boost transparency.

The bank’s pivot from aggressive currency defense to a more market-driven exchange rate management has curbed speculative demand and hoarding, conserving reserves for critical needs.

Also, efforts such as enhanced digital monitoring of FX flows and tighter oversight of foreign exchange usage and Bureau de Change operators have also limited leakages, promoting a more sustainable forex environment.

This has helped stabilise the Naira between N1,590 and N1,610 this year.

The Governor of the central bank, Mr Yemi Cardoso, highlighted the deliberate nature of the progress, stating, “This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability.”

The country will be looking to oil prices further increasing to help bolster the nation’s reserves. Oil, which is Nigeria’s main export, account for more than 60 per cent of earnings while remittances and foreign capital investment among others account for the remaining.

Stakeholders have called for significant efforts from fiscal authorities to complement their monetary authority counterparts to help the country’s economy.

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Economy

Research Shows 80% of Forex Advice on TikTok May be Misleading

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Forex Advice on TikTok

By Modupe Gbadeyanka

A new study conducted by forex broker experts at BrokerChooser has revealed that 80 per cent of advice relating to FX trading by some financial influencers, fondly called fin-fluencers, on TikTok, could be misleading, putting their audience at risk of losing their hard-earned money.

In the research, about 33 per cent of traders said they have been influenced by fin-fluencers to make trading decisions, with 49 per cent of consumers depending on fin-fluencer recommendations.

The experts analysed 100 of the best performing TikTok videos across a range of forex topics to uncover the scale of misinformation. What they uncovered was alarming—from a major lack of disclaimers to a high volume of videos focused solely on flaunting wealth and lifestyle, with little to no trading context.

It was discovered that only 6 per cent of forex advice on TikTok encouraged viewers to do their research, and of the top-performing videos, 60 per cent of content came from male fin-fluencers, 35 per cent from female fin-fluencers and 5 per cent came from unspecified or AI produced content.

Further, only one in seven videos (13 per cent) analysed included relevant disclaimers, such as clarifying the risks involved in forex trading or stating that the content was not financial advice. This lack of transparency is particularly concerning given that one in five videos were actively promoting or selling a product or service, raising ethical concerns about the motivations behind the content being shared.

Disturbingly, the researchers uncovered that half of the forex related content on TikTok (50 per cent) was fin-fluencers boasting about their money made or their lifestyle with no relevant or trading context. Only 9 per cent of videos which included brags about money or lifestyle—fewer than one in 10—came with context as to how they achieved it.

Also, about 23 per cent of forex related content on TikTok contained actual forex trading information. Instead, videos often focused on lifestyle imagery, vague motivational claims or promises of quick wealth. This was often done without disclosing risks or from creators without verifiable credentials, creating a misleading impression of forex trading as a guaranteed route to financial freedom as opposed to a complex, high risk activity.

“The findings of our study are deeply concerning as they shine a light on the overwhelming majority of forex-related content on TikTok as potentially misleading or harmful. The research uncovered that very few creators encourage their viewers to do their own research or provide any meaningful trading information.

“Instead, it seems that the platform is saturated with individuals flaunting their wealth and lavish lifestyle without offering any transparency or context, which could leave viewers vulnerable to false expectations and financial risk.

“This is particularly concerning as a recent SEC report suggested that around 70 per cent of retail forex day traders lost money each quarter and two out of three forex customers lose money overall,” the Content Editor Head at BrokerChooser, Edith Balazs, stated in a report made available to Business Post.

“If you’re serious about learning to trade, TikTok is not the place to start. Reliable forex education should come from regulator accredited sources, such as financial institutions, professional trading platforms, or certified training providers, and not from fin-fluencers trying to sell you a dream.

“Always practice due diligence: question the source, verify credentials, and never take financial advice at face value. Critical thinking, combined with research and regulated education, is the only safe way to approach financial markets,” Balazs added.

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Economy

CBN Likely to Retain Interest Rate at 27.50% as MPC Meeting Begins

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Cardoso MPC meeting

By Adedapo Adesanya

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will likely maintain its key rate at 27.50 per cent for a second successive meeting amid cooling inflation.

Inflation cooled to 23.71 per cent in April 2025, according to the latest report by the National Bureau of Statistics (NBS).

Members of the committee started their meeting in Abuja today, Monday, May 19, 2025, and the outcome will be announced by the Governor of the apex bank, Mr Yemi Cardoso, on Tuesday.

At 23.71 per cent, the inflation levels remain elevated and strains on the Naira have only recently abated after an initial selloff in April caused by a slump in the price of oil, the country’s main export.

The World Bank had recently projected that Nigeria’s inflation may moderate to 22.1 per cent, higher than the 15 per cent targeted by the Bola Tinubu-led administration.

Despite this, market analysts expect that the MPC may choose to hold the rate steady to allow for more slowing of inflation, which was only rebased in January 2025.

Nigeria will likely join Zambia, Angola and Ghana to leave theirs at current levels and may start easing in the second half of the year as disinflation gathers pace. Others key African economies like Egypt, South Africa, and Mozambique, are expected to cut their rates this month.

According to Bloomberg, Nigeria may see “some room for the CBN to cut rates” in the second half of the year as disinflation is expected, citing Mr Gbolahan Taiwo, an analyst at JPMorgan Chase & Co.’s in a client note.

The MPC meeting will be the first rate-setting meeting since the US imposed a 10 per cent universal tariff and slapped China, Africa’s largest trading partner — with a 145 per cent levy before reducing it to 30 per cent for 90 days.

The International Monetary Fund (IMF) in April downgraded its 2025 economic growth forecasts for Nigeria to 3.0 per cent in 2025 amid global uncertainty.

The global lender cited “lower external demand, subdued commodity prices, and tighter financial conditions, with more significant downgrades for commodity exporters and countries with larger trade exposures to the US,” as major threats to Nigeria and other African countries’ growth this year.

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